Prominent commercial banks Barclays and Credit Suisse have both declared they will not provide financing for the construction of the world’s biggest heated crude oil pipeline proposed by French oil company Total and the China National Offshore Oil Corporation.
The banks provided statements making clear they will not support the East Africa Crude Oil Pipeline 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.
“Barclays does not intend to participate in the financing of the East African Crude Oil Pipeline project,” the British bank said. Credit Suisse also confirmed it “is not considering participating in the EACOP project.” Although not as unequivocal as the Barclays and Credit Suisse statements, other banks such as United Overseas Bank (UOB) have also made similar statements.
Read the latest issue of World Pipelines magazine for pipeline news, project stories, industry insight and technical articles.
The March 2021 issue of World Pipelines includes: a regional report on pipeline projects in Asia-Pacific; a summary of the latest and best construction equipment courtesy of the annual Heavy Equipment Review; a welding-focused Q&A; and technical articles on hot tapping, sustainable steel and decommissioning.
Read the article online at: https://www.worldpipelines.com/business-news/18032021/barclays-and-credit-suisse-rule-out-supporting-east-african-crude-oil-pipeline/
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