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.
Here are the responses so far…
(Last updated March 16, 2021)
Commercial banks
the quick brown fox jumps over the lzy dogs. The quick brown fox jumps over the lazy dogs. The quick brown fox jumps over the lazy dogs. The quick brown fox jumps over the lazy dogs.
The quick brown fox jumps over the lazy dogs.
The quick brown fox jumps over the lazy dogs. The quick brown fox jumps over the lazy dogs. The quick brown fox jumps over the lazy dogs.
Standard Bank
South Africa
Standard Bank is one of three key financial advisors for EACOP.
Additional text summarising its position etc. Additional text summarising its position etc. Additional text summarising its position etc. Additional text summarising its position etc. Additional text summarising its position etc. Additional text summarising its position etc. Additional text summarising its position etc.
Send an email to Standard Bank now >> (No body text)
Send an email to Standard Bank now >> (With suggested body text)
Read Standard’s response to our letter here.
Barclays
united kingdom
Public statement:
“Barclays does not intend to participate in the financing of the East African Crude Oil Pipeline project.”
The quick brown fox jumps over the lazy dogs.
The quick brown fox jumps over the lazy dogs.The quick brown fox jumps over the lazy dogs.
United Overseas Bank
singapore
Public statement:
"While we are unable to comment on specific clients, we can confirm that our policy would preclude us from financing [the EACOP] project if it threatens a designated Ramsar wetland or may significantly impact critical natural habitats."
ANZ
australia
We’re still awaiting a response from this bank.
Sumitomo Mitsui Bank (SMBC)
JAPAN
SMBC is one of three key financial advisors for EACOP
Bank of america
USA
We’re still awaiting a response from this bank.
BNP Paribas
FRANCE
We’re still awaiting a response from this bank.
Credit Suisse
Switzerland
Public statement:
“Credit Suisse is not considering participating in the EACOP project.”
JP Morgan CHASE
United States
We’re still awaiting a response from this bank.
Royal Bank of Canada
Canada
We’re still awaiting a response from this bank.
Mitsubishi UFJ Financial Group
JAPAN
We’re still awaiting a response from this bank.
societe generale
france
We’re still awaiting a response from this bank.
ICBC
China
ICBC is one of three key financial advisors for EACOP
agriculture bank of china
china
We’re still awaiting a response from this bank.
Citi
United States
We’re still awaiting a response from this bank.
Bank of China
China
We’re still awaiting a response from this bank.
China Construction bank
China
We’re still awaiting a response from this bank.
credit agricole
france
We’re still awaiting a response from this bank.
Deutsche Bank
Germany
We’re still awaiting a response from this bank.
china international capital company
china
We’re still awaiting a response from this bank.
Goldman sachs
United States
We’re still awaiting a response from this bank.
HSBC
United kingdom
We’re still awaiting a response from this bank.
Mizuho
Japan
We’re still awaiting a response from this bank.
Morgan stanley
United states
We’re still awaiting a response from this bank.
Oversea-Chinese Banking Corporation (OCBC)
singapore
We’re still awaiting a response from this bank.
standard chartered
united kingdom
We’re still awaiting a response from this bank.
Unicredit
italy
We’re still awaiting a response from this bank.
Photo credit (top banner): Shannon Goodman
#STOPEACOP
FOR PEOPLE
EACOP threatens to displace thousands of families and farmers from their land and has already disrupted the livelihoods of many. If allowed to move forward, it would also place at risk vital water sources that millions of people rely upon for drinking and food production.
#STOPEACOP
FOR NATURE
EACOP will rip through some of the world’s most important elephant, lion and chimpanzee nature reserves. There’s also concern that the pipeline will open up more critical ecosystems to even more oil extraction.
#STOPEACOP
FOR CLIMATE
EACOP will fuel climate change by enabling the extraction of oil which will generate over 34 million tons of CO2 emissions every single year. To solve the climate crisis, we must stop building new fossil fuel projects.