EACOP announces closing of its first financing tranche
Published by Alfred Hamer,
Editorial Assistant
World Pipelines,
EACOP Ltd., the company in charge of the construction and future operation of the East African Crude Oil Pipeline project from Kabaale in Uganda to Tanga in Tanzania, has announced that it has closed the first tranche of external financing for the project, provided by a syndicate of financial institutions including regional banks such as 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).
The successful closing of this first tranche of external financing represents a significant milestone for EACOP and its shareholders TotalEnergies (62%), Uganda National Oil Company Limited (UNOC – 15%), Tanzania Petroleum Development Corporation (TPDC – 15%) and CNOOC (8%). It also demonstrates the support of financial institutions on this transformative regional infrastructure.
In Uganda and Tanzania, the construction of the EACOP pipeline is progressing with a continued focus on safety, environmental sustainability, and local community engagement. The overall project progress exceeded 50% end 2024. More than 8000 Ugandan and Tanzanian citizens are employed on the project, about 400 000 manhours of training have been provided so far and US$500 million spent locally on goods and services.
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Read the article online at: https://www.worldpipelines.com/project-news/28032025/eacop-announces-closing-of-its-first-financing-tranche/
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