BusinessCompany NewsShell project faces tax haven criticisms

Shell project faces tax haven criticisms

Oil giant seeks financial support for troubled Sakhalin project from UK taxpayers

Shell is facing opposition in its attempts to raise finance for its overspent
Sakhalin oil and gas project because the consortium behind it is based in a tax
haven.

The group, which is owned by Shell, is seeking cash from UK taxpayers to help
fund the project.

James Leaton of WWF told The Observer: ‘It is unacceptable that
taxpayers’ money is being spent to endorse projects based in a tax haven that
contribute to climate change.’

The UK’s Export Credits Guarantee Department is considering whether to issue
credit guarantees totaling £1bn to the project, the paper reported.

Leaton said: ‘ECGD was set up to promote UK exports. Less than 5% of the
project is British and it is already 75% complete.’

Shell said: ‘UK contractors will benefit from multimillion-pound contracts on
this project.’

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