• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Tanzania-Uganda Oil Project Faces Financing Hurdles

10 months ago
in Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
108
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

President Mahama Targets Billion-dollar Ghana–Singapore Trade in 24-Hour Economy Pitch to Investors

Unpaid Taxes “Very Frightening”, Says Hon. Nana Osei-Adjei

Dollar Slides as Trump Fires Fed Governor Lisa Cook

Tanzania-Uganda Oil Project Faces Financing Hurdles

It was recently revealed that the EACOP project is currently facing debt financing issues, prompting its stakeholders, including TotalEnergies, and CNOOC to infuse more cash into the oil venture.

The East African Crude Oil Pipeline (EACOP) project which is intended to deliver oil from Uganda’s Lake Albert reserves to the port of Tanga in Tanzania is valued at $5 billion.

However, this controversial project has been faced with push back from environmentalists and some concerned members of the international community which claim that the project will damage the environment around it and cause the displacement of communities within its radius.

As a result, six Western banks, including BNP Paribas, Société Generale, and Barclays, rejected financing the project, as seen on Sputnik.

In response, the Ugandan Minister of Energy and Mineral Development, Ruth Nankabirwa recently traveled to Beijing to meet with possible Chinese funders who are thought to be essential to the project’s success.

According to reports, she acknowledged that significant restructuring has been necessary to get funding.

Due to issues with the Western banks, the funding strategy has changed from its initial intention of 60% loan and 40% equity to a virtually equal split.

“Now equity is surpassing debt, from 40% to now almost 52%, so you see how shareholders are committed to look for the money to make sure the project doesn’t stall,” she was quoted as saying.

“As you look for money to put in, that means the debt, the external tranche, reduces,” she added.

According to the minister, Uganda has committed an extra $45 million to the project, and Tanzania is expected to equal that amount.

TotalEnergies just committed to providing an additional $400 million.

Source: businessinsiderafrica
Via: norvanreports
Tags: East African Crude Oil Pipeline (Eacop) projectFinancing HurdlesTanzania-Uganda Oil ProjectTanzania-Uganda Oil Project Faces Financing Hurdles

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

IISD and IMANI to Host Roundtable Shaping Ghana’s New Independent Fiscal Authority

Premier League: Ngumoha’s Late Goal Seals Liverpool’s Thrilling Win Over Newcastle

US Open: Venus Williams and Keys Bow Out as Alcaraz Launches Campaign

GSE Opens Week Higher as CPC Posts First Gain of 2025

Asante Gold Announces Completion of $500m Financing Package to Boost Bibiani and Chirano Growth Plans

Gov’t Pledges to Intensify Reforms in Gold Sector Ahead of Crucial Anti-Money Laundering Assessment

Trending

Business

President Mahama Targets Billion-dollar Ghana–Singapore Trade in 24-Hour Economy Pitch to Investors

August 26, 2025

President Mahama Targets Billion-dollar Ghana–Singapore Trade in 24-Hour Economy Pitch to Investors President John Dramani Mahama has...

Unpaid Taxes “Very Frightening”, Says Hon. Nana Osei-Adjei

August 26, 2025

Dollar Slides as Trump Fires Fed Governor Lisa Cook

August 26, 2025

IISD and IMANI to Host Roundtable Shaping Ghana’s New Independent Fiscal Authority

August 26, 2025

Premier League: Ngumoha’s Late Goal Seals Liverpool’s Thrilling Win Over Newcastle

August 26, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.