Standard Bank Set to Help Fund $5 Billion African Oil Pipeline
- Lender’s environmental and due diligence processes finished
- Bank expects further announcement in the coming months
Construction at the Central Processing Facility of the East African Crude Oil Pipeline in Buliisa, Uganda.
Photographer: Luke Dray/BloombergThis article is for subscribers only.
Standard Bank Group Ltd. said it is set to move forward with funding for TotalEnergies SE’s planned East Africa Crude Oil Pipeline project after completing a years-long review.
The $5 billion pipeline, which would stretch from Uganda’s oil discoveries to an export terminal on the coast of Tanzania, has faced strong opposition from environmental groups that have scrutinized potential lenders. Standard Bank, Africa’s biggest lender, in 2021 hired an independent adviser to help it decide on involvement in the project.