Dakota Access pipeline: ING sells stake in major victory for divestment push
>"The financial giant ING has sold its stake in the $2.5bn loan financing the Dakota Access pipeline, the latest victory for the anti-pipeline divestment campaign that comes as the project is set to begin transporting oil.
The Dutch banking and financial services company is the first of a group of 17 banks to divest from the loan that financed the project. ING’s share in the loan was $120m.
The buyer of the loan was not disclosed. Under the terms of the sale, ING will retain some of the risk in the event of default.
ING’s decision followed a 10 February meeting with the Standing Rock Sioux tribe, which argued that the pipeline’s route – crossing under the Missouri river just north of the tribe’s reservation – threatened its water source and violated its treaty rights.
“We are heartened that ING has made the conscience decision to remove itself from a project that tramples on the rights of sovereign nations,” the Standing Rock Sioux tribal chairman, Dave Archambault, said in a statement."<
more:
https://www.theguardian.com/us-news/2017/mar/21/dakota-access-pipeline-ing-sells-stake-loan-standing-rock
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