DRC and South Sudan to link on Uganda, Tanzania pipeline

[Geza Ulole]

 

[Geza Ulole]

 

[Geza Ulole]

South Africa having presence in South Sudan's oil, is already pulling South Sudan to join EACOP

 

[Geza Ulole]

Breaking news: Total and CNOOC ready for Ugandan crude exports via pipeline to Tanzania


Sam Chambers
April 16, 2021
0 74 Less than a minute

Aframaxes are set to haul crude from landlocked Uganda following news of a major pipeline construction across East Africa.

France’s Total and China’s state controlled CNOOC, in tandem with the Ugandan and Tanzanian governments, will invest $3.5bn on a 1,445 km pipeline running from western Uganda’s oil fields to the Tanzanian port of Tanga.

“Aframax tankers are expected to be loaded for onward transportation, with refineries in Asia and possibly the Middle East the likely destinations,” suggested Alphatanker in a new report.

According to Total’s CEO, the whole project, including upstream expenses, will cost around $10bn and should see crude production eventually hit 230,000 barrels per day. The pipeline is expected to be commissioned in 2024.

Total and CNOOC ready for Ugandan crude exports via pipeline to Tanzania - Splash247

Aframaxes are set to haul crude from landlocked Uganda following news of a major pipeline construction across East Africa. France’s Total and China’s state controlled CNOOC, in tandem with the Ugandan and Tanzanian governments, will invest $3.5bn on a 1,445 km pipeline running from western...

splash247.com

 

[Geza Ulole]

 

[Geza Ulole]

 

[Geza Ulole]

NEWS

Oil Pipeline Construction to Boost Uganda's GDP by 22%​

According to Minister Kitutu, a number of multibillion dollar projects will also commence, namely: the implementation of the Tilenga Project in Buliisa and Nwoya districts (approximately US$4 billion), the Kingfisher Project in Hoima and Kikuube Districts (approximately US$1.5 billion), and the East African Crude Oil Pipeline (EACOP) that will cross the ten (10) districts of Hoima, Kikuube, Kakumiro, Kyankwanzi, Gomba, Mubende, Lwengo, Sembabule, Kyotera and Rakai in Uganda (about US$3.6bn).

by NICHOLAS ASINGWIRE posted on APRIL 16, 2021 no COMMENT

Uganda will see its current Gross Domestic Product (GDP) grow by 22% by the end of construction of the East African Crude Oil Pipeline (EACOP), Dr. Mary Goretti Kitutu, the minister of Energy and Mineral Development, has said.

According to the minister, Uganda’s GDP, which is expected to reach $40.1 billion in 2020/21 “will significantly be boosted through sectoral linkages by close to USD 9 billion” by the time the pipeline construction is complete.

This past Sunday, three key agreements were signed unlocking a number of investment opportunities that will pave way to Uganda’s first oil, which is expected in four years.

The three agreements are the Tariff and Transportation Agreement (TTA), the Host Government Agreement (HGA) between the Government of Uganda and the EACOP Company, and the Shareholders Agreement (SHA).

[The shareholders are: Uganda National Oil Company (UNOC) with 15%, Total (62%), CNOOC Uganda (8%) and the Tanzania Petroleum Development Corporation (15%)].

The EACOP company will now award the main Engineering, Procurement and Construction (EPC) contracts so the construction work for the projects can proceed.

According to Minister Kitutu, a number of multibillion dollar projects will also commence, namely: the implementation of the Tilenga Project in Buliisa and Nwoya districts (approximately US$4 billion), the Kingfisher Project in Hoima and Kikuube Districts (approximately US$1.5 billion), and the East African Crude Oil Pipeline (EACOP) that will cross the ten (10) districts of Hoima, Kikuube, Kakumiro, Kyankwanzi, Gomba, Mubende, Lwengo, Sembabule, Kyotera and Rakai in Uganda (about US$3.6bn).

The government is already investing in the required support infrastructure, including Hoima International Airport (over US$500m) and 700 kilometres of oil roads (about US$900m).

