Cape Town, South Africa,24 October 2022 –African Export-Import Bank (Afreximbank) has executed a term sheet with Amni International Petroleum Development Company Limited, a Nigerian independent oil and gas exploration and production company, for a US$635-million reserve-based lending facility.
The term sheet was signed on 18 October 2022 at the opening of the African Energy Week in Cape Town between Rene Awambeng, Director & Global Head of Client Relations, Afreximbank, and Chief Tunde Afolabi, Chairman/CEO of Amni Petroleum, in the presence of Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank.
The deal will primarily fund the necessary capital expenditure in the OML 52 and OML 112, Okoro and Tubu oil and gas fields in Nigeria, which will help Amni Petroleum to more than double its oil production from about 10,000 barrels per day to 25,000 in 12 months. In addition, gas to be produced from the gas-rich Tubu field will be used to support liquefied natural gas exports and gas to power generation as part of the company’s drive for cleaner fuels.
Speaking at the signing ceremony,Mr Awambeng,commented: “The deal we are concluding today is of the utmost importance, not only for the significant support it provides to the development of the Okoro and Tubu fields, but especially because of its component relating to the development of gas to power generation. The Tubu gas is a game changer. This funding will allow for its full potential to be exploited and exported at the regional and international level. It will help supply the West African sub-region with cleaner energy, as we pursue our global trade mandate to support indigenous African companies in transforming our resources.”
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About Afreximbank
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. Afreximbank deploys 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. Afreximbank is working with the AU and the AfCFTA Secretariat to develop an Adjustment Facility to support countries in effectively participating in the AfCFTA. At the end of 2021, the Bank’s total assets and guarantees stood at about US$25 billion, and its shareholder funds amounted to US$4 billion. Afreximbank disbursed more than US$51 billion between 2016 and 2021. The Bank has ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). The Bank is headquartered in Cairo, Egypt.
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