Involvement of UBS in the global mining and oil & gas sectors A research paper prepared for Berne Declaration and greepeace Switzerland June 2006 Jan Willem van Gelder with contributions of Sven Sielhorst (AIDEnvironment) Profundo Van Duurenlaan 9 1901 KX Castricum The Netherlands Tel: +31-251-658385 Fax: +31-251-658386 E-mail: [email protected] Website: www.profundo.nl Contents Scope of the report....................................................................................................1 Chapter 1 UBS - Oil & Gas ...............................................................................1 1.1 BP................................................................................................................1 1.1.1 Short profile of BP .......................................................................................1 1.1.2 Financial involvement of UBS......................................................................1 1.1.3 Controversial issues ....................................................................................2 1.2 CNOOC .......................................................................................................3 1.2.1 Short profile of CNOOC...............................................................................3 1.2.2 Financial involvement of UBS......................................................................3 1.2.3 Controversial issues ....................................................................................3 1.3 Gazprom .....................................................................................................4 1.3.1 Short profile of Gazprom .............................................................................4 1.3.2 Financial involvement of UBS......................................................................4 1.3.3 Controversial issues ....................................................................................5 1.4 Lukoil ..........................................................................................................6 1.4.1 Short profile of Lukoil...................................................................................6 1.4.2 Financial involvement of UBS......................................................................6 1.4.3 Controversial issues ....................................................................................6 1.5 Medco Energi Internasional......................................................................8 1.5.1 Short profile of Medco Energi Internasional ................................................8 1.5.2 Financial involvement of UBS......................................................................8 1.5.3 Controversial issues ....................................................................................9 1.6 Novatek.......................................................................................................9 1.6.1 Short profile of Novatek ...............................................................................9 1.6.2 Financial involvement of UBS......................................................................9 1.7 Petrobras..................................................................................................10 1.7.1 Short profile of Petrobras...........................................................................10 1.7.2 Financial involvement of UBS....................................................................10 1.7.3 Controversial issues ..................................................................................10 1.8 Sinopec.....................................................................................................11 1.8.1 Short profile of Sinopec .............................................................................11 1.8.2 Financial involvement of UBS....................................................................12 1.8.3 Controversial issues ..................................................................................12 1.9 Tatneft.......................................................................................................12 1.9.1 Short profile of Tatneft ...............................................................................12 1.9.2 Financial involvement of UBS....................................................................13 1.9.3 Controversial issues ..................................................................................13 1.10 TNK-BP .....................................................................................................13 1.10.1 Short profile of TNK-BP ..........................................................................13 1.10.2 Financial involvement of UBS .................................................................13 1.10.3 Controversial issues................................................................................13 1.11 Total ..........................................................................................................14 1.11.1 Short profile of Total................................................................................14 1.11.2 Financial involvement of UBS .................................................................14 1.11.3 Controversial issues................................................................................15 1.12 Yukos........................................................................................................18 1.12.1 Short profile of Yukos..............................................................................18 1.12.2 Financial involvement of UBS .................................................................18 1.12.3 Controversial issues................................................................................18 Chapter 2 UBS - Mining ..................................................................................20 2.1 Alcan.........................................................................................................20 2.1.1 Short profile of Alcan .................................................................................20 2.1.2 Financial involvement of UBS....................................................................20 2.1.3 Controversial issues ..................................................................................21 2.2 Alcoa.........................................................................................................21 2.2.1 Short profile of Alcoa .................................................................................21 2.2.2 Financial involvement of UBS....................................................................21 2.2.3 Controversial issues ..................................................................................22 2.3 Alpha Natural Resources........................................................................23 2.3.1 Short profile of Alpha Natural Resources ..................................................23 2.3.2 Financial involvement of UBS....................................................................23 2.3.3 Controversial issues ..................................................................................24 2.4 Alrosa .......................................................................................................24 2.4.1 Short profile of Alrosa ................................................................................24 2.4.2 Financial involvement of UBS....................................................................25 2.5 Anglo American .......................................................................................25 2.5.1 Short profile of Anglo American.................................................................25 2.5.2 Financial involvement of UBS....................................................................25 2.5.3 Controversial issues ..................................................................................26 2.6 Barrick Gold .............................................................................................28 2.6.1 Short profile of Barrick Gold ......................................................................28 2.6.2 Financial involvement of UBS....................................................................28 2.6.3 Controversial issues ..................................................................................28 2.7 BHP Billiton..............................................................................................30 2.7.1 Short profile of BHP Billiton .......................................................................30 2.7.2 Financial involvement of UBS....................................................................30 2.7.3 Controversial issues ..................................................................................31 2.8 Energy Resources Australia...................................................................33 2.8.1 Short profile of Energy Resources of Australia..........................................33 2.8.2 Financial involvement of UBS....................................................................33 2.8.3 Controversial issues ..................................................................................33 2.9 Evraz .........................................................................................................34 2.9.1 Short profile of Evraz .................................................................................34 2.9.2 Financial involvement of UBS....................................................................34