An international bank and a foreign investor are ending advice and loans, prompting calls for local banks to follow suit.
A major international bank and a foreign investor have cut their ties with Santos’ $5.8 billion Barossa gas project in the Timor Sea, in a move activist groups hope will heap pressure on Australia’s big four banks to follow suit.
Together with KEXIM, the institutions provided loans and guarantees of up to $US700 million for SK, one of South Korea’s largest family-run conglomerates, which owns 37.5 per cent of Barossa. In an update to investors in February, Santos chief executive Kevin Gallagher reported the Barossa gas project was now 67 per cent complete and that the first gas was expected in the third quarter of 2025.
”Our environmental and social framework and our underlying environmental and social policy set out our approach, and we use our sector-level financed emissions targets to steer our portfolio in these sectors over time,” a CBA spokesman said.
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