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Dec 20 2013

Press Release: Salford and Trafford Councils found to be investing in fracking company iGas

Salford and Trafford Councils investing in iGasFor immediate release.  

Research conducted by Frack Free Greater Manchester has discovered that Salford and Trafford Councils are investing in fracking company iGas via the Greater Manchester Pension Fund.  Both Councils have granted iGas planning permission to conduct exploratory drilling at different sites [1].

iGas lists Henderson Global Investors (HGI), a subsidiary of Henderson Group, as one of their five major investors [2] and Greater Manchester Pension Fund (GMPF) holds shares worth millions of pounds in the Henderson Group (HG) [3].  The pension fund also invests in fracking companies operating in the US and Australia [4].

Local resident Helen Chuntso said “I am shocked and appalled. We are here fighting tooth and nail to stop the destruction of our community by fracking companies and we find that our local council will profit if they are successful. They are elected to look after local interests yet they have financial interests that go against us.”

 

She added, “The layers of corruption and vested interests are starting to become clear.  We have a government that employs Executives from the fracking industry, such as Lord Browne, as its Cabinet advisers.  And now it emerges that our local councils – who should act as a check and balance – also have vested interests in seeing these companies profit.”

“But they have underestimated local opposition – we will not allow fracking to destroy our communities, not here or anywhere in the country.”

Robbie Gillett, from Frack Free Greater Manchester added, “We call on all local authorities who are considering planning applications for Unconventional Gas Extraction to divest their Pension Funds from all fracking companies.”

Trafford Council is due to consider an application from iGas to extend their planning permission for coal bed methane exploration at Davyhulme at a Planning Committee meeting on 9th January 2013. Frack Free Greater Manchester are concerned that neither Trafford nor Salford Council required iGas to conduct full impact assessments despite the serious risks to the environment, and lack of clarity about iGas’ operations at both sites regarding shale gas exploration.

Frack Free Greater Manchester is hosting a family-friendly event at the Barton Moss site on Saturday 21 December to raise awareness in the local community, with a photo opportunity at 2pm.

Contact: 07821 315 254 / 07858 614861 (Frack Free Greater Manchester Press)

Notes to editors

[1]    http://frack-off.org.uk/extreme-energy-fullscreen/

[2]   http://www.igasplc.com/investors/shareholder-information/major-shareholders

[3] Greater Manchester Pension Fund  *http://www.gmpf.org.uk/pdf/investments_infrastructure%20commitments_31032013.pdf 

*http://www.gmpf.org.uk/pdf/investments_property_pooled_vehicles_31032013.pdf

*http://www.gmpf.org.uk/pdf/investments_year_end_holdings_2013.pdf
 

[4]  The Greater Manchester Pension Fund has the following investments:

AGL Energy (Coal Seam Gas Aus) (£4m)
Apache Corp (US fracking) (£1m)
Centrica (Cuadrilla) (£4m)
Cliffs Natural Resources (US fracking) (£0.5m)
Devon Energy (US fracking) (£0.5m)
Duke Energy (US fracking) (£0.5m)
Endbridge Energy (US fracking) (£0.5m)
EOG Resources (US fracking) (£1.5m)
Noble Energy (US fracking) (£1.5m)
Schlumberger (US and UK fracking) (£12m)

Total fracking investments: £107.5m

1 comment

1 ping

  1. Patrick Topham

    Hi I think it’s repulsive investing people’s pensions in the clearly contra vertical fracking industry it also clarifies the governments extremely pro fracking stance is clearly motivated buy private profits. It’s not about public gain as although a few jobs will be created the potentially devastating environmental costs will inevitably be paid by us the public. Please reconsider your fracking attitudes as we are not going to let this one slip past us.

    Yours sincerely Patrick topham

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