South African banks opt out of EACOP financing
- Date: 08-Feb-2022
- Source: Energy Voice
- Sector:Financial Services
- Country:Gulf
South African banks opt out of EACOP financing
Four of South Africa’s five major banks have said they will not support the East African Crude Oil Pipeline (EACOP), in Uganda and Tanzania.
TotalEnergies announced a final investment decision (FID) for the Lake Albert development, which covers the Tilenga and Kingfisher fields and EACOP, last week. Financing for the pipeline project has not been finalised.
BankTrack has confirmed that four of South Africa’s banks will not participate. ABSA, FirstRand, Nedbank and Investec will not back the link, the NGO said, leaving Standard Bank on its own.
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