East African Crude Oil Pipeline EACOP gets a $5 billion lifeline from Standard Bank despite environmental concerns and delays.
The development of the East African Crude Oil Pipeline EACOP has hit many hurdles since it was initially proposed in 2013. There was great optimism around connecting Uganda with Tanzania to export crude from Uganda ’s oilfields via the Port of Tanga, Tanzania on the Indian Ocean, but construction has been stalled due to widespread opposition to the project. Many investors have been forced to pull out, leading many to ask whether the project would ever get off the ground.
Nonkululeko Nyembezi, the chair of Standard Bank, stated “We have completed our internal governance process and the environmental and social due diligence, which was a lengthy undertaking.” Nyembezi added, “We have all the lenders. There is complete commitment from the sponsors of the oil projects to see it through.” TotalEnergies, which holds the majority stake in EACOP, says that it is acting transparently and hopes to complete the EACOP project with support from the two countries.
Uganda Tanzania Oil Pipeline Totalenergies Standard Bank Environment Climate Change Opposition
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