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Article

2 Jan 2006

Author:
Emad Mekay, Inter Press Service (IPS)

Chad Dilutes Oil-For-Development Pledge

Tension is rising between the World Bank and the African nation of Chad, one of the world's poorest countries, over the latter's decision to seize funds from a controversial Bank-funded oil pipeline and not spend the money on social sectors... The pipeline...is a joint venture between the U.S. oil giants ExxonMobil (which holds 40 percent of the private equity) and Chevron (25 percent), and Malaysia's state oil company Petronas (35 percent).