Standard Bank Seeks to Raise $3 Billion for Ugandan Oil Pipeline
- Stanbic appointed joint financial adviser with Sumitomo Mitsui
- Pipeline financing not seen causing weakness in local currency
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Standard Bank Group Ltd.’s Ugandan unit plans to raise $3 billion for a crude pipeline by the second half of next year as the East African country prepares to start oil production by 2020.
Stanbic Bank Uganda was appointed alongside Japan’s Sumitomo Mitsui Banking Corp. as joint financial adviser for the 1,445-kilometer (898-mile) pipeline, Patrick Mweheire, the chief executive officer of the Kampala, Uganda-based business, said in an interview on Tuesday. The companies will explore raising bank debt or loans from export credit agencies among the options they are considering, he said, without giving more details.