Oando, Afreximbank sign $800m deal
Oando Plc has signed a $800m deal with the African Export and Import Bank at the ongoing Intra-African Trade Fair in Cairo, Egypt.
In a tweet on its X handle on Wednesday, IATF said that the deal was for a syndicated dual facility.
It said, “Afreximbank has signed a US$800M Syndicated Dual Facility deal with Oando! This strengthens Afreximbank’s commitment to empower African institutions and enhance local capacity. A game-changer for Oando, propelling them to new heights in the oil industry!”
In September, Oando Plc announced that it had reached an agreement with Italian firm, Eni, for the acquisition of 100 per cent of the shares of its oil and gas unit, Nigerian Agip Oil Company Limited.
With this transaction, Oando increases its current participating interests in OMLs 60, 61, 62, and 63 from 20 per cent to 40 per cent.
Oando’s ownership stake in all NEPL/NAOC/OOL Joint Venture assets and infrastructure which include forty discovered oil and gas fields, of which 24 are currently producing, approximately forty identified prospects and leads, twelve production stations, approximately 1,490 km of pipelines, three gas processing plants, the Brass River Oil Terminal, the Kwale-Okpai phases 1 & 2 power plants (with a total nameplate capacity of 960MW), and associated infrastructure, has also increased.
Meanwhile, since the commencement of the IATF holding in Cairo, Egypt, Afreximbank has signed over 10 financing deals with companies across different sectors to facilitate Africa’s growth ambitions.
