The East African Crude Oil Pipeline (EACOP) Ltd. has achieved a major milestone by securing the first tranche of external financing for its ambitious pipeline project. This funding has been provided by a syndicate of financial institutions, including regional banks such as the African Export Import Bank (Afreximbank), The Standard Bank of South Africa Limited, Stanbic Bank Uganda Limited, KCB Bank Uganda, and The Islamic Corporation for the Development of the Private Sector (ICD).
This financial boost marks a significant step for EACOP and its shareholders, which include TotalEnergies (62%), Uganda National Oil Company Limited (UNOC – 15%), Tanzania Petroleum Development Corporation (TPDC – 15%), and CNOOC (8%). The successful closing of this financing tranche signals confidence from financial institutions in the transformative regional infrastructure project.
EACOP, which will transport Uganda’s crude oil from Kabaale in Uganda to the Chongoleani peninsula near Tanga in Tanzania, is progressing steadily. With over 8,000 Ugandan and Tanzanian citizens employed, 400,000 manhours of training provided, and $500 million spent locally on goods and services, the project is demonstrating its commitment to economic development and job creation.
