EACOP Ltd., the company responsible for the construction and future operation of the East African Crude Oil Pipeline (EACOP) project, has announced the successful closing of its first tranche of external financing.
The financing was provided by a syndicate of financial institutions, including regional banks such as African Export-Import Bank (Afreximbank), The Standard Bank of South Africa, Stanbic Bank Uganda, KCB Bank Uganda, and The Islamic Corporation for the Development of the Private Sector (ICD).
The closing of this first financing tranche marks 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 highlights the strong support from financial institutions for this transformative regional infrastructure project.
Construction of the EACOP pipeline in both Uganda and Tanzania is progressing well, with a continued focus on safety, environmental sustainability, and local community engagement.
By the end of 2024, the overall project progress had surpassed 50%. Currently, more than 8,000 Ugandan and Tanzanian citizens are employed on the project, and approximately 400,000 man-hours of training have been provided.
Additionally, US$500 million has been spent locally on goods and services, further contributing to the economic development of the region.