Energy

Dakota Tribe Continues Browbeating Investors Into Divesting From Pipeline

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Chris White Tech Reporter
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One of the tribes opposing the contentious Dakota Access Pipeline is pressuring Norway’s nearly $1 trillion sovereign wealth fund to divest assets propping up the multi-billion oil project.

Standing Rock Sioux pushed Norway’s largest bank DNB on Sunday to sell its share of loans funding the so-called DAPL, essentially ending its involvement in the multi-state pipeline.

Environmentalists and American Indian tribes believe the oil line, which is slated to move Bakken oil from the Dakotas to Illinois, will trample tribal land and poison Standing Rock’s water supply.

“We will be meeting them today. They have asked for a meeting and said they would like to meet us,” Eli Ane Lund, who heads the fund’s Council on Ethics, told reporters Sunday.

The fund, which is Norway’s largest investment group, holds $248 million in bonds of Energy Transfer Partners (ETP), the company constructing the project. Activists have targeted ETP and several investment firms that have chosen to financially back the beleaguered oil project.

Citi Group, TD Bank of Canada, among others, are being pressured by anti-fracking activists and members of the Standing Rock to halt any and all monetary backing of the company responsible for constructing the DAPL.

Opposition to DAPL ratcheted up recently after President Donald Trump signed a pair of executive orders in January approving the construction of the DAPL and Keystone XL. His order essentially wiped away the Obama administration’s decision last December to reject the oil line.

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