DutchNews, March 22,
2017
ING has reached an agreement on
the sale of its controversial loan to the Dakota Access pipeline in the US.
The
construction has prompted violent clashes between the army and the Standing
Rock Sioux Tribe who say construction of the pipeline through northern Dakota
could affect its drinking water supply and put communities ‘at risk of
contamination by crude oil leaks and spills.’
‘The sale follows a constructive
dialogue between ING and representatives from the Standing Rock Sioux Tribe and
has the full support of the tribe,’ ING said in a statement.
ING officials met
tribal leaders on February 10, during which ING said it was ‘willing to either
continue trying to positively influence the course of the project, or to
distance ourselves by selling our stake in the loan,’ the statement said.
‘In
response, the Standing Rock Sioux Tribe indicated it would appreciate ING
selling its loan in the project, considering that there is less room for
lenders to positively influence the project now that construction has resumed,
and because it would be a valuable message supporting its call for respectful
dialogue.’
Under the terms of the sale, which is expected to close shortly, ING
will retain a potential risk in case of non-payment under the loan.
ING was one
of 17 banks backing the project to the tune of $2.5bn. ING’s share amounted to
some $120m.
ABN Amro
ABN Amro said in February it is prepared to stop financing
one of the companies involved in building the pipeline if an acceptable
solution to the problem is not found.
ABN Amro it is not directly funding the
project but has a ‘relationship’ with one of the major investors, Energy
Transfer Equity. The bank that if a solution is not found ‘the ultimate
consequence will be discontinuation of the relationship’.
In the meantime, ABN
Amro said it will not pursue any new business with ETE until ‘there is clarity
regarding the situation and an acceptable outcome has been achieved’.
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