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Standard Bank to assess way forward on East Africa oil pipeline

Standard Bank to assess way forward on East Africa oil pipeline
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South Africa s Standard Bank to assess way forward on East Africa oil pipeline

By Reuters Staff 2 Min Read JOHANNESBURG (Reuters) - South Africa’s Standard Bank has hired an independent environmental and social advisor to help assess its involvement in Total’s East African Crude Oil Pipeline that environmental groups have opposed, it said on Monday. About 263 civil society organisations from around the world, have urged the chief executives of 25 banks not to participate in loans to fund the construction of the $3.5 billion East Africa Crude Oil Pipeline. They have argued in an open letter that this pipeline would pose immense threats to local communities, water supplies, and biodiversity in Uganda, Tanzania, Democratic Republic of Congo and Kenya.

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Banks urged to steer clear of East Africa oil pipeline financing

By Nita Bhalla NAIROBI, March 1 (Thomson Reuters Foundation) – More than 260 charities on Monday urged banks not to finance a $3.5 billion oil pipeline in East Africa, concerned the project could lead to the loss of community land and livelihoods, environmental destruction and surging carbon emissions. We apologize, but this video has failed to load. Try refreshing your browser, or Banks urged to steer clear of East Africa oil pipeline financing Back to video France’s Total and China National Offshore Oil Corporation are due to start work soon on a 1,445-km (900-mile) pipeline from western Uganda through neighboring Tanzania to the Indian Ocean port of Tanga.

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UPDATE 2-Uganda sees work on oil pipeline with Total starting shortly

UPDATE 2-Uganda sees work on oil pipeline with Total starting shortly
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