Latest Development
The $5bn East African Crude Oil Pipeline project finance package involves TotalEnergies (62%), CNOOC (8%), Uganda National Oil Company (15%) and Tanzania Petroleum Development Corporation (15%) as equity partners, backed by a senior debt package from export credit agencies including Standard Bank and African Export-Import Bank (Afreximbank). The pipeline is now 91% complete with first oil targeting Q4 2026.
Capital Details
Capital TypeProject Finance
DateFinancial close 2022-2023; disbursing
Investor / FinancierStandard Bank (lead arranger); Afreximbank; Export credit agencies; Equity: TotalEnergies (62%), CNOOC (8%), UNOC (15%), TPDC (15%)
Recipient / BorrowerEACOP Ltd (project company)
Purpose of CapitalConstruction of the 1,443km electrically heated crude oil export pipeline from Uganda to Tanzania's Tanga port
Financing StructureSenior secured project finance with ECA-covered tranches; equity contributions from four shareholders (TotalEnergies, CNOOC, UNOC, TPDC). African development finance institutions involved in structuring.
Market Significance
Largest cross-border energy infrastructure investment in East Africa; sets a precedent for ECA-backed oil pipeline finance in the region post-COVID.
Risk / Considerations
Ongoing environmental and legal opposition from international campaign groups (Inclusive Development International, Earthjustice); long-term oil price outlook creates returns uncertainty given 25-year asset life.
Commercial Opportunity Intelligence
Commercial ReadinessCommercially Active
Source & Verification Trail
Last VerifiedAugust 2026
Source(s)Standard Bank EACOP transaction announcement; Afreximbank project page; Pipeline Technology Journal (July 2026); TanzaniaInvest (April 2026)
Source Date2022–August 2026