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Axa SA, parent company of Axa XL, on Friday confirmed it would not be involved in TotalEnergies’ East Africa Crude Oil Pipeline project.
“We confirm that Axa is not involved in the EACOP RfP, as the underlying project is not compatible with our risk appetite and, more broadly, with our climate commitments,” the French multinational said in a statement to Business Insurance.
The pipeline would stretch 898 miles from Uganda to Tanzania, according to #StopEACOP Alliance, an organization opposing the project.
In its own release Friday, the Alliance published a statement from Lucie Pinson, founder and director at Reclaim Finance, who said: “We warmly welcome this decision, which comes as a fresh blow for TotalEnergies and its polluting oil pipeline project. We hope that EACOP is only the first of a long list of new oil and gas projects that Axa says no to.”
The Alliance said that Total East Africa Midstream BV, a subsidiary of French oil giant TotalEnergies, published a tender for re/insurance and reinsurance brokerage services for the East African Crude Oil Pipeline.
Axa XL, a unit of Axa SA, on Tuesday appointed Rafael Docavo-Malvezzi as global chief underwriting officer of its political risk, credit and bond business, and named Lian Phua as head of PRCB, Americas, following the departure of two executives.