In the process, about 14,000 people will be directly employed by the companies and another 45,000 indirectly.

There will also be induced employment of about 105,000 people as a result of the utilization of other services by the oil and gas sector.

“Of the direct employment, 57% are expected to be Ugandans, which is expected to result in an estimated USD 48.5 million annual payment to Ugandan employees,” the minister said, adding that participation of Ugandan enterprises in the provision of goods and services will generate at least 28% of the $15bn investment during the development and construction.

Already, contracts worth $167m out of the $1.362bn Recommendations to Award (RTAs) for the Tilenga and Kingfisher projects have been presented to the Petroleum Authority of Uganda before FID and are to be awarded directly to Ugandan companies.

To tap into these opportunities, interested companies have been asked to to register on the National Supplier Database (NSD) through the Petroleum Authority of Uganda website.

“Similarly, Ugandans who would like to work in the sector are encouraged to get onto the National Oil and Gas Talent Register (NOGTR), for easy access and visibility of the jobs in the sector,” the minister advised.

Oil Pipeline Construction to Boost Uganda's GDP by 22% | The Kampala Post

Uganda will see its current Gross Domestic Product (GDP) grow by 22% by the end of construction of the East African Crude Oil Pipeline (EACOP), Dr. Mary Goretti Kitutu, the minister of Energy and Mineral Development, has said.

kampalapost.com

 

[Geza Ulole]

 

[Geza Ulole]

 

[Ntaghacha]

Per month Tanzania 🇹🇿 tutapata Tsh. Ngapi kwenye huu mradi? Kama bomba litasafirisha 230,000 barrels per day?

 

[Geza Ulole]

Per month Tanzania 🇹🇿 tutapata Tsh. Ngapi kwenye huu mradi? Kama bomba litasafirisha 230,000 barrels per day?

Angalia kuna price per barrell around $12.77 fanya hesabu! pesa ndefu kwa mwezi si chini ya $90 mln! pia kumbuka activities at Chongoleani oil terminal where tankers will be lining up na pia gas sells to EACOP for heating the waxy crude! Nadhani at full capacity si chini ya $100 mln per month!

 

[Ntaghacha]

Angalia kuna price per barrell around $12.77 fanya hesabu! pesa ndefu kwa mwezi si chini ya $90 mln! pia kumbuka activities at Chongoleani oil terminal a pia gas sell for heating the waxy crude! Nadhani at fool capacity si chini ya $100 mln per month!

Pesa nyingi Sana hii!

 

[Geza Ulole]

 

[Geza Ulole]

Wamelainika...

 

[Geza Ulole]

REGIONAL REPORT​

Uhuru pursues Suluhu: Why Kenya is dying for a new chapter with Tanzania​

Presidents Yoweri Museveni and Hassan witnessed the signing of the East African Crude Oil Pipeline project agreement​

In Summary
• On Saturday, through a message, Uhuru assured President Hassan that Kenya is ready to cooperate with Tanzania and extended an invitation to her to Kenya.
• The following day, Hassan was in Uganda for a one-day visit; it was her first international trip as president.

by ELIUD KIBIISubeditor and writer
Siasa
18 April 2021 - 05:00

Tanzania President Samia Suluhu Hassan speaks with the media after talks with Kenyan special envoy Amina Mohamed (Sports CS) at State House, Dar es Salaam, on April 10, 2021.
Image: STATE HOUSE DAR ES SALAM

President Uhuru Kenyatta last Saturday dispatched Ambassador Amina Mohamed to Dar es Salam to deliver a message to his counterpart Samia Suluhu Hassan just a day before she flew to Kampala.

During the visit, Sports CS Amina and President Hassan discussed the intent to enhance relations between Tanzania and Kenya, which have been hostile in recent years.

A statement by State House Dar es Salam director of communications said President Hassan assured Uhuru of her readiness to continue the good things that were underway during her predecessor John Magufuli’s administration.

She said they will solve challenges between Kenya and Tanzania because the two East African Community states are siblings and historical friends.

