Letter to the Hon. Board of Directors of Overseas Private Investment Corporation - Rep. Adriano Espaillat of Congress in Letter Opposing Opic Investment in Argentina Fracking Projects

Letter

Representative Adriano Espaillat (NY-13) released the following statement regarding the Overseas Private Investment Corporation's (OPIC) consideration of two fracking projects in Argentina.

"These projects would not only contribute to carbon emissions dangerous to our climate, but would also pollute water sources and local ecosystems, jeopardize public health, and violate the rights of nearby indigenous communities." said Rep. Adriano Espaillat (NY-13).

"Our foreign policy, particularly when it comes to U.S. investments, should always adhere to principles of environmental justice and human rights. Expanding drilling in Argentina would contribute to the already dire climate crisis that the world faces, both through the fracking of shale and the later usage of harmful fossil fuels. Coupled with the disregard these projects have for indigenous communities, this flies in the face of our principles and responsibility to the world.

"My colleagues and I have shared our concerns with the OPIC Board of Directors and have urged them to not approve these projects. Combatting climate change, promoting environmental justice, and defending human rights should guide our international investments. These projects do not come close to meeting this standard."

The two projects, submitted to OPIC by Vista Oil & Gas Argentina S.A. and Aleph Midstream S.A., would include the construction of 110 drilling wells and the development of midstream facilities to process and transport oil and gas. OPIC, a U.S. Government agency that works with American business to mobilize private capital in developing global markets, is reviewing that application for $450 million in financing.