• About
  • Contact
Saturday, May 31, 2025
  • Login
No Result
View All Result
NEWSLETTER
Now Then Digital
23 °c
Kampala
22 ° Fri
23 ° Sat
23 ° Sun
22 ° Mon
  • HOME
  • NEWS
  • POLITICS
  • BUSINESS
  • TECH
  • ENTERTAINMENT
  • LIFESTYLE
  • TIPS & ADVICE
  • HOME
  • NEWS
  • POLITICS
  • BUSINESS
  • TECH
  • ENTERTAINMENT
  • LIFESTYLE
  • TIPS & ADVICE
No Result
View All Result
Now Then Digital
No Result
View All Result
ADVERTISEMENT
Home News

China to Provide Majority of Funding for Uganda Oil Pipeline After Western Lenders Withdraw

The pipeline, spanning 1,443km (896 miles), will transport crude oil from Uganda's Lake Albert oilfields to the Tanzanian port of Tanga on the Indian Ocean.

Now Then Digital by Now Then Digital
September 25, 2023
in News, Uganda
Reading Time: 2 mins read
1 0
A A
0
eacop uganda
0
SHARES
19
VIEWS
Share on FacebookShare on Twitter

KAMPALA, UGANDA | NOW THEN DIGITAL — China has stepped in to provide financial support for Uganda’s oil pipeline project after Western lenders withdrew due to concerns raised by environmental groups.

The Chinese lenders, including the China Export & Credit Insurance Corporation (Sinosure) and the Export-Import Bank of China (Eximbank), are expected to contribute more than half of the required $3 billion debt for the construction of the East African Crude Oil Pipeline (EACOP).

eacop
The 1,443km (896-mile) pipeline.

Irene Bateebe, the permanent secretary of Uganda’s Ministry of Energy and Mineral Development, stated that Sinosure and Eximbank are working together to secure funding for the pipeline, which accounts for over 50% of the total debt.

“We are at the tail-end of the discussions [with Chinese lenders] for financial close. We are confident that by the end of October of this year, we will close the debt component and we would have mobilised most of the funding for the project,” Bateebe said.

The discussions with Chinese lenders are nearing completion, and it is anticipated that the debt component will be finalized by the end of October, with most of the project funding mobilized. The pipeline, spanning 1,443km (896 miles), will transport crude oil from Uganda’s Lake Albert oilfields to the Tanzanian port of Tanga, where it will be sold to global markets.

Youmight also like

Health Ministry Backs Tech Crackdown on Road Offenders.

Ministry of Health Backs New Digital Penalty System to Curb Road Carnage

May 30, 2025
Kawempe North seat declared vacant after court rules election was flawed.

Uganda Court Nullifies MP Nalukoola’s Election Over Voting Irregularities

May 26, 2025
Kyabazinga of Busoga praised after graduating with honours from Ivy League institution.

Busoga’s Kyabazinga graduates from Yale University with a second Master’s degree

May 19, 2025
Ugandan Army Chief Muhoozi Admits Detaining Bobi Wine Bodyguard

Eddie Mutwe Held by Military, Uganda’s Top General Muhoozi Confirms

May 3, 2025

The financing structure involves a 60:40 debt-to-equity ratio, with $3 billion secured as debt and the remaining $2 billion financed through equity contributions from shareholders, including TotalEnergies, the Uganda National Oil Company, the Tanzania Petroleum Development Corporation, and the China National Offshore Oil Corporation (CNOOC).

The pipeline, spanning 1,443km (896 miles), will transport crude oil from Uganda’s Lake Albert oilfields to Tanga in Tanzania, where it will be sold to global markets.

ADVERTISEMENT

In addition to the Chinese lenders, Uganda expects to receive funding from Saudi Arabia’s Islamic Development Bank and several African banks, including the African Export-Import Bank.

Bateebe mentioned that initially, Western-backed lenders expressed interest in financing the project but withdrew due to strong opposition from environmental and human rights groups.

“We did see some Western banks withdrawing from supporting the project but we always say look at your other friend. We had other friends who were willing to come on board. We became East-looking,” she added.

Source: Now Then Digital
ADVERTISEMENT
Now Then Digital

Now Then Digital

Now Then Digital offers breaking news and opinion articles, giving you a unique opportunity to see what goes on behind the scenes in Uganda, Kenya, Nigeria, South Africa and elsewhere.

Recommended For You

Health Ministry Backs Tech Crackdown on Road Offenders.
Health

Ministry of Health Backs New Digital Penalty System to Curb Road Carnage

by Wafula Steven
May 30, 2025
Kawempe North seat declared vacant after court rules election was flawed.
Politics

Uganda Court Nullifies MP Nalukoola’s Election Over Voting Irregularities

by Now Then Digital
May 26, 2025
Kyabazinga of Busoga praised after graduating with honours from Ivy League institution.
News

Busoga’s Kyabazinga graduates from Yale University with a second Master’s degree

by Wafula Steven
May 19, 2025
Ugandan Army Chief Muhoozi Admits Detaining Bobi Wine Bodyguard
Politics

Eddie Mutwe Held by Military, Uganda’s Top General Muhoozi Confirms

by Wafula Steven
May 3, 2025
ADVERTISEMENT

Related Articles

Anne Kansiime Announces “New Era” on Instagram, Leaves Fans Guessing

Anne Kansiime Announces “New Era” on Instagram, Leaves Fans Guessing

3 months ago
Stanbic Partners with IBM to Drive Digital Transformation

Uganda’s Largest Commercial Bank Stanbic Partners with IBM to Drive Digital Transformation

2 years ago
now then digital breaking news

Musa Musasizi Sentenced to 105 Years for Grisly Murders of Four Girlfriends and Infant

1 year ago

Popular News

  • Anna Maria von Stockhausen Accused Victim of Superstition

    Who Was Anna Maria von Stockhausen: A Victim of Witch-Hunts in the 18th Century

    0 shares
    Share 0 Tweet 0
  • From Stenographer to Viral Sensation: The Story of Debra Bollman and Her Daughter Sophia’s Rise to Fame

    0 shares
    Share 0 Tweet 0
  • Symptoms and Treatment of Pernicious Anemia Tongue

    0 shares
    Share 0 Tweet 0
  • Key Tips to Identify Fake X Accounts Amid Growing Misinformation

    0 shares
    Share 0 Tweet 0
  • Ministry of Health Backs New Digital Penalty System to Curb Road Carnage

    0 shares
    Share 0 Tweet 0

Connect With Us

Join our Newsletter

Who We Are

Now Then Digital | Breaking News from Uganda & Africa

Latest headlines from Uganda, Africa & the world. Explore politics, entertainment, sports, finance & more on Now Then Digital.

Sign Up For Our Newsletter

Now On Pinterest

NRM wins Hoima LC5 by-election

Uthuman Mugisha wins Hoima LC5 by-election with 18,353 votes

Uganda National ID Cards Cannot Be Used as Loan Security

NIRA Issues Warning Against Using National IDs for Loans

From Our Partners

  • Editorial Policy
  • Disclaimer
  • Corrections Policy
  • Fact-Checking Policy
  • DMCA Policy

© 2025 Now Then Digital - Breaking News from Uganda, Kenya, Nigeria & South Africa.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

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

Log In
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Entertainment
    • Movies
    • Music
    • Sports
  • Lifestyle
    • Fashion
    • Travel
    • Tech
  • Health
  • Food

© 2025 Now Then Digital - Breaking News from Uganda, Kenya, Nigeria & South Africa.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.