African Export-Import Bank has successfully arranged a $500 million senior and $150 million junior reserve-based lending facility for Oando Petroleum and Natural Gas Company Limited. The facility was used to finance Oando’s acquisition of the 20 percent participating interest held by Nigerian Agip Oil Company Limited in the NEPL/NAOC/Oando Joint Venture in Nigeria.
Other participants in the transaction included Indorama Eleme Petrochemicals Limited with $150 million and Mercuria Energy Group with $150 million. Commenting on the transaction, Executive Vice President of Global Trade Bank at Afreximbank, Haytham Elmaayergi, said that the facility marked a critical step in advancing the bank’s strategy for promoting local content in Africa’s oil and gas sector.
“It is a win for Oando and every indigenous energy player, as we take our destiny in our hands and play a pivotal role in this next phase of the nation’s upstream evolution.” African Export-Import Bank is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade.
At the end of December 2023, Afreximbank’s total assets and guarantees stood at over $37.3 billion, and its shareholder funds amounted to $6.1 billion.Before flagging, please keep in mind that Disqus does not moderate communities. Your username will be shown to the moderator, so you should only flag this comment for one of the reasons listed above.
Brig,-Gen Babatunde Omopariola has resumed as the new Commander of the 17-Brigade, Katsina, and Commander Sector ‘2’ Joint Task Force Northwest ‘Operation Hadarin Daji’ . The new Commander officially assumed duty during the handing over on Friday at the Brigade Headquarters, Natsinta Cantonment, along Jibia road, Katsina. The News Agency of Nigeria …
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