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News > World

Norwegian Bank Considers Pulling Dakota Pipeline Financing

  • Protesters demonstrate against the Dakota crude oil access pipeline near the Standing Rock Sioux reservation in Cannon Ball, North Dakota.

    Protesters demonstrate against the Dakota crude oil access pipeline near the Standing Rock Sioux reservation in Cannon Ball, North Dakota. | Photo: Reuters

Published 7 November 2016
Opinion

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.

Norwegian bank DNB will reconsider its participation in the financing of the North Dakota oil pipeline if concerns raised by Native American tribes against its construction are not addressed, it said late on Sunday.

RELATED:
US Revives War on Native Americans in North Dakota

Local authorities and protesters have been clashing over Energy Transfer Partner's US$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.

"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 did not say in its statement how much financing it is contributing to the project. Norwegian daily Aftenposten reported the bank is responsible for some US$342.36 million in loans to build the pipeline, or close to 10 percent of the cost of the project.

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