Nigeria LNG Limited (NLNG) has secured a landmark US$3B Export Credit Agency (ECA)-backed hybrid corporate financing from Deutsche Bank Luxembourg S.A. to develop the NLNG Train-7 Project, Global Legal Chronicle reported on Tuesday.
The NLNG Train-7 is a joint venture owned by Nigerian National Petroleum Corporation (NNPC), Shell, Total and Eni. A press statement issued by global law firm, White and Case LLP, which advised Deutsche Bank Luxembourg S.A. on the deal, said Deutsche Bank acted as Global Facility Agent, International Commercial Bank Facility Agent, K-SURE Facility Agent, SACE Facility Agent, K-Exim Facility Agent and Intercreditor Agent.
Also read: Nigeria’s LNG capacity to rise following the signing of an EPC for the construction of Train 7 Project
“This first hybrid corporate financing for development of an LNG project in Africa sets the benchmark for future LNG facility financings globally and was provided Export Credit Agencies, Development Finance Institutions and over 26 international and local commercial banks,” the statement read in part.
Source: OrientEnergyReview via CrudeMix