https://en.sputniknews.africa/20241115/tanzania-uganda-oil-pipeline-is-47-finished-report-says--1069242099.html
Tanzania-Uganda Oil Pipeline is 47% Finished, Report Says
Tanzania-Uganda Oil Pipeline is 47% Finished, Report Says
Sputnik Africa
The East African Crude Oil Pipeline (EACOP) is designed to transport oil from Uganda's Lake Albert fields to the port of Tanga in Tanzania. Notably, the... 15.11.2024, Sputnik Africa
2024-11-15T10:57+0100
2024-11-15T10:57+0100
2024-11-15T13:17+0100
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The EACOP project between Tanzania and Uganda is 47% finished, local media said.The implementation of the East African Crude Oil Pipeline (EACOP) Project began in February 2022. Each of the governments of Tanzania and Uganda holds a 15% stake in the project, whereas 70% is held by foreign oil companies. In total, the construction of the pipeline costs $3.5 billion. Earlier, Uganda’s energy minister, Ruth Nankabirwa, told a Western news agency that despite challenges in securing debt from Western financial institutions, stakeholders of the EACOP project, including TotalEnergies and China's CNOOC, are investing additional funds to ensure the project’s continuation.She reportedly confirmed that securing financing has required extensive restructuring. Originally planned with 60% debt and 40% equity, the financing strategy has shifted to a nearly even split due to difficulties with Western banks.
https://en.sputniknews.africa/20241102/african-atlantic-pipeline-project-to-be-prosperous-for-africa-moroccan-energy-minister-says-1068998685.html
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east africa, tanzania, uganda, oil pipeline, east african crude oil pipeline (eacop), company
Tanzania-Uganda Oil Pipeline is 47% Finished, Report Says
10:57 15.11.2024 (Updated: 13:17 15.11.2024) The East African Crude Oil Pipeline (EACOP) is designed to transport oil from Uganda's Lake Albert fields to the port of Tanga in Tanzania. Notably, the 296-kilometer stretch within Uganda will be powered entirely by renewable energy.
The EACOP project between Tanzania and Uganda is 47% finished, local media said.
The implementation of the East African Crude Oil Pipeline (EACOP) Project began in February 2022. Each of the governments of Tanzania and Uganda holds a 15% stake in the project, whereas 70% is held by foreign oil companies. In total, the construction of the pipeline costs $3.5 billion.
"We are on the right track, and construction will be completed on schedule, as per the contract," Asiadi Mrutu, a project coordinator from the Tanzania Petroleum Development Corporation, said, as quoted by media.
Earlier, Uganda’s energy minister, Ruth Nankabirwa, told a Western news agency that despite challenges in securing debt from
Western financial institutions, stakeholders of the EACOP project, including TotalEnergies and China's CNOOC, are investing additional funds to ensure the project’s continuation.
She reportedly confirmed that securing
financing has required extensive restructuring. Originally planned with 60% debt and 40% equity, the financing strategy has shifted to a nearly even split due to difficulties with Western banks.
