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Nigeria: Receives Support from the Afreximbank to Construct Gas Processing Facility

Posted On 24 Oct 2023
By : NADN
Comment: 0

By Abdul Rahman Bangura–

NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone– The African Export-Import Bank (Afreximbank), has signed a 7-year term loan agreement with Nigeria’s Alphaden Energy & Oilfield Limited for the construction of a 20 million standard cubic feet per day gas processing facility in Bayelsa State, Nigeria.

The agreement was signed by Paschal Anyanwu, CEO of Alphaden Energy & Oilfield Limited, and Rene Awabeng, Director and Global Head of Client Relations at Afreximbank, during the second day of African Energy Week (AEW) 2023, taking place in Cape Town.

“We all believe that gas is going to play a leading role in how we develop Africa’s energy security,” stated NJ Ayuk, Executive Chairman of the AEC, who was present at the deal signing, adding, “This is going to be a 45 billion Naira ($60 million) energy facility that will be developed by an African company. On behalf of the African Energy Chamber and Afreximbank, we salute you.”

The project will be built at the Obama flow station, situated in Oil Mining License 63, and will have the capacity to produce 405 million tons per day of Liquefied Natural Gas and 294 barrels per day of crude condensates.

“We believe that every little step that we take will help make contributions towards the energy independence of this continent,” Anyanwu stated, adding, “This day marks a significant day in this journey, and hopefully there will be more that will follow in these footsteps as we follow those before us.”

The facility will be repaid from the sale of condensate gas, which has been secured by six off takers and will be transported using 20-ton ISO tanks to customers throughout Nigeria’s six geopolitical regions.

Poised to reduce gas flaring and generate significant value from Nigeria’s natural gas resources, the transaction is very significant for Afreximbank with regards to its commitments to Africa’s energy transition.

 

For New Africa Daily News Abdul Rahman Bangura Reports,  Africa Correspondent

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  • To Our Dedicated Readers…
  • Experts Divulged: African Nations should brace up for Digital Technology in the Education Sector to Expedite Africa’s Financial Growth and Quality Education
  • The East Africa Device Assembly Kenya (EADAK): Sold 360,000 devices being Inaugurated on its Blast-off in October 2023
  • ….as it strives to Exploit its Supplies of Fossil Fuels: £19 Billion Gas Pipeline would pass…13 Countries
  • In a Bid to Accelerate Green Energy Economy, Kenya Reveals a 10-year Implementation Plan

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