Uganda: BNP Paribas, Soc Gen, Barclays drop TotalEnergies—Chinese banks ready to step in
Nearly $10 billion of investment is needed to complete the TotalEnergies Tilenga oil project on the shores of Lake Albert in Uganda. In addition to the extraction wells, the French giant plans to build a plant to process the crude—which must be heated because of its viscosity—and a 1,400 km pipeline to the Tanzanian capital, Dar es Salaam.
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▪ Uganda: BNP Paribas, Soc Gen, Barclays drop TotalEnergies—Chinese banks ready to step in
▪ Nearly $10 billion of investment is needed to complete the TotalEnergies Tilenga oil project on the shores of Lake Albert in Uganda. In addition to the extraction wells, the French giant plans to build a plant to process the crude—which must be heated because of its viscosity—and a 1,400 km pipeline to the Tanzanian capital, Dar es Salaam.
▪ https://www.africabusinessplus.com/en/808585/uganda-bnp-paribas-soc-gen-barclays-drop-totalenergies-chinese-banks-ready-to-step-in/
However, the social and environmental criticisms of local and international NGOs—notably Oxfam and the FIDH—have scared the traditional Western financial partners of the French Group. Shareholders and public opinion are pressuring the Group to accelerate its energy transition towards less polluting sources.
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