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Standard Bank Set to Help Fund $5 Billion African Oil Pipeline
Standard Bank Group Ltd. said it is set to move forward with funding for TotalEnergies SE’s planned East Africa Crude Oil Pipeline project after completing a years-long review. The $5 billion pipeline, which would stretch from Uganda’s oil discoveries to an export terminal on the coast of Tanzania, has faced strong opposition from environmental groups that have scrutinized potential lenders. Standard Bank, Africa’s biggest lender, in 2021 hired an independent adviser to help it decide on involvement in the project. “We have done our governance processes internally,” Standard Bank Chairman Nonkululeko ... (full story)