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Tuesday, August 22, 2017
The Ugandan unit of Standard Bank Group, Stanbic Bank Uganda, plans to raise $3 billion for the Ugandan/Tanzanian crude pipeline. The bank opes to have the funds raised by H2 2018. Stanbic Bank Uganda was appointed alongside Japan’s Sumitomo Mitsui Banking Corp. as joint financial adviser for the 898-mile pipeline.
According to Patrick Mweheire, CEO of the Kampala, Uganda-based business, in an interview with Bloomberg, the companies will explore raising bank debt or loans from export credit agencies among the options they are considering, he said, without giving more details.
The pipeline will connect Uganda’s Hoima oilfields in the west to the port of Tanga in neighboring Tanzania.
“A lot of activities are going on, a lot of tenders are being made” and expectations are that the final investment decision for the project will be made in the first quarter of next year, Mweheire said in the interview. Fundraising for the project won’t cause “any currency mismatch” because borrowing can be done in dollars, he said.
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