According to Monitor on March 27th, the financing agreement for the East African Crude Oil Pipeline Project (EACOP) has finally been signed, paving the way for the smooth construction of a pipeline that will transport oil produced from Uganda's Lake Albert oil field to Tanga Port in Tanzania, where the resources will be sold to other interested global markets. The EACOP project is expected to cost approximately $5 billion and will be financed through a combination of debt and equity. For many years, financing for this pipeline has been challenging due to widespread environmental and social issues, with many banks and insurance companies refusing to support the project due to risks to ecosystems, communities, and climate goals. The successful completion of the first batch of external financing is an important milestone for EACOP and its shareholders Total Energy (62%), Uganda National Oil Company Limited, Tanzania Petroleum Development Corporation, and CNOOC (8%), "further stated in a statement shared by the Ministry of Energy and Daily Monitor.
