08-11-2016, 07:04 PM
One of Norway's largest banks is reconsidering its 10% line of credit for DAPL, "if concerns raised by Native American tribes against its construction are not addressed," it stated late on Sunday.
Local authorities and protesters have been clashing over Energy Transfer Partner's $3.8 billion Dakota Access pipeline project, which would offer the fastest and most direct route to bring shale oil from North Dakota to Illinois.
Native American tribes contend that the pipeline would disturb sacred land and pollute waterways supplying nearby homes. Protests have reached alarming levels, and the police violence has no doubt been noticed by bankers in Oslo.
"DNB looks with worry at how the situation around the pipeline in North Dakota has developed. The bank will therefore take initiative and use its position to bring about a more constructive process to find a solution to the conflict," Norway's largest bank said in a statement.
"If these initiatives do not give appeasing answers and results, DNB will consider its further involvement in the financing of the project."
The bank didn't say in its statement how much financing it is contributing to the project and related lines of credit. However, Norway's largest daily newspaper, Aftenposten, reported the bank is responsible for some $342.36 million in loans to build the pipeline, or close to 10 percent of the cost of the project.
Local authorities and protesters have been clashing over Energy Transfer Partner's $3.8 billion Dakota Access pipeline project, which would offer the fastest and most direct route to bring shale oil from North Dakota to Illinois.
Native American tribes contend that the pipeline would disturb sacred land and pollute waterways supplying nearby homes. Protests have reached alarming levels, and the police violence has no doubt been noticed by bankers in Oslo.
"DNB looks with worry at how the situation around the pipeline in North Dakota has developed. The bank will therefore take initiative and use its position to bring about a more constructive process to find a solution to the conflict," Norway's largest bank said in a statement.
"If these initiatives do not give appeasing answers and results, DNB will consider its further involvement in the financing of the project."
The bank didn't say in its statement how much financing it is contributing to the project and related lines of credit. However, Norway's largest daily newspaper, Aftenposten, reported the bank is responsible for some $342.36 million in loans to build the pipeline, or close to 10 percent of the cost of the project.
"Let me issue and control a nation's money and I care not who writes the laws. - Mayer Rothschild
"Civil disobedience is not our problem. Our problem is civil obedience! People are obedient in the face of poverty, starvation, stupidity, war, and cruelty. Our problem is that grand thieves are running the country. That's our problem!" - Howard Zinn
"If there is no struggle there is no progress. Power concedes nothing without a demand. It never did and never will" - Frederick Douglass
"Civil disobedience is not our problem. Our problem is civil obedience! People are obedient in the face of poverty, starvation, stupidity, war, and cruelty. Our problem is that grand thieves are running the country. That's our problem!" - Howard Zinn
"If there is no struggle there is no progress. Power concedes nothing without a demand. It never did and never will" - Frederick Douglass