Monday, September 29, 2025
25.6 C
Lagos

Afreximbank, UTM Offshore Partner on 1.2m Metric Tons Floating LNG Project in Nigeria

The African Export-Import Bank (Afreximbank) and UTM Offshore Limited have signed a Project Preparation Facility Agreement to develop, design, and construct Nigeria’s first indigenously-owned Floating LNG facility with a nameplate production capacity of 1.2 million metric tons per annum in Akwa Ibom State, Nigeria.

The agreement was signed on the sidelines of the 30th Afreximbank Annual Meetings (AAM2023) by Mr. Denys Denya – Executive Vice President, Finance, Administration & Banking Services and Mr. Julius Rone – Chief Executive Officer of UTM Offshore Limited and witnessed by Professor Benedict Oramah – President & Chairman of the Board of Directors of Afreximbank.

Under the agreement, Afreximbank is to part-finance project preparatory activities that will de-risk the project and advance it to bankability in a timely manner.

The Bank is leveraging its diverse product suite to provide end-to-end solutions to the project. In this regard, besides availing the project preparatory facility, Afreximbank as Lead Financier has been appointed as the Financial Advisor and is to be appointed Mandated Lead Arranger once the project attains bankability.

Through its Financial Advisory Mandate, Afreximbank has been playing an instrumental role in structuring the transaction to ensure optimal returns and debt sizing, as well as identifying equity investors to invest in the project on favorable terms.

Moreover, this project has economically transformative potential – establishing trade-enabling infrastructure which will allow Nigeria to pivot from a crude oil export-based economy to a gas-based processing industrial economy in turn unlocking significant development impacts.

The project will also contribute to the reduction of flaring of natural gas.

spot_img
spot_img

Hot this week

AIICO Deepens Bond with Retirees, Holds Annuity Forum in Lagos, PH

Mr. Gbenga Ilori, Head, Retail Business at AIICO, in...

Sovereign Trust Insurance Holds 30th AGM

L-R: Eric Balogun, Independent Director, Emi Faloughi, Director, Kayode Adigun,...

Unity Bank Shareholders Approve Merger with Providus Bank

  EGM: From left: Mr. Usman Abdulkadir, Executive Director, Risk...

NNPCL: Ogoni Re-entry is a Beacon of Reconciliation through Collaboration

The re-entry into Ogoniland marks a historic turning point...

NLNG, NCDMB Celebrate 122 Graduates of Train 7 HCD Training Program

NLNG in collaboration with the Nigerian Content Development and...

Topics

#SMWLAGOS: Unity Bank Advocates Increased Investment in Creative Industry 

From left: Head, Digital, Events & Sponsorships, Unity Bank,...

Stanbic IBTC to Groom Future Business Leaders Through YLS

  Stanbic IBTC Bank Plc, a subsidiary of Stanbic IBTC...

‘Insurance Sector Needs Govt Support–Mutual Benefits Chairman

  Dr. Akin Ogunbiyi Chairman Mutual Benefits Assurance Plc Dr. Akin Ogunbiyi, Chairman,...

NCRIB Commiserates with Victims of Collapsed Building, Seeks Need for Insurance

The Nigerian Council of Registered Insurance Brokers has condoled...

Leadway Successfully Contains Hackers’ Attempt to Breach Network

Leadway Assurance Limited said it detected a potential threat...

Standard Chartered Bank Commits $75bn Towards SDGs

Standard Chartered Bank has announced new business targets for...

NDIC Initiates N47bn Payment to Heritage Bank Depositors

A liquidation dividend represents amount paid by the Corporation...

Dangote, Sokoto State Sign Rice Grower Deal

A tripartite agreement spare headed by the Dangote Rice...
spot_img

Related Articles

Popular Categories

spot_imgspot_img