$635 Million reserved based lending Facility: Committed by Afreximbank as a Term Sheet with Amni International Petroleum Development Company Limited

By Abdul Rahman Bangura–

NEW AFRICA DAILY NEWS (NADN) Freetown, Sierra Leone - The Afreximbank announced, the term sheet was approved at the opening of the African Energy Week in Cape Town betweenn 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.

In addendum, the deal will largely subsidize the essential equity expense in the OML 52 and OML 112, Okoro and Tubu oil and gas fields in Nigeria, would enable Amni Petroleum to make twice as much its oil production from about 10,000 barrels per day to 25,000 in twelve months.

In upswing, gas to be elicited from the gas-rich Tubu field will be utilized to help liquefied natural gas exports and gas to power generation as part of the company’s drive for sterile fuels.

Awambeng, remarked: “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.”

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