Cape Town, South Africa, 2 December 2024: –African Export-Import Bank (Afreximbank) in Cape Town, South Africa, has agreed to provide a US$10 million-dollar revolving trade finance facility to Dorman Long Engineering Limited to facilitate the importation of steel pipes for threading.
Under the terms of the agreement signed during the African Energy Week, Dorman Long Engineering Limited will utilize the proceeds of the facility for the issuance of letters of credits and standby letters of credit to facilitate the importation of the steel pipes and their onward supply to International Oil Companies.
Structured with a tenor of three years, the transaction falls under Afreximbank’s Intra-African Engineering, Procurement and Construction (EPC) Initiative, which seeks to build up the technical and financial capacity of African EPCs to win large infrastructure and EPC projects on the continent. The facility will also enable Dorman Long Engineering Limited to provide services to clients in other African countries, helping to overcome some of the barriers limiting Africa’s share of global export services.
Signing the agreement on behalf of Afreximbank, was Mr. Peter Olowononi, Head, Client Relations (Anglophone West Africa), while Dr. Timi Austen-Peters, Chairman of Dorman Long Engineering Limited, signed for Dorman Long Engineering Limited.
Mr. Eric Intong Monchu, Acting Group Managing Director, Client Relations, Afreximbank, commented: “Afreximbank’s commitment to supporting African businesses to increase their participation in large infrastructure and EPC projects is driven by the need to enhance the execution capacity and local value addition of businesses in the oil and gas sector. With this facility, Dorman Long Engineering Limited is better positioned to execute large infrastructure and EPC projects and contribute to addressing key energy security needs in Africa”.
Dr Timi Austen-Peters, Chairman of Dorman Long Engineering Limited, commented on the agreement stating, “We are grateful to Afreximbank for their continued support and commitment to African businesses. This facility aligns perfectly with our growth strategy at Dorman Long Engineering and will enable us to deliver innovative solutions to our clients as we evolve. We are even more ready to partner in the development of Nigeria as we plan to export our skills and services, to drive economic growth and create jobs.”
Organised by the African Energy Chamber, the four-day African Energy Week, brings together African energy leaders, global investors and executives from the public and private sectors for dialogue on the future of the African energy industry. Running from 4 to 8 November, the event is featuring an interactive conference, exhibition and networking events, panel discussions, investor forums, industry summits and one-on-one meeting opportunities.
ENDS
About Afreximbank
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2023, Afreximbank’s total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.
For more information, visit: www.afreximbank.com
Follow us on X | Facebook | LinkedIn | Instagram
Media Contact:
Mr Vincent Musumba
Manager, Communications and Events (Media Relations)
Email: press@afreximbank.com
About Dorman Long Engineering Limited
Dorman Long Engineering Limited, established in Nigeria in 1949, is Nigeria’s leading Oilfield Equipment, Structural Steel and Marine Structures, Engineering, Fabrication and Construction Company. Its expertise in the entire EPC value chain includes fabrication of pressure vessels & process equipment, structural steel & marine structures, storage tanks and mobile units, asset management including greenfield development and brownfield maintenance, procurement & logistics services (Steel, Valves, and Oil & Gas Equipment), hot dip galvanizing (AVM AI23/ BS EN 184 Standard), and automation stands it out.
The company focuses on oil and gas (onshore and offshore), telecommunications, manufacturing, and power industries in Sub-Saharan Africa. Dorman Long Engineering has been and continues to be a major contributor to Nigeria’s industrial and infrastructure development.
For more information, visit: www.dormanlongeng.com
Follow us on LinkedIn | Instagram
Media Contact:
Ms Semi Adeoluwa
Communications Lead (SKOT Communications)
Email: semi.a@skotcomms.com
Tel: +234 903 447 9805