JOURNAL ARTICLE

Bahrain Oil Field Wins US Financing Despite Biden's Climate Vow.

  • Published In: Bloomberg.com, 2024. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Dlouhy, Jennifer A. 3 of 3

Abstract

The US Export-Import Bank has approved a $500 million loan guarantee for an oil and gas development project in Bahrain, despite objections from Democrats who argue that it contradicts President Biden's climate commitments. The financing agreement is five times larger than expected and will support the drilling of more wells in Bahrain's oil field. Critics argue that this decision undermines US credibility on climate change and goes against the commitment made by nearly 200 nations to transition away from fossil fuels. The immediate beneficiary of the financing is Bapco Energies, Bahrain's state oil and gas holding company, and the loan is also expected to benefit the world's largest oil-services provider, SLB. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2024/03, pN.PAG
  • Document Type:Article
  • Subject Area:Science
  • Publication Date:2024
  • Accession Number:176038865
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