Japanese Bank Financing of the East African Crude Oil Pipeline – Backgrounder on Environmental, Social, and Governance Risk
The East African Crude Oil Pipeline (EACOP) is a 5 billion USD, 1,443km pipeline that will transport 216,000 barrels per day of electrically heated crude oil from Uganda to the port of Tanga in Tanzania for export, generating annual carbon emissions roughly equivalent to the carbon footprint of nine coal-fired power plants at peak production. The Sumitomo Mitsui Banking Corporation is acting as financial advisor to the lead developer of the project and joint lead arranger for the $3 billion project loan that will provide the majority of the financing for the project.