The African Energy Chamber (AEC) – serving as the voice of the African energy sector – strongly supports the successful closing of the first tranche of external financing for the East African Crude Oil Pipeline (EACOP) project.
This milestone represents a crucial step in unlocking the region’s oil export potential, accelerating economic growth and ensuring energy security for East Africa.
The AEC commends EACOP Ltd. and its financial partners, including Afreximbank, Standard Bank of South Africa, Stanbic Bank Uganda, KCB Bank Uganda and the Islamic Corporation for the Development of the Private Sector, for demonstrating confidence in the future of East African energy markets.
The successful securing of financing underscores the critical role that private sector investments and regional banking institutions play in driving large-scale energy infrastructure projects.
By mobilizing significant financial resources, this achievement reflects growing investor confidence in East Africa’s oil and gas sector and the commitment to advancing infrastructure projects that will create jobs, boost local industry participation and support economic transformation across the region.
The AEC encourages further engagement from financial institutions to sustain momentum in delivering this game-changing project.
Once completed, the EACOP will serve as a vital conduit for Uganda’s crude oil exports, strengthening the country’s position as a competitive oil producer while creating new opportunities for Tanzania and the broader region.
With a capacity of 246,000 barrels per day, the 1,443-km pipeline is set to become the longest heated crude oil pipeline in the world, adhering to the highest environmental and social standards.
The AEC recognizes the project’s potential to catalyze additional energy investments and infrastructure development, contributing to a more integrated and prosperous East African energy landscape.
“The successful financing of EACOP is a clear testament to the confidence that investors and financial institutions have in Africa’s energy future. This project is a game-changer for East Africa, and we will continue to support initiatives that drive sustainable energy development across the continent,” states NJ Ayuk, Executive Chairman of the AEC.
The Chamber reaffirms its commitment to advocating for investment-friendly policies that enable projects like EACOP to thrive. As East Africa moves toward first oil production, we call on all stakeholders – including governments, investors and development partners – to continue fostering an enabling environment that supports long-term energy security, industrialization and sustainable economic growth.
The AEC stands ready to collaborate with industry players to ensure that Africa’s energy resources deliver maximum benefits for its people.
Source: Energy Chamber
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