In this regard, President Suhulu called on ministers and experts from the two states establishing the Joint Permanent Commission, who have not met since 2016, to immediately meet and find ways of improving the ties.

“There are many other issues we will engage diplomatically through diplomatic channels to improve our relations. The message was that Kenya is ready to enhance our ties and work with us,” President Hassan told the media after the meeting.

Uhuru assured Hassan that Kenya is ready to cooperate with Tanzania and extended an invitation to President Hassan to Kenya.

​

Rais wa Jamhuri ya Muungano wa Tanzania, Mhe. Samia Suluhu Hassan leo 10 Aprili, 2021 amekutana na Mjumbe Maalum wa Rais wa Jamhuri ya Kenya Mhe. Uhuru Muigai Kenyatta Ikulu Jijini Dar es Salaam. pic.twitter.com/B5i6oBahtf

— ikulu_Tanzania (@ikulumawasliano) April 10, 2021​

The following day, Hassan was in Uganda for a one-day visit. It was her first international trip as president.

Presidents Yoweri Museveni and Hassan witnessed the signing of the East African Crude Oil Pipeline project agreement, paving the way for the construction of a 1,440km crude oil pipeline from Uganda's Albertine region to Tanzanian seaport of Tanga.

The signing was set for March 22 but was postponed following the death of Magufuli.

Hassan assured Museveni that her government will continue enhancing their relations, including seeking new areas of cooperation. Museveni, for his part, termed the signing of the deal as "the third victory for Uganda and Tanzania".

The pipeline deal effectively means Kenya's plans to jointly set up an oil pipeline with Uganda have gone up in smoke.

In 2014, Kenya, Uganda and South Sudan had agreed to set up the Uganda–Kenya Crude Oil Pipeline with South Sudan joining the project at its Unity State as an alternative to its only current oil export route through Port Sudan. In 2015, however, Uganda opted to partner with Tanzania, saying it was cheaper.

Museveni said the decision to opt for the Tanzania route was based on economic benefits and acknowledgment of Dar's role in the removal of Idd Amin and as well as proof of friendly cooperation.
Why the bid to reach out to Tanzania under Hassan's administration?

Speaking in Dodoma during the state funeral service for Magufuli, President Hassan promised to enhance Tanzania's ties with regional states.

“We will enhance and promote our relations with our neighbours. Tanzania will continue to be a good neighbour and an important ally in regional and international cooperation. Our ties will continue to be good and even get better under my leadership,” she said.

Unlike Magufuli, who was inward looking, Hassan appears ready to reach out. She is not new to regional or international diplomacy, having been delegated the function of representing Tanzania in most UN, AU, SADC and EAC meetings.

Hassan tasked newly appointed Foreign Affairs Minister Liberata Mulamula to improve Tanzania’s relations with the region and the international community.
“We don’t want to go alone,” she told Mulamula during her swearing-in.

However, African Affairs Editor at China Global Television Network Douglas Okwatch says Hassan's policy is one of continuity rather than a shift.

He said the two countries share a history, where Tanzania has played an interventionist role in Uganda's political affairs in times of crisis.

"I think Kenya, its regional economic prowess—which elevates its leader as the region's leader—serves to repel Uganda as this clashes with Museveni's own regional power interests. In Kenya, therefore, Museveni may be happier playing political spoiler," Okwatch said.

International relations lecturer Dr Kigen Morumbasi told the Star that as an anchor state, it is in the interest of Kenya to have cordial and beneficial ties with its neighbours.

"The recent meeting between the Uganda and Tanzania heads of state was expected due to the progress that had been achieved by President Museveni of Uganda and former Tanzania President Magufuli," Dr Kigen said on Thursday.

He teaches at Strathmore University and is a visiting lecturer at the Rwanda Defence Force Command and Staff College. He is also chairman of the International Relations Society of Kenya.

Noting that the Tanzania-Uganda meeting was set earlier, Dr Kigen said for Uganda, it was formalisation of earlier resolutions while for Kenya, it was to signify goodwill for cooperation with President Hassan.

