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Home Energy

Afreximbank to partially finance Nigeria’s FLNG

Energy Capital & Power by Energy Capital & Power
July 18, 2022
in Africa, Energy, Nigeria
Reading Time: 1 min read
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The African Export-Import Bank (Afreximbank), has executed a project preparation facility financing head of terms with Nigeria’s UTM Offshore, with the bank set to partially finance Nigeria’ first floating liquefied natural gas (FLNG) facility.

Under the terms of the agreement signed on July 7, 2022, the bank will finance activities designed to drive the project towards bankability, and has been appointed mandated lead arranger and lead in syndicating the debt raise, demonstrating Afreximbank’s commitment to bringing Nigerian gas projects online.

Also read: OCP Africa to boost fertilizer production in Nigeria

Representing the country’s first FLNG project as well as the first wholly developed by an African company on the continent, the Nigerian FLNG will have a nameplate capacity of 1.2 million tons per annum and storage capacity of 200,000 cubic meters.

Utilizing gas from the Yoho gas field owned by global energy major ExxonMobil and the Nigerian National Petroleum Corporation, the project is expected to not only increase the country’s domestic capacity but paves the way for a just energy transition while opening up socioeconomic opportunities.

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Source: Energy Capital & Power
Tags: Afreximbank to partially finance Nigeria's FLNGAfrican Export-Import Bank (Afreximbank)energy transitionExxonMobilFinanceFLNGliquefied natural gasNigeriaNigerian gas projects onlineNigeria’ first FLNGNigeria’s UTM Offshoreнигерияنيجيرياナイジェリア尼日利亚
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Energy Capital & Power

Energy Capital & Power

Energy Capital & Power is the African continent’s leading investment platform for the energy sector. Through a series of events, online content and investment reports, we unite the entire energy value chain – from oil and gas exploration to renewable power – and facilitate global and intra-African investment and collaboration.

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