Uganda -Tanzania Oil Pipeline is still in the dark

[Teargas]

French banks disavow Total’s EACOP plans​

Three French banks have committed not to provide project financing for the Total-led East African Crude Oil Pipeline (EACOP).
By Ed Reed
22/04/2021, 4:04 pm

Total news
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Three French banks have committed not to provide project financing for the Total-led East African Crude Oil Pipeline (EACOP).
BNP Paribas, Société Générale and Crédit Agricole will not participate, France’s Les Echos newspaper reported.
“The project is too hard to defend,” Les Echos quoted an unnamed source as saying.
A statement from Reclaim Finance noted that Barclays, Credit Suisse and ANZ had also said they would steer clear of the EACOP plan.
The environmental NGO called on Natixis to follow suit.
BankTrack researcher Ryan Brightwell called on Standard Bank, SMBC and ICBC “to take these concerns seriously and withdraw their support”.
Total committed to the Lake Albert development, which includes EACOP, on April 11. However, it has not concluded talks on securing the expected $2.5 billion of financing thought to be required to build the world’s longest heated pipeline.

Crédit Agricole has provided $7.3 billion of financing to Total between 2016 and 2020, while BNP Paribas provided nearly $6bn. The four French banks in total have provided more than $16bn to Total, it said.
Amundi, in which Crédit Agricole is the largest shareholder, is the second largest shareholder in Total after BlackRock.

Broader push​

Reclaim Finance’s founder Lucie Pinson welcomed the move, saying it was a “major blow for this polluting and unjust pipeline. Natixis and other international banks should now follow their lead.”
Pinson went on to say the banks should not finance new oil and gas projects of Total, while shareholders should vote against the company’s climate strategy.
Total is holding its AGM on May 28. Shareholders will vote on Total’s plans for carbon neutrality by 2050, with a 15% reduction by 2030.
Reclaim Finance has criticised Total for failing to include its scope 3 emissions in its carbon neutrality plans, outside Europe.
The NGO has said the vote at Total’s AGM is about communication. “Total does not need to be encouraged to communicate on its climate strategy; Total needs to be pushed to adopt a climate strategy that is compatible with a viable climate trajectory,” it has said.

Shell is also holding a vote on its climate ambitions in May and has come under fire for its plans.

​

 

[Teargas]

One of the banks which said it will not participate in funding the pipeline is the second largest shareholder in Total. Whatever you do with this information is up to you.

 

[Teargas]

Kumbe hata pesa ya ujenzi haikuwa imepatikana, na venye a certain Tanzanian politician talked with authority hati ujenzi utaanza mwezi huu ungedhani Tanzania ndio inafund the entire project.

 

[eliakeem]

One of the banks which said it will not participate in funding the pipeline is the second largest shareholder in Total. Whatever you do with this information is up to you.

Usijishuku, normally the bystanders' pleasure is to see misfortune of others.

 

[Teargas]

Usijishuku, normally the bystanders' pleasure is to see misfortune of others.

Nani amekuambia najishuku? Nimesema what you do with the information that the second biggest shareholder in Total is against the project should be up to you.

 

[MK254]

Tatizo wanatumia mihemko kwenye huu mradi badala ya akili, wamekomalia kulaumu Kenya badala ya kujibu hoja zilizoibuliwa, kama mliambiwa tatizo kwamba hamjafanya upembuzi wa kimazingira ipasavyo, mjibu hizo hoja acheni kulia lia kuhusu Kenya.

 

[nomasana]

As I have been saying, this needs to be a regional project....it literally could transform this region in several ways. Tanzania Kenya Uganda s.sudan Congo and ethiopia.

Literally this is the type of project that would stop the wars and squabbles that plague our corner of the planet

But then again, T.I.A

 

[Fundi kitasa]

Nyinyi endeleni kukesha tuu mkiombea mradi ufeli akati kila kitu kipo tayar uko

 

[eliakeem]

Hizo ni changamoto za kawaida kabisa katika miradi ya kimkakati kama hii.

 

[Wilson Joseph]

Tatizo wanatumia mihemko kwenye huu mradi badala ya akili, wamekomalia kulaumu Kenya badala ya kujibu hoja zilizoibuliwa, kama mliambiwa tatizo kwamba hamjafanya upembuzi wa kimazingira ipasavyo, mjibu hizo hoja acheni kulia lia kuhusu Kenya.

Hata wakijibu au wasipo jibu mradi haupiti apo,nyie pambaneni na mchina apo

Sent from my SM-M115F using JamiiForums mobile app

 

[eliakeem]

Nani amekuambia najishuku? Nimesema what you do with the information that the second biggest shareholder in Total is against the project should be up to you.

