"Joint Statement For Vietnam’s Block B-O Mon Project, We Demand Retraction of FID by Mitsui & Co. and JOGMEC’s FID and Loan Guarantee Decision," 8 April 2024

In the end of March, Mitsui Corporation announced its final investment decision (FID) and the Japan Organization for Metals and Energy Security (JOGMEC) its FID and loan guarantee provision to Vietnam’s Block B-O Mon project (offshore gas field development and transportation of gas by pipeline to the power complex) in their press releases. We environmental NGOs urge Mitsui and JOGMEC to retract their decisions and JOGMEC to end support for this project...

Mitsui & Co. has stakes in both upstream and mid-stream through its wholly owned subsidiary Mitsui Oil Exploration Co., Ltd. (MOECO) and it said it made a final investment decision and made related contracts on March 28 with the project partners and announced it the next day. JOGMEC has stakes in the upstream through a joint venture with MOECO. JOGMEC approved the provision of loan guarantee to the Block B-O Mon project on March 26, and announced that on March 28 together with its determination of final investment decision...

The Block B-O Mon project not only has environmental problems but human rights issues also. One of the project partners, a resource development company PTTEP, happens to be a wholly owned subsidiary of Thailand’s PTT Public Company Limited (PTT), but the Norwegian Government Pension Fund has designated PTT as excluded from investment reasoning the conduct of PTTEP being one of the funding sources of Myanmar military which continues to commit inhumane acts. Besides, in Vietnam, multiple environmental defenders have been arrested in the last few years and citizens have been unable to speak freely about environment and energy policy. The decisions by Mitsui & Co. and JOGMEC are wrong from the perspective of business and human rights also...

Thus we object to the decisions of Mitsui & Co. and JOGMEC and request their retraction...

In addition, the Japan Bank for International Cooperation (JBIC) and private banks are considering finance support for the mid-stream part of this Block B-O Mon project now. We urge them to reject support for this project.