On the implication of the Uganda-Tanzania deal on the region, Kigen noted that it will likely bring in new state and non-state actors.

"The planned oil pipeline will provide alternatives for other countries in the region such as South Sudan and DR Congo. This is ushering and era of sea port diplomacy in the East Africa region, with Tanzania and Kenya emerging as strategic countries," he said.

"At the regional level, Kenya has also established an agreement with Ethiopia on the Eastern Electricity Highway".

Uhuru pursues Suluhu: Why Kenya is dying for a new chapter with Tanzania

President Hassan has promised to enhance Tanzania's ties with the EAC region states

www.the-star.co.ke

MY TAKE
It is good to see that Kenyan technocrats r waking up to a reality South Sudan and DRC ilfields r to join EACOP! However they wake up too late from their slumber moody..

 

[Geza Ulole]

 

[Geza Ulole]

Pipeline Project to Carry On Despite Funding Withdrawal by International Banks

Busein Samilu • April 27, 2021


The Petroleum Authority of Uganda (PAU) has reaffirmed that construction of the East African Crude Oil Pipeline project (EACOP) will continue despite funding setbacks after some international banks announced they were pulling out.

EACOP is a 1,443km crude export pipeline system that will be constructed to transport crude oil from Kabaale – Hoima District in Uganda to a maritime port facility on the Chongoleani peninsula Tanga in Tanzania.

Shortly after President Museveni, his Tanzanian counterpart Samia Suluhu and the two oil companies Total E&P Uganda Limited (TEPU) and China National Offshore Oil Company (CNOOC) signed four different agreements to pave way for the construction of the $3.5bn pipeline, 25 banks separately released statements announcing that they will not be funding the project.

The banks said they couldn’t support the construction of EACOP, after receiving a petition by 263 organizations from around the world raising a number of issues.

However, while speaking to Chimpreports in Kampala, Bright Clovice Irumba, the Director of Exploration at PAU said this will not stop the project from continuing because these are not the only banks that can finance the project.

“There are various international financial institutions and most of them have their own policies when it comes to funding projects and those policies may hinder their involvement in certain projects; but what we are sure of is that there will be others that will be interested and willing to partake in the ventures,” he said.

“As far as I know, no company in the industry can launch the project like how Total E&P Uganda did on April 11, if they are not satisfied that they will source all the necessary funding in order to take forward the project,” he said.

I appeal to Ugandans to remain calm, some of these international statements may be read with a pinch of salt because sometimes they misrepresent the situation of ground,” he noted.

In what appeared as a confirmation for Irumba’s statements, the government on Friday approved the Resettlement Action Plan (RAP), to pave way for the project.

Honey Malinga, the Director Petroleum at the Ministry of Energy and Mineral Development (MEMD) said that this paves way for the implementation of the second phase of the land acquisition and resettlement process which involves completing the acquisition of land and securing the rights to the land, including payment of compensation and resettlement of affected households.

This section will traverse ten districts of; Hoima, Kikuube, Kakumiro, Kyankwanzi, Mubende, Gomba, Sembabule, Lwengo, Rakai and Kyotera; Twenty – seven (27) Sub-counties, three (3) Town Councils and one hundred seventyone (171) villages.

The project’s permanent land requirements cover the crude oil pipeline corridor, Above Ground Installations (AGIs) such as pump stations, access roads and four construction camps and pipe yards. “In Uganda, these land requirements total approximately 2,740 acres or approximately 1,109 hectares (ha). Most of this (over 90%) relates to the 30m wide construction corridor for the export pipeline and AGUs, with the remainder for temporary construction facilities and access roads.

Pipeline Project to Carry On Despite Funding Withdrawal by International Banks

The Petroleum Authority of Uganda (PAU) has reaffirmed that construction of the East African Crude Oil Pipeline project (EACOP) will continue despite funding setbacks after some international banks announced they were pulling out. EACOP is a 1,443km crude export pipeline system that will be...

chimpreports.com

 

[Geza Ulole]

Gov’t not bothered about banks refusing to finance EACOP​

The Independent April 27, 2021 Business, NEWS Leave a comment

Banks are divided on financing of the East-African-Crude-Oil-Pipeline. Courtesy Photp.

