Investments

Bank Of America Investment For Immediate Release August 28, 2003

These institutions', American Development Bank, World Bank, U.S. Overseas Private Investment Corporation, U.S. Import Bank, $352 million in approved financing for 18 projects; thus, fossil fuel financing in the Americas outpaces clean energy by a ratio of 63 to 1. Most of this investment in fossil fuels has come from US taxpayers, who are unwitting underwriters of loans, guarantees and subsidies to Big Oil. Although the Americas have obtained over $22 billion in public support for fossil fuels since the Rio Earth Summit in 1992, most of this oil and gas has been exported to the U.S.

Investment Opportunity CONTACT: Friends of the Earth
Jon Sohn, Friends of the Earth, 202-783-7400 ext. 231 or 202-412-2467 (cell)

It is true, however, that government agencies have been condemning blighted properties for years, in cases that have been upheld under the takings clause. Dilapidated properties have been handed from citizens to governmental agencies, profit groups, income housing sector. Land taken for public works projects, such as the railroads, often changes ownership not from citizen to government, but from citizen to private corporation. According to the majority opinion, "The court long ago rejected any literal requirement that condemned property be put to use for the general public."

Banc Of America Investment Under intense pressure from environmental and human rights groups and members of Congress, today the board of directors of the Export-Import Bank of the United States (Ex-Im) voted to reject financing for the controversial $1.6 billion Camisea Gas Project in Peru. The Ex-Im loan would have provided $213 million for the venture led by Hunt Oil and PlusPetrol. Ray Hunt, Chairman of Hunt Oil, is a Bush Pioneer Fundraiser who raised $100,000 for the 2000 Presidential elections.

The planned project financing has alarmed EU officials. The US Eximbank, sponsored trade bank, is lending $800m for the $2.5bn scheme. The transport ministry said it was negotiating with the International Monetary Fund and the European Investment Bank, the EU's infrastructure bank, about raising other finance. But the EIB said it did not finance contracts awarded without public tenders and the IMF said it did not finance projects.

Banking Investment Ex-Im board members displayed courage and environmental leadership in the face of considerable pressure, said Jon Sohn, international campaigner for Friends of the Earth. Friends of the Earth applauds Ex Im's decision to deny U.S. taxpayer support of Camisea and the massive environmental destruction it would cause.

dollar project that aims to extract oil and gas from beneath the coast of far eastern Russia's Sakhalin Island. The oil giant Royal Dutch Shell is leading the investment on the island, - the same amount of remaining reserves in the North Sea. The company is seeking up to five billion dollars in financing for the project.

Investment Solution Strategic Camisea is already scarring the Peruvian Amazon and affecting the Nahua-Kugapakori Reserve home of previously uncontacted and isolated indigenous populations. Groups are also concerned about an export terminal for Camisea that will also be built in the Buffer Zone of the Paracas National Marine Reserve, Peru's only marine sanctuary for endangered birds and mammals.

EnDevCo, Inc., formerly Adair International Oil and Gas, Inc., is focusing its efforts in its oil and gas and other investment interests located in Yemen. The Company also has interests in the Chimichagua gas field in Colombia. In addition, the Company intends to pursue the development of power projects in both domestic and international venues. Its power development projects include the Teawaya Energy Center in Southern California and Pointe Noire gas project in the Republic of Congo.

Investment Banking Services Recently, a letter was sent from 13 U.S. senators to the U.S. Treasury Secretary the agency that directs U.S. voting decisions at IDB and the head of the Ex-Im. The letter opposes public support for Camisea at this time, and echoes the concerns of House Democratic Leader Nancy Pelosi (D-Calif.), who also sent a letter.

Bank Investment The key issue at Ex-Im was the refusal of the Peruvian government and companies involved to loosen 2004 gas delivery deadlines to avoid a continuing pattern of negative, irreversible environmental and social impacts. The Inter-American Development Bank is slated to take up the project next week and the position of the U.S. board will determine approvals at that Bank.

Alternative Investment We hope this sends a signal to export credit agencies in Europe that the U.S. government is committed to international environmental standards, said Sohn.

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