Publish What You Pay: 'Lukoil loan would fundamentally contradict EBRD policies'

The Board of the Extractive Industries Transparency Initiative (EITI), a coalition of companies, governments, investors and civil society organisations has unanimously downgraded Azerbaijan to a "candidate country". Azerbaijan will be suspended from the EITI in April 2016 if it does not comply with a set of requirements that ensure civil society can work freely in the country.

In this letter, PWYP’s International Director argues that by approving a loan for the Shah Deniz gas field, the EBRD would be in fundamental conflict with its own policies that explicitly commit the bank to the EITI process. The EBRD’s Energy Policy states that “[t]he Bank is committed to adhere to best governance, transparency and revenue management standards by requiring its clients to implement the principles and requirements of the EITI.”