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Total and BlackRock in Africa's $1.8B Energy Assets
Total Energies and BlackRock have reached an agreement to invest $1.8 billion in oil and gas development projects in Africa, with a financial rate determined based on production rates for up to 15 years, without disclosing specific assets. The company is focused on financing the East Africa crude oil pipeline project valued at $5.6 billion, which faces opposition from international environmental organizations, despite regional financial institutions approving funding for the first phase. Meanwhile, banks such as Standard Chartered are avoiding involvement due to the project's associated risks.
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