African Export-Import Bank (Afreximbank) announced on Monday that it has secured approval to contribute up to $130 million in the $168 million Senior Secured Term Loan Facility to Nigeria's Azikel Petroleum Limited.
The investment will support the construction, development, and operation of a 12,000 barrel per day modular hydroskimming refinery in Yenagoa in Nigeria's Bayelsa State, Nigeria, the Bank said in a press statement.
The total cost of the project is $259 million.
The statement said Azikel Modular Refinery Project will cater to the latent demand for refined petroleum products, especially in the Southern and South-Eastern regions of Nigeria while addressing the country's broader goals of import substitution and fuel security.
The agreement was signed by Azibapu Eruani, Chairman, Azikel Petroleum and Helen Brume, Director, Project and Asset Based Finance, Afreximbank.
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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