ANOH Gas Processing Co raises US$260 million to fund gas processing plant in Nigeria hydrocarbonengineering.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hydrocarbonengineering.com Daily Mail and Mail on Sunday newspapers.
Seplat completes funding for ANOH project
Seplat Petroleum has raised cash for its ANOH gas plan from a group of primarily Nigerian banks.
Updated: 02/02/2021, 7:55 am
Seplat meets Imo State amid talks on ANOH
Register here for the Energy Voice daily newsletter, bringing you key news and insight from across the global energy landscape.
Thank you for signing up to our newsletter.
Something went wrong - please try again later. Sign Up
Seplat Petroleum has raised cash for its ANOH gas plan from a group of primarily Nigerian banks.
The seven banks agreed to provide $260 million of debt for the ANOH gas processing plant. The cash was raised via an incorporated joint venture, ANOH Gas Processing Co. (AGPC).
Seplat Petroleum Development Company Plc has announced that it successfully raised $260m from a consortium of seven banks through its Incorporated Joint Venture, the ANOH Gas Processing Company.
The energy company, in statement issued by the Company Secretary/General Counsel, Mrs. Edith Onwuchekwa, on Monday said the fund would be used to finance the completion of the 300MMscfd capacity ANOH plant, located on OML 53 in Imo State.
It added that the ANOH Gas Processing is an IJV owned equally between Seplat and the Nigerian Gas Company, a wholly-owned subsidiary of Nigerian National Petroleum Corporation.
It explained that Seplat and NGC had previously provided a combined $420m in equity funding and the project is now fully funded.
Seplat Petroleum Development Company Plc (LSE:SEPL) | RNS | Seplat PetDevCom Plc - AGPC raises US$260m to complete ANOH project proactiveinvestors.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from proactiveinvestors.co.uk Daily Mail and Mail on Sunday newspapers.
At a period loans to the oil industry are non-performing, Nigerian banks still continue to pump credit into the oil market, with the latest beneficiary being Seplat Petroleum, which recently raised $260 million from six Nigerian banks and two foreign lenders.
Seplat Petroleum raised the capital to fund its incorporated joint venture, ANOH Gas Processing Company (AGPC), which is equally owned with Nigerian Gas Company (NGC), a subsidiary of Nigerian National Petroleum Corporation (NNPC).
The list of Nigerian banks that participated in the fundraising organised by Seplat Petroleum includes RMD Nigeria Limited. Nigerian banks involved in the fundraising are Stanbic IBTC, UBA, Zenith Bank, Union Bank of Nigeria and FCMB Capital Markets Limited. Two foreign banks, Mauritius Commercial Bank Limited and FirstRand Bank Limited also took part.