African Export-Import Bank (Afreximbank) announced on Monday that it is contributing $70 million out of the total amount of $100 million in senior secured pre-export finance facility to Nigeria's Tenoil Petroleum and Energy Services for financing capital expenditure on the Ata and Inanga fields located in OML 68.
The investment will facilitate the construction of a 9km pipeline crucial for the efficient transportation of crude oil, thereby improving the operational efficacy and sustainability of Tenoil's activities, the Bank said in a press statement.
The financing aims to catalyse economic growth, job creation, and the enhancement of local capabilities in Nigeria's oil and gas industry, the statement added.
The agreement was signed by Sam Nwanze, ED (Finance), Tenoil and Gwen Mwaba, Trade Finance Director and Global Head, Afreximbank.
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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