As oil hits $60 a barrel, the rhetoric from Nigeria is the need to be reminded of lag in demand fuelling uncertainty and preparation for a world beyond oil to avert a repeat of the year 2020 crisis.
Business/Energy
The AGPC $260 million deal sealed with the Nigerian Gas Company, recently, may have succeeded in setting the platform that will make natural gas, the future of energy in Nigeria, reports Chris Paul
February, the month of love, is that part of the year, when lovers prepare for the 14th day of the month to celebrate their relationship on Valentine’s Day. But it would seem the Nigerian oil and gas industry could not wait for that day as two major players in the community began a romance that will bequeath Nigerians with lots of gas for their commercial and domestic use; in the deal that will berth a 300 million standard cubic feet daily (MMscfd) capacity gas plant.
Seplat Petroleum, a Nigerian independent energy company announced its Incorporated Joint Venture (IJV), the ANOH Gas Processing Company (AGPC), has successfully raised $260m in debt to fund completion of its ANOH Gas Processing Plant.
The 300MMscfd capacity ANOH plant, located on OML 53 in Imo State, is being built by AGPC, which is an IJV owned equally between Seplat and the Nigerian Gas Company (NGC), a wholly owned subsidiary of Nigerian National Petroleum Corporation (NNPC). Seplat and NGC have previously provided a combined $420m in equity funding and the project is now fully funded.
The $260m funding was provided by a consortium of seven banks: Stanbic IBTC Bank Plc (advisor), United Bank for Africa Plc, Zenith Bank Plc, FirstRand Bank Limited (London Branch) / RMB Nigeria Limited, The Mauritius Commercial Bank Limited, Union Bank of Nigeria Plc and FCMB Capital Markets Limited. It allows for an additional US$60m accordion at the time of completion to fund an equity rebalanci
AGPC raises $260m for ANOH gas processing plant in Nigeria
The gas plant, which is being built on the OML 53 block in Niger Delta, is now fully funded
The ANOH gas processing plant is due to begin production in Q4 2021. (Credit: Seplat Petroleum Development Company Plc)
ANOH Gas Processing Company (AGPC) has raised $260m in debt towards the completion of its $650m ANOH gas processing plant in Nigeriaâs Imo state.
The ANOH gas processing plant is now fully funded with Seplat and NGC previously providing a combined equity funding of $420m.
Located on the onshore OML 53 block in the north eastern Niger Delta, the gas processing plant is planned to have a capacity of 300 million standard cubic feet per day (MMscfd).
Vanguard News Translate
Seven banks deliver $260m for Imo ANOH Gas Processing Plant completion
On
By Prince Okafor
A consortium of seven banks has on Monday, provided $260 million to fund the completion of Assa North-Ohaji South (ANOH) Gas Processing Plant.
The 300MMscfd capacity ANOH plant, located on OML 53 in Imo State, is owned by Seplat Petroleum Development Company Plc (“Seplat” or the “Company”), an Nigerian independent energy company listed on both the Nigerian Stock Exchange and the London Stock Exchange
The 300MMscfd capacity ANOH plant, located on OML 53 in Imo State, is being built by AGPC, which is an IJV owned equally between Seplat and the Nigerian Gas Company (“NGC”), a wholly-owned subsidiary of Nigerian National Petroleum Corporation (“NNPC”). Seplat and NGC have previously provided a combined US$420m in equity funding and the project is now fully funded.