BP's 'Con-Tract' Of The Century - Spinwatch Report

Wednesday, 1 December 2004, 10:03 am
Opinion: SpinWatch.org

BP's 'Con-Tract' Of The Century - Spinwatch Report

A six month SpinWatch investigation into BP's ''Con-Tract of the Century'' reveals how:

* There is a major design flaw on one of the world's most strategic oil pipelines, the Baku-Tblisi-Ceyhan pipeline, that could lead to an environmental disaster;

* BP improperly secured a $2.6 billion loan to build the 1,000 mile pipeline, despite the design flaws;

* BP misled a British parliamentary inquiry about the pipeline's safety;

* New Labour's proximity to BP has undermined its regulatory responsibilities;

The SpinWatch investigation also exclusively reveals breaking news that the bank consortium led by Italy's largest bank, Banca Intesa, has pulled out over concerns about safety flaws and reputation risk.

Notes to editors:

Read the full SpinWatch version at:
http://spinwatch.server101.com/modules.php?name=Content&pa=showpage&pid=328

Contact SpinWatch on info@spinwatch.org

Michael Gillard, the author of the SpinWatch investigation is an award-winning journalist.

ENDS

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