Stanbic Bank Strengthens Commitment to Uganda’s Oil and Gas Growth After High-Level Talks with PAU

Uganda’s burgeoning oil and gas sector has received a fresh boost following high-level talks between the Petroleum Authority of Uganda (PAU) and top executives from the Standard Bank Group, the parent company of Stanbic Bank Uganda. The meeting, held in Kampala, focused on accelerating the development of Uganda’s oil and gas projects ahead of the country’s anticipated first oil production.

Mr. Ernest Rubondo, Executive Director of the PAU, led the discussions with Mr. Dele Kuti, Standard Bank Group’s Global Head of Energy and Infrastructure, and Mr. Nicholas Kiiza, Stanbic Bank Uganda’s Executive Vice President of Energy and Infrastructure. The talks revolved around Uganda’s upstream projects — Tilenga and Kingfisher — and the East African Crude Oil Pipeline (EACOP), all of which together represent over USD 15 billion in investments.

“These engagements underscore the importance of strategic financial partnerships in actualizing the immense potential of Uganda’s oil and gas sector,” said Mr. Rubondo. “We are committed to ensuring that Ugandans benefit meaningfully from this industry through jobs, contracts, and infrastructure.”

A substantial portion of contracts under these projects have already been awarded to local companies and SMEs. However, access to financing remains a critical challenge for many Ugandan firms seeking to participate in the oil and gas value chain. Stanbic Bank Uganda is stepping up to bridge this gap.

As part of the broader Standard Bank Group, Stanbic Bank has firmly positioned itself as a leading financial partner in Uganda’s oil and gas transformation. The bank’s sector-specific solutions range from project and corporate financing to commodity-based instruments and access to equity and debt capital markets. Its specialist teams in Kampala, Johannesburg, London, and Beijing provide structured financial solutions that help minimize investor risk and market volatility.

Beyond financing, Stanbic Bank is also a major player in promoting local content. With Uganda’s National Content Regulations requiring meaningful local participation, the bank leverages its strong connections with regulators, government agencies, and key stakeholders to facilitate compliance. As a founding member of the Uganda Chamber of Mines and Petroleum (UCMP) and the Association of Uganda Oil and Gas Service Providers (AUOGS), Stanbic actively champions the inclusion of Ugandan businesses.

One of the bank’s flagship initiatives, the Stanbic Business Incubator, has played a pivotal role in preparing SMEs for participation in oil and gas projects. The program equips entrepreneurs with knowledge on investment readiness, bid preparation, and operational efficiency.

“The knowledge gained from the Incubator enabled us to identify market opportunities in this complex sector,” said a local SME beneficiary. “We now understand how to engage in upstream, midstream, and downstream operations.”

Stanbic Bank is also part of a syndicate financing the EACOP project a 1,443-kilometre pipeline that will transport Uganda’s crude oil from the Albertine Graben to the Tanzanian coast at Tanga. Other members of the consortium include the Standard Bank of South Africa, KCB Bank Uganda, Afreximbank, and the Islamic Corporation for the Development of the Private Sector (ICD). Though individual bank contributions remain confidential, the project is estimated to cost about USD 5 billion.

The pipeline is jointly owned by TotalEnergies (62%), Uganda National Oil Company (15%), Tanzania Petroleum Development Corporation (15%), and China National Offshore Oil Corporation (8%).

Looking ahead, both PAU and Standard Bank Group reaffirmed the importance of aligning financial instruments with Uganda’s broader development goals. As oil production nears, ensuring seamless financial flows and robust risk management frameworks will be essential.

Stanbic Bank’s commitment goes beyond lending. It is actively fostering local skills, supporting SMEs, and creating financial solutions that promote inclusive growth — all while working closely with key stakeholders to ensure that Uganda’s oil and gas resources drive long-term national prosperity.

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