Kampala, Uganda | THE INDEPENDENT | The government is not concerned about the decision of some international banks to stay away from the financing plans for the East African Crude Oil Pipeline.

Several banks in France, where the lead investor in the project, Total, is based, have stated that they will not be part of the arrangements to finance the pipeline that will run from Western Uganda to Tanzania’s Tanga Port. The French banks include BNP Paribas, Société Générale and Crédit Agricole, as well as Credit Suisse of Switzerland, ANZ of Australia and New Zealand and Barclays, according to Bank Track.

Bank Track and Reclaim Finance are organisations that say they are pushing for responsible financing of projects worldwide.

South Africa-based Standard Bank, China’s ICBC and the SMBC of Japan are lead advisors for the EACOP financing and are facing pressure from groups like Bank Track, Reclaim Finance and Energy Voice.

With most of the banks that have so far distanced themselves being from France, the activists hope it will have a greater impact on the financing plans.


The Permanent Secretary of, Ministry of Energy and Mineral Development, Robert Kasande, says the campaign is nothing new and doubts it will have an impact.

The other companies in the project are CNOOC of China, Uganda National Oil Company and Tanzania Petroleum Development Corporation.

Since the two countries signed agreements earlier this month allowing the investors to proceed with the projects, dozens of regional and international NGOs have been calling on the governments, the companies and the lenders to stop the project.

They say the oil and gas activities pose a threat to the ecosystem mainly in western Uganda as they are located in protected areas.

The pipeline is opposed for the fact that apart from running through populated areas displacing residents, the heated pipeline is also planned to go through the world heritage site, Serengeti National Park in Tanzania.

Others groups, like Friends of the Earth, have sought legal action against Total, the lead investor in the oil and gas, alleging human rights violations.

The activists have created a website, www.stopeacop.net which is specifically to name banks and their position regarding the project and also to mobilize people to sign against it.

Stanbic Bank, the East African subsidiary of Standard Bank, in a statement issued last month, noted that they are continuing with the advisory role and that they have policies that ensure best practices regarding the projects they finance.

“Standard Bank Group is committed to responsible investment and to assessing and managing our environmental, social and governance (ESG) risks comprehensively. We follow a thorough, multi-stage process when making decisions whether or not to fund infrastructure projects such as the EACOP,” says the statement.

The bank adds that this process requires it to adhere to all relevant international standards and guidelines as well our internal policies, which cater for the possible effect of the project they finance.

“These policies include Standard Bank’s fossil fuels lending policy, covering all potential lending to coal, oil and gas activities across all of our regions of operation.

Regarding the EACOP project, there has been no material change in Standard Bank’s approach to this project since our last engagement,” says the statement. A Communications Officer at Total E&P Uganda promised to get back to us, but a day later, she had not, despite the reminders.

Crédit Agricole is the largest shareholder in the French asset management company, Amundi, which is also the second-largest shareholder in Total.

The Bank is also one of the biggest sources of finance for Total, having provided $7.3 billion to the oil company between 2016 and 2020, according to a report on the website www.energyvoice.com

After the signing of the agreements in Kampala two weeks ago, the EACOP General Manager Martin Tiffen said they had no plans of abandoning the oil projects in Uganda, saying their operations follow the Ugandan laws and the guidelines of the International Finance Corporation of the World Bank.


*******
URN

Gov't not bothered about banks refusing to finance EACOP

Kampala, Uganda | THE INDEPENDENT | The government is not concerned about the decision of some international banks to stay away from the financing plans for the East African Crude Oil Pipeline. Several banks in France, where the lead investor in the project, Total, is based, have stated that...

www.independent.co.ug

 

[eliakeem]

Pipeline Project to Carry On Despite Funding Withdrawal by International Banks

Busein Samilu • April 27, 2021


The Petroleum Authority of Uganda (PAU) has reaffirmed that construction of the East African Crude Oil Pipeline project (EACOP) will continue despite funding setbacks after some international banks announced they were pulling out.

