Just Share again blasts Standard Bank’s flirtation with East African oil pipeline
Just Share, the shareholder activist group, has accused Standard Bank of isolating itself from its peers by continuing to flirt with financing carbon-intensive projects even as its main rivals spurn such deals amid growing climate change concerns.
Last week, French and Chinese oil giants Total and Cnooc signed the final investment decision to proceed with the East African Crude Oil Pipeline (EACOP) project, a planned $10bn deal on which Standard Bank shareholder Industrial and Commercial Bank of China (ICBC) is listed as an adviser. The controversial project aims to tap the oil reserves of poverty-stricken Uganda and transport the fuel more than 1,400km across the East African nation, as well as neighbouring Tanzania, where it will be exported from the port of Tanga...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.