Uganda Sees China Oil Pipeline Loans Agreed by April as Timeline Slips

A section of the Kingfisher Feeder Pipeline, part of the East African Crude Oil Pipeline (EACOP), in Kikuube, Uganda.Photographer: Luke Dray/Bloomberg

Uganda said it expects China Export and Credit Insurance Corp., likely to be the biggest lender for the nation’s planned $5 billion crude export pipeline, to approve loans for the project by April.

Initial estimates for the financing to be agreed by this month were affected by internal procedures at the lender, known as Sinosure, Energy Ministry Permanent Secretary Irene Bateebe said in an interview on Thursday. Uganda is engaging with the Chinese company to expedite negotiations and conclude the loan arrangement within the first quarter of next year.

SOURCE: BLOOMBERG

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