The East African Crude Oil Pipeline (EACOP) is a proposed 1,445-kilometer pipeline from Hoima, Uganda to the port of Tanga in Tanzania. Construction of the pipeline threatens to enable the opening up of critical ecosystems, including Murchison Falls National Park, to oil extraction. In addition, it is expected to cause large-scale displacement of communities and pose grave risks to protected environments, water sources and wetlands in both Uganda and Tanzania. There are concerns that vital documents such as the Environmental and Social Impact Assessment (ESIA) for the Tanzanian part of the project have not been published in full and there has not been an open, accessible, public and meaningful consultation and consent process. Given these omissions and the gravity of project risks, compliance with the Equator Principles will be extremely challenging if not impossible.
Despite this, several Equator Banks are providing project finance advisory services to the project: Stanbic Bank Uganda (a subsidiary of Standard Bank), Sumitomo Mitsui Banking Corporation (SMBC) of Japan and the Industrial and Commercial Bank of China (ICBC).