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Don’t Bank on EACOP

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French oil company Total and the China National Offshore Oil Corporation (CNOOC) are pushing for the construction of the East African Crude Oil Pipeline (EACOP), the longest heated pipeline in the world, transporting about 200,000 barrels of crude oil per day from Uganda to the Tanga port in Tanzania. The project threatens to displace thousands of families and farmers from their land. The land acquisition process has already begun, raising the question whether the rights of indigenous communities to Free, Prior and Informed Consent has been respected in accordance with international standards.

Total is facing a historical lawsuit in France for its failure to prevent human rights violations and environmental damage linked to these oil exploration projects. Total’s decision to move forward with opening a new oil frontier in Africa is in contradiction to their communication strategy that depicts the oil major as climate conscious, responsible, multi-energy company. Extraction of oil in Uganda generates up to 34 million tons of carbon emissions each year. EACOP will bring climate chaos and biodiversity loss and is already causing serious human rights violations. We need to #StopEACOP.

Building the biggest heated oil pipeline in the world is very expensive. Total and CNOOC are in need of a 3 billion USD debt finance from some of the world’s largest commercial banks to get this project off the ground. Standard Bank, through its subsidiary Stanbic Uganda, along with the Industrial and Commercial Bank of China (ICBC), are acting as financial advisors to the project. These banks are expected to serve as lead arrangers, meaning they will need to approach other banks to co-finance the deal. The #StopEACOP alliance has written to each of those banks, urging them to rule out supporting EACOP in any way publicly. Thanks to the international mobilization, 24 banks have already pulled out. Below we list the banks in three groups:

  1. Banks actively supporting EACOP: Standard Bank (South Africa), ICBC (China).
  2. Banks that declined to answer or do not rule out to finance EACOP: Agricltural Bank of China (China), Bank of China (China), China Construction Bank (China), China International Capital Bank (China), BBVA (Spain), OCBC Bank (Singapore), Goldman Sachs (USA), Bank of America (USA).
  3. Banks that ruled out to support EACOP project: SMBC (Japan), Mitsubishi UFJ Financial Group (Japan), Standard Chartered (UK), Santander (Spain), Natixis (France), Investec (South Africa), ANZ (Australia), CityGroup (USA), Barclays (UK), First Rand (South Africa), Credit Agricole (France), Deutsche Bank (Germany), BNP Paribas (France), Credit Suisse (Switzerland), HCBC (UK), Mizuho (Japan), Morgan Stanley (USA), Royal Bank of Canada (Canada), JP Morgan (USA), UniCredit (Italy), Societe Generale (France), Nedbank (South Africa), UOP (Singapore), Wells Fargo (USA), DZ Bank (Germany), Intesa SanPaolo (Italy).

YOU can still send your own message to the banks that are most likely to consider financing the pipeline. Support the #StopEACOP campaign! Though lots needs to be done to limit climate change and create a better future for everyone, it is clear that stopping the East African Crude Oil Pipeline is a critical first step.

Stop the East African Crude Oil Pipeline


We are suffering from record heatwaves and unprecedented wildfires in Europe. It is outrageous that fossil fuel companies are continuing to dig and drill in the face of intensifying climate disasters. And despite record temperatures, banks are continuing to fund new oil pipelines and gas fields. French oil company Total and majority state-owned China National Offshore Oil Corporation (CNOOC) are on the verge of constructing the East African Crude Oil Pipeline (EACOP), which will transport an estimated 200,000 barrels of crude oil per day from Kabaale, Uganda to the Tanga port in Tanzania. In order to transport the waxy crude oil, the pipeline will need to be heated to a temperature of 50 Degrees Celsius. The project threatens to displace thousands of families and farmers from their land. The land acquisition process has already begun, raising the question whether the rights of indigenous communities to Free, Prior and Informed Consent has been respected in accordance with international standards. Extraction of oil in Uganda generate up to 34 million tons of carbon emissions each year. EACOP will run along Lake Victoria, the African continent’s largest freshwater reserve which sources the Nile and which 40 million people rely on for drinking water and food production.

Building the world’s longest heated crude oil pipeline is incredibly risky business – especially when it runs through an active seismic zone, like the EACOP will. There is a great risk that an oil spill from the pipeline poisons Lake Victoria and millions of Africans will no longer have access to drinkable water. Without insurances to cover the risks, the project cannot go ahead. The world’s top four international reinsurers, Munich Re, Swiss Re, Hannover Re and SCOR have already stated that they will not reinsure the EACOP because of environmental and social concerns. We need to stop EACOP, here is what you can do:

  1. Tell insurer Lloyd’s to stay out off EACOP. You can either send them a comment on LinkedIn (requires a LinkedIn login), send a calendar invite or give them a call.
  2. Send a message to the CEOs of several insurers to abstain from providing (re)insurance to the EACOP project.
  3. Demand insurance broker Marsh to drop the EACOP project.

East Africa’s economic strength will come from recognizing the region’s biodiversity, heritage and natural landscapes not from reckless fossil fuel projects. Support the #StopEACOP campaign! Though lots needs to be done to limit climate change and create a better future for everyone, it is clear that stopping the East African Crude Oil Pipeline is a critical first step.