Pearl Petroleum Company Limited (DFC-2021-PEARLPETROLEUM)

Countries
  • Iraq
Where the impacts of the investment may be experienced.
Specific Location
Kurdistan Region
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • US International Development Finance Corporation (DFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
A
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Borrower
Pearl Petroleum Company Limited
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 250.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 250.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 625.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ DFC website

Updated in EWS Oct 5, 2021


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Project Description

According to bank documents, the project involves the expansion of the Borrower’s natural gas processing capacity in the Kurdistan Region of Iraq (“KRI”). The proceeds of the loan will be used to finance the development, construction and operation of a 250 million standard cubic feet per day natural gas processing facility and associated infrastructure and drilling of up to five (5) wells in the Khor Mor gas field (the “Project”). All processed gas will be provided to underutilized gas power plants in the KRI.

The Project has been screened as Category A because it has the potential for significant, adverse environmental and social impacts on the areas surrounding the gas production wells and the gas processing plant. In addition, the Project has been screened as Category A because the project triggered the greenhouse gas emissions threshold of 100,000 tons of carbon dioxide equivalent (CO2eq) per year. The Project has the potential to emit approximately 120,000 tons of CO2e/year. Key environmental impacts include impacts due to process safety; air emissions and noise; and impacts on soil, surface water, groundwater, vegetation, and fauna present in the area (including reptiles, amphibians, birds, and mammals). In addition, there are potential social impacts which include worker safety and overall labor management; community health, safety, and security; access to land and potential economic displacement; impacts due to in-migration; and potential impacts related to cultural heritage.

Investment Description
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Pearl Petroleum Company Limited Client -

Contact Information

*Contact information not provided at the time of disclosure*

ACCESS TO INFORMATION

Unlike many other development finance institutions, DFC does not currently have an access to information policy.

Under the United States Freedom of Information Act (FOIA), DFC is obliged to respond to reasonably formulated requests for Agency records. However, DFC may apply exemptions from release to certain types of information and may charge fees in responding to requests. DFC has a designated FOIA officer who is trained in how to respond to requests and implement the law. You can learn more about filing a FOIA request at: https://www.dfc.gov/foia 

ACCOUNTABILITY MECHANISM OF THE UNITED STATES INTERNATIONAL DEVELOPMENT FINANCE CORPORATION (DFC)

The Office of Accountability is an independent office that addresses complaints about environmental or social issues related to DFC-supported projects. The office provides communities an opportunity to have concerns independently reviewed and addressed. If you submit a complaint to the Office of Accountability, it may assist you by either seeking to address your problems by facilitating a problem solving dialogue between you and those implementing the project and/or investigating whether the DFC complied with its policies to prevent environmental, social, human rights, and labor harms.

You can find more information about the Office of Accountability at: https://www.dfc.gov/who-we-are/office-accountability