French oilfield services giant SLB has applied for the Export Import Bank to extend a long-term loan guarantee in excess of $100 million to entities controlled by the investment arm of the in the Kngdom of Bahrain.
SLB, formerly known as Schlumberger, will provide the goods and services for an oil and gas field optimization project. The borrower is the Bahrain Petroleum Company and the buyer is Tatweer Petroleum Company, wholly owned by Noga, the business and investment arm of the Kingdom of Bahrain.
The vote for this project comes after resignations from climate advisors who were shut out of project evaluations and deliberations. ExIm also failed to disclose the project funding amount, despite pressure from civil society and environmental groups.
The project continues ExIm's aggressiveness in hydrocarbon project development. Recent Bank projects include refineries in Malaysia and Indonesia, Gas projects in Guyana and Papua New Guinea, an LNG terminal in Texas, and a credit line for a commodity trading firm.
In December Friends of the Earth U.S. submitted an international complaint against ExIm over its financing of overseas fossil fuel projects. "This financing continues in spite of President Biden’s campaign promises, executive orders and international commitments," the group notes.
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