EACOP is a 1,443km crude export pipeline system that will be constructed to transport crude oil from Kabaale – Hoima District in Uganda to a maritime port facility on the Chongoleani peninsula Tanga in Tanzania.

Shortly after President Museveni, his Tanzanian counterpart Samia Suluhu and the two oil companies Total E&P Uganda Limited (TEPU) and China National Offshore Oil Company (CNOOC) signed four different agreements to pave way for the construction of the $3.5bn pipeline, 25 banks separately released statements announcing that they will not be funding the project.

The banks said they couldn’t support the construction of EACOP, after receiving a petition by 263 organizations from around the world raising a number of issues.

However, while speaking to Chimpreports in Kampala, Bright Clovice Irumba, the Director of Exploration at PAU said this will not stop the project from continuing because these are not the only banks that can finance the project.

“There are various international financial institutions and most of them have their own policies when it comes to funding projects and those policies may hinder their involvement in certain projects; but what we are sure of is that there will be others that will be interested and willing to partake in the ventures,” he said.

“As far as I know, no company in the industry can launch the project like how Total E&P Uganda did on April 11, if they are not satisfied that they will source all the necessary funding in order to take forward the project,” he said.

I appeal to Ugandans to remain calm, some of these international statements may be read with a pinch of salt because sometimes they misrepresent the situation of ground,” he noted.

In what appeared as a confirmation for Irumba’s statements, the government on Friday approved the Resettlement Action Plan (RAP), to pave way for the project.

Honey Malinga, the Director Petroleum at the Ministry of Energy and Mineral Development (MEMD) said that this paves way for the implementation of the second phase of the land acquisition and resettlement process which involves completing the acquisition of land and securing the rights to the land, including payment of compensation and resettlement of affected households.

This section will traverse ten districts of; Hoima, Kikuube, Kakumiro, Kyankwanzi, Mubende, Gomba, Sembabule, Lwengo, Rakai and Kyotera; Twenty – seven (27) Sub-counties, three (3) Town Councils and one hundred seventyone (171) villages.

The project’s permanent land requirements cover the crude oil pipeline corridor, Above Ground Installations (AGIs) such as pump stations, access roads and four construction camps and pipe yards. “In Uganda, these land requirements total approximately 2,740 acres or approximately 1,109 hectares (ha). Most of this (over 90%) relates to the 30m wide construction corridor for the export pipeline and AGUs, with the remainder for temporary construction facilities and access roads.

Pipeline Project to Carry On Despite Funding Withdrawal by International Banks

The Petroleum Authority of Uganda (PAU) has reaffirmed that construction of the East African Crude Oil Pipeline project (EACOP) will continue despite funding setbacks after some international banks announced they were pulling out. EACOP is a 1,443km crude export pipeline system that will be...

chimpreports.com

Regarding the withdrawal of some banks to finance EACOP, the government through PAU Director says:

1. However, while speaking to Chimpreports in Kampala, Bright Clovice Irumba, the Director of Exploration at PAU said this will not stop the project from continuing because these are not the only banks that can finance the project.

2. “There are various international financial institutions and most of them have their own policies when it comes to funding projects and those policies may hinder their involvement in certain projects; but what we are sure of is that there will be others that will be interested and willing to partake in the ventures,” he said.

The good stance of the GoU, which investors will love.

 

[eliakeem]

Gov’t not bothered about banks refusing to finance EACOP​

The Independent April 27, 2021 Business, NEWS Leave a comment

Banks are divided on financing of the East-African-Crude-Oil-Pipeline. Courtesy Photp.

Kampala, Uganda | THE INDEPENDENT | The government is not concerned about the decision of some international banks to stay away from the financing plans for the East African Crude Oil Pipeline.

