Sumitomo Mitsui Rules Out Funding $5 Billion Uganda Oil Pipeline

Sumitomo Mitsui Financial Group Inc. said it isn’t financing an oil pipeline in East Africa, joining a growing list of financial firms distancing themselves from the project.

“We are not currently involved,” the Japanese bank’s Chief Sustainability Officer Masayuki Takanashi, said at a media briefing Tuesday. Takanashi was responding to a question about the East African Crude Oil Pipeline project, which is planned to carry oil 900 miles from the fields of western Uganda to the coast of Tanzania.