Banks opt out of oil pipeline funding
Thursday April 01 2021
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The $3.5b East Africa Crude Oil Pipeline (EACOP) project could run into trouble after some international commercial banks withdrew from funding the construction of the world’s longest heated crude oil pipeline proposed by French Oil Company Total and the China National Offshore Oil Corporation (CNOOC).
“The banks provided statements making it clear they will not support the East Africa Crude Oil Pipeline [EACOP]after an open letter endorsed by 263 organisations from around the world was sent to 25 banks considered most likely to be approached for financing,” a March 18 press release from Inclusive Development International, read in part.
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2021/03/08 21:28 KAMPALA, Uganda (AP) The French oil company Total says it will limit its work to extract oil from a Ugandan national park to less than 1% of the protected area, seeking to assuage the concerns of activists who oppose the project. Total said it would support funding a 50% increase in the number of game rangers in Murchison Falls National Park, the largest protected area in Uganda. Total also announced that it would take steps to minimize damage to the lives of people disrupted by a pipeline that will run from Uganda to Tanzania. The oil company will give each of the 723 households whose primary residences are affected by the pipeline project either a new house in a new location or money, the company said in a statement on Monday.
263 organizations seek to stop construction of controversial crude oil pipeline across East Africa
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263 community and NGOs from around the world have urged the CEOs of 25 banks not to fund the construction of a heated crude oil pipeline.
The organizations, from 49 countries, including 122 African-based, listed the immense threats that the 1,445-kilometer-long East African Crude Oil Pipeline (EACOP) would pose. The pipeline, they stated, will affect local communities, water supplies, and biodiversity in Uganda, Tanzania, Democratic Republic of Congo and Kenya.
They also warn that the pipeline will fuel climate change by transporting oil that will generate over 34 million tons of carbon emissions each year. The project is proposed by French oil company Total and the China National Offshore Oil Corporation.
KAMPALA, Uganda The French oil company Total says it will limit its work to extract oil from a Ugandan national park to less than 1% of the protected area, seeking to assuage the concerns of activists who oppose the project. Total said it would support funding a 50% increase in the number of game […]