Several banks in France, where the lead investor in the project, Total, is based, have stated that they will not be part of the arrangements to finance the pipeline that will run from Western Uganda to Tanzania’s Tanga Port. The French banks include BNP Paribas, Société Générale and Crédit Agricole, as well as Credit Suisse of Switzerland, ANZ of Australia and New Zealand and Barclays, according to Bank Track.

Bank Track and Reclaim Finance are organisations that say they are pushing for responsible financing of projects worldwide.

South Africa-based Standard Bank, China’s ICBC and the SMBC of Japan are lead advisors for the EACOP financing and are facing pressure from groups like Bank Track, Reclaim Finance and Energy Voice.

With most of the banks that have so far distanced themselves being from France, the activists hope it will have a greater impact on the financing plans.


The Permanent Secretary of, Ministry of Energy and Mineral Development, Robert Kasande, says the campaign is nothing new and doubts it will have an impact.

The other companies in the project are CNOOC of China, Uganda National Oil Company and Tanzania Petroleum Development Corporation.

Since the two countries signed agreements earlier this month allowing the investors to proceed with the projects, dozens of regional and international NGOs have been calling on the governments, the companies and the lenders to stop the project.

They say the oil and gas activities pose a threat to the ecosystem mainly in western Uganda as they are located in protected areas.

The pipeline is opposed for the fact that apart from running through populated areas displacing residents, the heated pipeline is also planned to go through the world heritage site, Serengeti National Park in Tanzania.

Others groups, like Friends of the Earth, have sought legal action against Total, the lead investor in the oil and gas, alleging human rights violations.

The activists have created a website, www.stopeacop.net which is specifically to name banks and their position regarding the project and also to mobilize people to sign against it.

Stanbic Bank, the East African subsidiary of Standard Bank, in a statement issued last month, noted that they are continuing with the advisory role and that they have policies that ensure best practices regarding the projects they finance.

“Standard Bank Group is committed to responsible investment and to assessing and managing our environmental, social and governance (ESG) risks comprehensively. We follow a thorough, multi-stage process when making decisions whether or not to fund infrastructure projects such as the EACOP,” says the statement.

The bank adds that this process requires it to adhere to all relevant international standards and guidelines as well our internal policies, which cater for the possible effect of the project they finance.

“These policies include Standard Bank’s fossil fuels lending policy, covering all potential lending to coal, oil and gas activities across all of our regions of operation.

Regarding the EACOP project, there has been no material change in Standard Bank’s approach to this project since our last engagement,” says the statement. A Communications Officer at Total E&P Uganda promised to get back to us, but a day later, she had not, despite the reminders.

Crédit Agricole is the largest shareholder in the French asset management company, Amundi, which is also the second-largest shareholder in Total.

The Bank is also one of the biggest sources of finance for Total, having provided $7.3 billion to the oil company between 2016 and 2020, according to a report on the website www.energyvoice.com

After the signing of the agreements in Kampala two weeks ago, the EACOP General Manager Martin Tiffen said they had no plans of abandoning the oil projects in Uganda, saying their operations follow the Ugandan laws and the guidelines of the International Finance Corporation of the World Bank.


*******
URN

Gov't not bothered about banks refusing to finance EACOP

Kampala, Uganda | THE INDEPENDENT | The government is not concerned about the decision of some international banks to stay away from the financing plans for the East African Crude Oil Pipeline. Several banks in France, where the lead investor in the project, Total, is based, have stated that...

www.independent.co.ug

Big lies from the whistleblowers
The heated pipeline is opposed for the fact that, it is planned to go through the world heritage site, Serengeti National Park in Tanzania.

I initially was taking them serious, but now I came to realise that, they are justifying their presence to the donors of those NGOs. Serengeti NP is very far away from the EACOP way leave. The way leave has never planned to pass through Mara Region where the mighty Serengeti NP is located.


Crédit Agricole is the largest shareholder in the French asset management company, Amundi, which is also the second-largest shareholder in Total.

This also is not correct if one refers to TOTAL shareholding structure as of December 2020.