§ The Minister for Trade and Investment (Mr. Mike O'Brien)I have today accepted the recommendation from the Export Credits Guarantee Department (ECGD) that they should provide cover for a USD$150 million line of credit to finance UK contractors involved in the Baku-Tbilisi-Ceyhan oil pipeline project.
ECGD's decision was made after a rigorous assessment of the risks associated with the project and a thorough review of the environmental, social and human rights impacts arising from the project.
A number of conditions remain to be fulfilled before ECGD's cover is made available, including final approval of the environmental and social action plan, and the general oil spill response plan. The project company has indicated that it will make copies of these plans publicly available in due course.
ECGD has placed a note of the decision on its website and copies are available in the Library of the House.