Punch Newspapers
Sections
’Femi Asu
Seplat Petroleum Development Company Plc announced on Monday that the ANOH Gas Processing Company has successfully raised $260m in debt to fund completion of its ANOH Gas Processing Plant.
The ANOH plant, located on OML 53 in Imo State with a capacity of 300 million standard cubic feet per day, is being built by AGPC, according to a statement issued by the oil firm on Monday.
AGPC is an incorporated joint venture owned equally by Seplat and the Nigerian Gas Company, a wholly-owned subsidiary of Nigerian National Petroleum Corporation.
According to the statement, Seplat and NGC have previously provided a combined $420m in equity funding and the project is now fully funded.
Vanguard News Translate
Seven banks deliver $260m for Imo ANOH Gas Processing Plant completion
On
By Prince Okafor
A consortium of seven banks has on Monday, provided $260 million to fund the completion of Assa North-Ohaji South (ANOH) Gas Processing Plant.
The 300MMscfd capacity ANOH plant, located on OML 53 in Imo State, is owned by Seplat Petroleum Development Company Plc (“Seplat” or the “Company”), an Nigerian independent energy company listed on both the Nigerian Stock Exchange and the London Stock Exchange
The 300MMscfd capacity ANOH plant, located on OML 53 in Imo State, is being built by AGPC, which is an IJV owned equally between Seplat and the Nigerian Gas Company (“NGC”), a wholly-owned subsidiary of Nigerian National Petroleum Corporation (“NNPC”). Seplat and NGC have previously provided a combined US$420m in equity funding and the project is now fully funded.
ANOH Gas Processing Co raises US$260 million to fund gas processing plant in Nigeria hydrocarbonengineering.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hydrocarbonengineering.com Daily Mail and Mail on Sunday newspapers.
Seplat raises $260m debt to complete major Nigerian gas project
The development of the facility is now envisaged to cost no more than $650 million, which is 7.1 per cent shy of the initial estimation of $700 million.
ADVERTISEMENT
Oil and gas producer, Seplat Petroleum Development Company Plc, is on course to complete its ANOH Gas Processing Plant, jointly owned with the Nigerian Gas Company, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), after raising $260 million debt from a syndicate of seven banks.
Seplat and the Nigerian Gas Company had prior to obtaining the $260 million, provided $420 million between them as equity contribution to fund the 300 million standard cubic feet per day capacity plant, Seplat said in a note seen by PREMIUM TIMES Monday.
Seplat Petroleum Development Company Plc has announced that it successfully raised $260m from a consortium of seven banks through its Incorporated Joint Venture, the ANOH Gas Processing Company.
The energy company, in statement issued by the Company Secretary/General Counsel, Mrs. Edith Onwuchekwa, on Monday said the fund would be used to finance the completion of the 300MMscfd capacity ANOH plant, located on OML 53 in Imo State.
It added that the ANOH Gas Processing is an IJV owned equally between Seplat and the Nigerian Gas Company, a wholly-owned subsidiary of Nigerian National Petroleum Corporation.
It explained that Seplat and NGC had previously provided a combined $420m in equity funding and the project is now fully funded.