Response by banks to campaign urging them not to finance EACOP
"Don't Bank on EACOP: Who's backing the pipeline and who's ruled it out?"
Building the longest heated oil pipeline in the world is expensive work and Total and CNOOC can’t do it alone. They are seeking a $2.5 billion loan 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 Industrial and Commercial Bank of China (ICBC) and Sumitomo Mitsui Bank (SMBC), are acting as financial advisors to the project. These banks are expected to serve as lead arrangers, meaning that they will need to approach other banks to co-finance the deal.
We’ve drawn up a list of the top recent financiers of Total and CNOOC that are likely to be approached to join the loan. Members of the #StopEACOP alliance have written to each of these banks urging them to publicly rule out supporting EACOP in any way.