Standard Bank to Finance EACOP

South African financial services group Standard Bank will fund the East African Crude Oil Pipeline (EACOP).

“We have done our governance processes internally,” stated Standard Bank Chairman Nonkululeko Nyembezi.

“We have all the lenders,” said Nyembezi, adding that there is “complete commitment on the part of the sponsors of the oil projects to get it done.”

EACOP will transport crude oil produced at Uganda’s oil fields in the Lake Albert region for export to regional and international energy markets via Tanzania’s port of Tanga.