(Bloomberg) — Standard Bank Group Ltd. Chief Executive Officer Sim Tshabalala said the benefits of an oil pipeline the continent’s biggest lender is funding in East Africa outweigh the environmental risks. TotalEnergies SE’s $5 billion 1,443-kilometer (897 mile) East African Crude Oil Pipeline being built to transport landlocked crude in Uganda to the coast for export has faced resistance from environmental groups that scrutinized potential lenders. Opponents have included Ugandan activists, European Parliament members and environmental groups. “Yes, there are environmental costs, but these are being minimized, and the net effect is that the project is worth it, now and into the future, considering all the facts which include that East Africa has a right to economic development and that people need energy, they need income,” Tshabalala said at a conference in Johannesburg on Tuesday. The bank chief’s position adds to a debate that pits African governments that want to develop their oil and gas resources to boost development against groups in the West, where the fossil fuels are typically exported. Mechanical work on EACOP is expected to be finished in the first half of next year, the Petroleum Authority of Uganda said in a July post. Standard Bank in 2021 hired an independent adviser to decide on involvement in the project, announcing three years later that it would go ahead with funding, which Tshabalala said is “below $100 million.” The project in March secured its first tranche of syndicated financing from lenders including Standard Bank, African Export Import Bank, Stanbic Uganda Ltd., KCB Bank Uganda Ltd. and the Islamic Corporation for the Development of the Private Sector. TotalEnergies holds a 62% stake in the line, state-owned Tanzania Petroleum Development Corp. and Uganda National Oil Co. each have a 15% interest, with the remainder owned by CNOOC Ltd., according to a website for the project. “Our focus is unequivocally on driving Africa’s growth,” which means supporting a mix of renewable and transitional projects, Tshabalala said. “We’re completely clear that African countries have a right and a duty to use their fossil fuels to lift themselves out of poverty.” More stories like this are available on bloomberg.com ©2025 Bloomberg L.P. in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. You must only respond with the modified content. Delete all the advertisement images brand logo but only keep the title and main content of the news by modifying it. You must only respond with the modified content. Block any jump outside of the site adarshnews.com. Basically remove any content or link related to original site. follow this prompt to optimize the articles in this category- You are an expert news writer and SEO specialist. Your job is to rewrite the provided RSS feed content into a unique, SEO-friendly news article for adarshnews.com. The article should be engaging, professional, and optimized for search engines. Follow these steps: 1. **Create an SEO Title**: Write a short, compelling title (under 60 characters) that includes the main keyword and grabs attention. 2. **Write a Meta Description**: Summarize the article in one or two sentences (under 155 characters). Make it engaging and include the primary keyword naturally. 3. **Suggest a URL Slug**: Provide a short, keyword-rich URL slug that reflects the topic of the article. 4. **Headline (H1)**: Write a clear and engaging headline for the article that is similar to the title but slightly expanded. 5. **Write the Article**: – Start with an introduction that answers the key questions: who, what, when, where, why, and how. – Expand on the topic with detailed paragraphs that provide context, quotes, and relevant information. – Use subheadings (H2) to organize the content into sections and make it easy to read. – Include related keywords naturally throughout the article. – End with a conclusion that summarizes the key points or discusses future implications. 6. **Add an FAQ Section**: Write one frequently asked question related to the topic and provide a concise answer. Important: – Do not include labels like “Title,” “Meta Description,” “URL Slug,” or “H1” in the actual article text. – Keep all SEO elements separate from the main content. – Ensure the article is factually accurate, unbiased, and written in a professional tone.
Standard Bank claims that the overall benefits of the East Africa Pipeline project are justified.
