19 Oct '11, 11am

#Arctic special: How oil and corruption have become so closely linked

#Arctic special: How oil and corruption have become so closely linked

Rumours that a deeper, darker ocean flows beneath the cold coastal waters of Greenland have triggered a scramble to drill for oil off the world’s largest island. And if prospectors hit pay dirt – a potential 52 billion barrels of oil equivalent – then it won’t be virgin white pack ice and a pristine marine environment alone that risk becoming sullied. Reputations, business deals and politicians may be tarred and sticky too. Because where oil is found then history tells us that corruption will follow. Transparency International’s Corruptions Perceptions Index 2010 highlights the connection: Russia, the world’s largest producer and second largest exporter of oil, ranks 154 out of 178 countries for corruption. Its low standing spells trouble for the Russian Arctic, where oil-fever is increasing as sea ice recedes. In August, state oil company Rosneft signed a £1.9 billion dea...

Full article: http://www.theecologist.org/News/news_analysis/1092214/ho...

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