Banks Take Flak for Backing East Africa Oil Pipeline
More than 260 charity organisations have urged banks not to finance a U.S.$3.5 billion oil pipeline in East Africa, over concerns that the project could lead to the loss of community land and livelihoods, environmental destruction and surging carbon emissions. Nearly a third of the pipeline will run through the basin of Lake Victoria, which more than 40 million people rely on for water. France's Total and China National Offshore Oil Corporation are due to start work soon on a 1,445km pipeline from western Uganda through neighbouring Tanzania to the Indian Ocean port of Tanga. About two thirds of the pipeline's cost will be financed by debt, and a Ugandan unit of South Africa's Standard Bank Group, Japan's Sumitomo Mitsui Banking Corp and the Industrial and Commercial Bank of China are together considering raising the funding, the charities said. An open letter signed by 263 charities - including the Africa Institute for Energy Governance, the Alliance for Food Sovereignty in Africa, Greenpeace and Friends of the Earth - urged the banks not to grant loans for the scheme. Standard Bank Group has said a "preliminary finding report is currently under review" of the key concerns, especially on the environment and social impacts, related to the proposed East African Crude Oil Pipeline (EACOP).
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Uganda:
Standard Bank Reviewing Oil Pipeline Financing Concerns
Monitor, 3 March 2021
Standard Bank Group has said a "preliminary finding report is currently under review" of the key concerns, especially on the environment and social impacts, related to… Read more »
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East Africa:
NGOs' Pressure On Banks Threatens $3.5bn Pipeline Project Financing
East African, 2 March 2021
The East African Crude Oil Pipeline (Eacop) project took a new twist on Monday when 263 non-governmental organisations sought to persuade at least 25 banks listed as potential… Read more »
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East Africa:
Banks Urged to Steer Clear of East Africa Oil Pipeline Financing
Thomson Reuters Foundation, 1 March 2021
Nearly a third of the pipeline will run through the basin of Lake Victoria, which more than 40 million people rely on for water Read more »
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Uganda:
Construction of Uganda-Tanzania Crude Oil Pipeline to Start in March
Monitor, 27 February 2021
The construction of the $3.5 billion East African Crude Oil Pipeline (Eacop) is scheduled to start next month, it was revealed yesterday. Read more »
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East Africa:
Financing the East African Crude Oil Pipeline Is a Big Mistake
Daily Maverick, 28 January 2020
At a time when the international scientific community is telling us the world cannot absorb new fossil fuel developments if we are to tackle the climate crisis, Uganda and Tanzania… Read more »
InFocus
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Four NGOs have moved to the East African Court of Justice and filed a case to block the construction of the East African Crude Oil Pipeline by Uganda and Tanzania. The Centre for ... Read more »
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The construction of the U.S.$3.5 billion Tanga-Hoima Pipeline is set for March 2021. This comes after a confirmed agreement between French oil company Total and the Ugandan ... Read more »
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The two countries are seeking over U.S.$7 billion funding for the oil and pipeline projects which will top this year's infrastructure transactions in the region. According to ... Read more »
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