KAMPALA, UGANDA: March 26, 2025 – EACOP Ltd, the company overseeing the construction and operation of the East African Crude Oil Pipeline (EACOP), today announced a significant milestone: the closing of the first tranche of external financing for the transformative regional infrastructure project.
According to a statement shared on socials, the financing was secured through a syndicate of prominent financial institutions, including the 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). This marks a crucial step forward for the project, demonstrating the confidence of financial institutions in its viability and regional importance.
“The successful closing of this first tranche of external financing represents a significant milestone for EACOP and its shareholders,” the statement from EACOP Ltd reads. The shareholders include TotalEnergies (62%), Uganda National Oil Company Limited (UNOC – 15%), Tanzania Petroleum Development Corporation (TPDC – 15%), and CNOOC (8%).
The EACOP project, which will transport crude oil from Kabaale, Uganda to Tanga, Tanzania for export, is progressing steadily. The company reported that overall project progress exceeded 50% by the end of 2024. Construction is ongoing in both Uganda and Tanzania, with a strong emphasis on safety, environmental sustainability, and engagement with local communities.
The project has already made a significant impact on the region, employing over 8,000 Ugandan and Tanzanian citizens. Furthermore, approximately 400,000 man-hours of training have been provided, and $500 million has been spent locally on goods and services.
The EACOP pipeline, upon completion, will be a world-class oil export infrastructure with the capacity to transport 246,000 barrels of crude oil per day. The system includes a 1,443 km heated pipeline (296 km in Uganda and 1,147 km in Tanzania), six pumping stations, two pressure reduction stations, and a marine export terminal in Tanzania with a 3 MWp solar plant.
According to the statement, the project is committed to the highest environmental and social standards, adhering to the guidelines of the International Finance Corporation and the Equator Principles.