Total Financing from RBC:
The Royal Bank of Canada (RBC) has significant investments in TotalEnergies (TTE FP Equity), the French oil company, with a 62% stake in EACOP.
In early 2022, RBC held over 520,000 shares in TotalEnergies, worth USD $26.1 million and over USD $10 million in bonds.
From January 2016 through December 2022, RBC provided TotalEnergies with USD $1.9 billion in lending and underwriting.
Resisting Corporate Colonialism in Africa: Why We Must Stop EACOP Now
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The Details on EACOP
The proposed line would run from Kabaale, Uganda to the northeastern coast of Tanzania. The project includes plans to drill 130 oil wells in Murchison Falls National Park and to develop oil fields on the shores of Lake Albert.
Credit: Uganda National Oil Company
It would also displace about 118,000 people across Uganda and Tanzania, endanger the region’s unique ecosystems, and threaten wetlands, wildlife, and fresh water sources that support millions of Africans. If we hope to limit global warming to 1.5 degrees Celsius, we can’t develop any new oil and gas fields — in Africa, or anywhere.
Relevant Resources
Project Details:
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Location
Begins in Kabaale, Hoima in Uganda.Travels south through Lake Victoria into Tanzania. Ends at the northeastern Chongoleani peninsula, near Tanga
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Project Type
Heated crude oil pipeline
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Size
1,443 km / 897 miles
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Communities
Barbaig, Sandawe, Ndorobo, Maasai, Akie, Taturu, Bangugu Indigenous tribes Uganda: pipeline would cut through 178 villages Tanzania; would run through 231 villages
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Total Cost
Expected to be above USD $4 billion
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Total Financing from RBC
The Royal Bank of Canada (RBC) has significant investments in TotalEnergies (TTE FP Equity), the French oil company with a 62% stake in EACOP. In early 2022, RBC held over 520,000 shares in TotalEnergies, worth USD $26.1 million and more than USD $10 million in bonds. In recent years, RBC also provided TotalEnergies with USD $1.9 billion in lending and underwriting to expand its fossil fuel projects.