AEI: RMB in Gun Sights
Article image

The Norwegian NGO Western Sahara Resources Watch (WSRW) has written to the chief executive of the Rand Merchant Bank to ask that RMB refuse to bankroll the Irish company Island Oil & Gas which recently acquired a block in Western Sahara from Morocco's Office National des Hydrocarbures et des Mines (ONHYM). Africa Energy Intelligence, N° 46102/04/2008

Published 05 April 2008

Africa Energy Intelligence
1 April 2008

The organization is counting on the fact that South Africa is one of the rare countries to officially recognize the Sahraoui Arab Democratic Republic (SADR). For some years the Norwegian NGO has acted as a watchdog of sorts for the Polisario Front and has systematically put pressure on oil groups which buy acreage from Rabat. The SADR has every interest in shooing away companies acquiring blocks in Western Sahara from Morocco because it is presently organizing its own licensing round on the disputed territory. 

Still, oil companies aren't all that interested in the round despite the low entry fee: USD 30,000 per year for blocks until the official recognition of the country by the UN. In the past, the Norwegian firm's lobbying has already scared away firms like Total, Kerr McGee and Baraka Petroleum. WSRW's move to contact the bank was the first it had aimed at financiers of oil companies.


[WSRW editors note: WSRW is not a Norwegian NGO (as AEI says), but rather an international non-governmental coalition of organisations and individuals working for the protection of natural resources in Western Sahara, with member organizations in around 30 countries. ]
 

Upstream Online: RMBloan for Sahara is queried

Pressure group Western Sahara Resource Watch has picked another target in its campaign to stop companies participating in oil exploration on Moroccan licences in and off Western Sahara, writes Barry Morgan. Upstream Online, 4 April 2008
05 April 2008

South African bank no longer funding WS oil explorer

The South African bank RMB has written to WSRW that they do no longer finance the operations of Island Oil and Gas. The Irish oil company Island has an agreement for oil exploration in occupied Western Sahara in violation of international law.
09 July 2008

WSRW demands South African bank to prevent oil hunt in Western Sahara

A South African Bank called RMB is the main financial backer of the Irish oil company Island Oil & Gas. Island is exploring for oil in the occupied Western Sahara in violation of international law. Today, Western Sahara Resource Watch sent a letter to RMB asking them to stop the flow of money to the Irishmen. Read the letter here.
27 March 2008

Norwegian pension fund blacklists San Leon over Western Sahara

Today, the Norwegian government pension fund excluded San Leon Energy Plc from its investment portfolios.

04 March 2016