Total should opt other financing avenues. It's better to go for debt markets.

 

[nomasana]

Total should opt other financing avenues. It's better to go for debt markets.

Y'all can't let this project fail. I'm sure between the UG and TZ can do a financing program like what Ethiopia did with GERD

 

[eliakeem]

Y'all can't let this project fail. I'm sure between the UG and TZ can do a financing program like what Ethiopia did with GERD

Yeah, if the need raise, countries should do something.

 

[dickchiller]

Kumbe hata pesa ya ujenzi haikuwa imepatikana, na venye a certain Tanzanian politician talked with authority hati ujenzi utaanza mwezi huu ungedhani Tanzania ndio inafund the entire project.

Bwana mapesa wakopeshe total use utape riba

 

[game over]

As I have been saying, this needs to be a regional project....it literally could transform this region in several ways. Tanzania Kenya Uganda s.sudan Congo and ethiopia.

Literally this is the type of project that would stop the wars and squabbles that plague our corner of the planet

But then again, T.I.A

What makes you think that the project isn't Regional?

 

[Yesu Anakuja]

hii kitu kumbe iliwauma sana wakenya. Tanzania kwa sasa haina muda kupoteza kujadili upuuzi na watu wa aina hii, hata mradi huo usipofanikiwa ipo mingine mingi inakuja. kama kuumia moyo kenye mtaumia sana.

 

[Teargas]

Bwana mapesa wakopeshe total use utape riba

Niliskia ujenzi unawnza huu mwezi? Has materials reached the site yet?

 

[Teargas]

Total should opt other financing avenues. It's better to go for debt markets.

That's your idea, shareholders in total are against it. Alternative financing can ony be sought with the blessing of the shareholders

 

[eliakeem]

That's your idea, shareholders in total are against it. Alternative financing can ony be sought with the blessing of the shareholders

There is no project on earth that manages to please each and every stakeholders category.
Mind you, the bankers are not shareholders in this project. They are just stakeholders. If are giving the project promoters difficult terms, then promoters can go to others who offer a bit softer conditions.

 

[Geza Ulole]

French banks disavow Total’s EACOP plans​

Three French banks have committed not to provide project financing for the Total-led East African Crude Oil Pipeline (EACOP).
By Ed Reed
22/04/2021, 4:04 pm

Total news
Register here for the Energy Voice daily newsletter, bringing you key news and insight from across the global energy landscape.

Sign Up
Three French banks have committed not to provide project financing for the Total-led East African Crude Oil Pipeline (EACOP).
BNP Paribas, Société Générale and Crédit Agricole will not participate, France’s Les Echos newspaper reported.
“The project is too hard to defend,” Les Echos quoted an unnamed source as saying.
A statement from Reclaim Finance noted that Barclays, Credit Suisse and ANZ had also said they would steer clear of the EACOP plan.
The environmental NGO called on Natixis to follow suit.
BankTrack researcher Ryan Brightwell called on Standard Bank, SMBC and ICBC “to take these concerns seriously and withdraw their support”.
Total committed to the Lake Albert development, which includes EACOP, on April 11. However, it has not concluded talks on securing the expected $2.5 billion of financing thought to be required to build the world’s longest heated pipeline.

Crédit Agricole has provided $7.3 billion of financing to Total between 2016 and 2020, while BNP Paribas provided nearly $6bn. The four French banks in total have provided more than $16bn to Total, it said.
Amundi, in which Crédit Agricole is the largest shareholder, is the second largest shareholder in Total after BlackRock.

Broader push​

Reclaim Finance’s founder Lucie Pinson welcomed the move, saying it was a “major blow for this polluting and unjust pipeline. Natixis and other international banks should now follow their lead.”
Pinson went on to say the banks should not finance new oil and gas projects of Total, while shareholders should vote against the company’s climate strategy.
Total is holding its AGM on May 28. Shareholders will vote on Total’s plans for carbon neutrality by 2050, with a 15% reduction by 2030.
Reclaim Finance has criticised Total for failing to include its scope 3 emissions in its carbon neutrality plans, outside Europe.
The NGO has said the vote at Total’s AGM is about communication. “Total does not need to be encouraged to communicate on its climate strategy; Total needs to be pushed to adopt a climate strategy that is compatible with a viable climate trajectory,” it has said.

Shell is also holding a vote on its climate ambitions in May and has come under fire for its plans.

​

financng is to come from China and Japan!