How to get African oil out of the ground without Western lenders
Go local, woo traders or head east
From western Uganda, the East African Crude Oil Pipleine will run for 1,443km through farms, forests and rivers, until it reaches the Tanzanian coast. If, that is, anyone pays for it. Already, 27 banks have ruled themselves out as lenders. Shareholders, led by TotalEnergies, a French oil giant, are now courting Chinese firms as they try to raise $2.4bn in debt. In response, environmental and human-rights activists in six African and European countries protested outside Chinese banks, embassies and insurers on November 20th.
This article appeared in the Finance & economics section of the print edition under the headline “Pipe dreams”
Finance & economics December 2nd 2023
- Welcome to a golden age for workers
- Real wages have risen in America and are rebounding in Europe
- China edges towards a big bail-out
- An unruly OPEC is causing problems for Russia and Saudi Arabia
- How to get African oil out of the ground without Western lenders
- Short-sellers are endangered. That is bad news for markets
- Why economists are at war over inequality
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