Sunday, January 29, 2023
  • Home
  • Markets & Companies
  • Business & Economy
  • INNOVATION
  • EMPIRE
  • OPINION
  • CULTURAL CURRENTS
  • Features
  • AE Magazine
  • CORPORATE RENDEZVOUS
Financial Street
No Result
View All Result
  • Home
  • Markets & Companies
  • Business & Economy
  • INNOVATION
  • EMPIRE
  • OPINION
  • CULTURAL CURRENTS
  • Features
  • AE Magazine
  • CORPORATE RENDEZVOUS
Financial Street
No Result
View All Result

Seplat raises $260m for Nigeria’s energy transition

Ehime Alex by Ehime Alex
February 1, 2021
in BUSINESS & ECONOMY, Energy
0
Seplat raises $260m for Nigeria’s energy transition
0
SHARES
42
VIEWS
Share on FacebookShare on TwitterShare on LinkedInShare on WhatsApp

Seplat Petroleum Development Company Plc has announced a $260m in debt to fund completion of its ANOH Gas Processing Plant and drive energy transition in Nigeria.

Its Incorporated Joint Venture raised the fund, the Nigerian independent energy company disclosed in a statement on Monday.

READ ALSO

Afrinvest highlights investment outlook, opportunity for 2023

Lowering life’s risks through insurance

“The 300MMscfd capacity ANOH plant, located on OML 53 in Imo State, is being built by AGPC, an IJV owned equally by Seplat and the Nigerian Gas Company,” the company explained.

Read Also:

  • Afrinvest, Interswitch, Obiano, UBA lead top 10 performing brands
    Afrinvest, Interswitch, Obiano, UBA lead top 10 performing…
  • Absence of sacrifice hurting our polity, elections – Enechionyia
    Absence of sacrifice hurting our polity, elections –…
  • Scholarly opportunities in W’Africa and youth development
    Scholarly opportunities in W’Africa and youth development

It hinted that the 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.

Others were The Mauritius Commercial Bank Limited, Union Bank of Nigeria Plc and FCMB Capital Markets Limited.

It also stated, “Following a cost optimisation programme, the AGPC construction cost is now expected to be no more than $650m, inclusive of financing costs and taxes, significantly lower than the original projected cost of $700m.”

ANOH is one of Nigeria’s most strategic gas projects.

Managing Director of AGPC, Okechukwu Mba, said, “Successfully closing the $260m debt facility means that the ANOH project is now fully funded. Once operational, AGPC will be a significant supplier of gas to Nigeria’s power sector, supporting local employment and the cleaner generation of power for Nigerian homes and businesses. We conservatively estimate that the gas from AGPC will be enough to generate electricity for more than five million people.”

The Chief Executive Officer of Seplat, Roger Brown, said completing the funding of ANOH was an important milestone for AGPC.

“The ANOH development is one of the government’s Seven Critical Gas Development projects, and our involvement provides a clear path towards strengthening Seplat’s position as Nigeria’s leading indigenous diversified energy producer. It will help us drive, alongside our government partners, Nigeria’s transition to cleaner, less expensive power generation.

“We are extremely proud to partner with NGC in this strategically important project, which will create jobs and prosperity in the Nigerian economy.

“Seplat will continue to diversify its business and invest in gas to help Nigeria develop its own natural resources, which, in turn, will drive more sustainable social and economic growth for a young, rapidly growing population,” Brown added.

Tags: energy transitionNigeriaSeplat

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
Ehime Alex

Ehime Alex

Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

Related Posts

Afrinvest West Africa
BUSINESS & ECONOMY

Afrinvest highlights investment outlook, opportunity for 2023

December 8, 2022
Nigeria Insurance
Front Page

Lowering life’s risks through insurance

December 5, 2022
business technology
BUSINESS & ECONOMY

IT and going concerns

November 30, 2022
Afrinvest soars
BUSINESS & ECONOMY

Tech-driven, growth-oriented Afrinvest soars in wealth management

November 21, 2022
BUSINESS & ECONOMY

Changing face of Nigeria’s financial industry with Optimus

November 14, 2022
as CBN redesigns N200
BUSINESS & ECONOMY

As CBN redesigns N200, N500, N1,000 bills…

November 7, 2022
Next Post
India slashes duty on steel

India slashes duty on steel by 7.5%


Naira4Dollar Rates
ADVERTISEMENT

RECENT STORIES

Zelenskyy

Zelenskyy names Ezekwesili, others ‘Grain from Ukraine’ envoys

January 27, 2023
Absence of sacrifice hurting our polity, elections – Enechionyia

Absence of sacrifice hurting our polity, elections – Enechionyia

January 26, 2023
Brands in Nigeria

Afrinvest, Interswitch, Obiano, UBA lead top 10 performing brands

January 25, 2023
Rhodes Scholarships

Scholarly opportunities in W’Africa and youth development

January 24, 2023
Christmas and New Year holidays

Frustration of bank customers during public holidays

January 17, 2023

OAA agency celebrates as founder joins tourism experts

January 14, 2023
Ehizua Hub

Ehizua Hub, Igbinedion launch IUO Okada Hub

January 14, 2023

TRENDING

  • Brands in Nigeria

    Afrinvest, Interswitch, Obiano, UBA lead top 10 performing brands

    0 shares
    Share 0 Tweet 0
  • Scholarly opportunities in W’Africa and youth development

    0 shares
    Share 0 Tweet 0
  • Absence of sacrifice hurting our polity, elections – Enechionyia

    0 shares
    Share 0 Tweet 0
  • Oke Layipo: A wasting goldmine

    2 shares
    Share 0 Tweet 0
  • Case for petty trading and investment in Nigeria

    0 shares
    Share 0 Tweet 0
Financial Street

© Financial Street 2021. All Rights Reserved.

More Links

  • Privacy Policy
  • Terms of Use
  • Contact Us

Follow Us

No Result
View All Result
  • HOME
  • CONSUMER PERSPECTIVE
  • PERSONAL FINANCE
  • MARKETS & COMPANIES
    • APPOINTMENTS
    • COMMODITIES
    • COMPANIES
  • BUSINESS & ECONOMY
    • AGRICULTURAL ECONOMY
    • AGRO-ECONOMY
    • AVIATION
    • BRANDS
    • CONSUMER GOODS
    • ECONOMY
    • ENERGY
    • ENVIRONMENT
    • FINANCIAL INCLUSION
    • INSURANCE & PENSIONS
    • INVESTMENT
    • MANUFACTURING
    • MARITIME
    • MONEY
    • MSMEs
    • PRODUCT REVIEW
    • STARTUPS
  • CULTURAL CURRENTS
  • EMPIRE
  • CORPORATE RENDEZVOUS