The East African published on 15 January 2024 an article titled "EACOP Partners Race against Time to Close $3bn Financing Deal with China Lenders" by Julius Barigaba.
Developers of the oil pipeline that will transport crude from western Uganda to Tanzania's port of Tanga remain hopeful but concerned about the willingness of China's Sinosure and Export-Import Bank to provide $3 billion in debt financing. Environmental activists have opposed the project, which would be the world's longest heated pipeline in order to permit the flow Uganda's low sulphur crude. Western banks earlier dropped out of the project as a result of opposition by the activists.
French major TotalEnergies is the lead investor in the pipeline project with a 62 percent stake, the Ugandan government and Tanzania Petroleum Development Corporation each with a 15 percent stake, and China National Offshore Oil Corporation with an 8 percent stake.
