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15 Dec 2020

Uganda & Tanzania: NGOs warn financial institutions of potential adverse impacts of East African Crude Oil Pipeline; includes Standard Bank's response

A briefing by NGOs outlines the risks the companies and banks could face from the EACOP, and provides questions to help them and their shareholders to understand those risks and whether a decision to proceed with or finance the EACOP is in their long-term interests. We consider that many of these risks and impacts are unacceptable and incapable of being adequately mitigated, and that financial institutions should avoid financing the pipeline. Business and Human Rights Resource Centre invited Standard Bank, Sumitomo Mitsui, CNOOC, ICBC to respond to these concerns. Standard Bank responded. Simitomo Mitsui, CNOOC and ICBC did not respond.

Company Responses

Standard Bank View Response
Sumitomo Mitsui Banking (part of Sumitomo Mitsui Financial Group)

No Response

CNOOC (China National Offshore Oil Corporation)

No Response

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