- Afreximbank set to finance a portion of the country’s first FLNG facility.
- The project will use gas from the Yoho gas field owned by ExxonMobil and NNPC.
The African Export-Import Bank (Afreximbank) has signed a project preparation facility financing head of terms with Nigeria’s UTM Offshore. The bank is set to finance a portion of the country’s first floating liquefied natural gas (FLNG) facility.
The bank will finance activities designed to drive the project towards bankability under the agreement signed on July 7, 2022, and has been appointed mandated lead arranger and led in syndicating the debt raise, demonstrating Afreximbank’s commitment to bringing Nigerian gas projects online.
The Nigerian FLNG, the country’s first FLNG project and the continent’s first wholly developed by an African company, will have a nameplate capacity of 1.2 million tons per year and a storage capacity of 200,000 cubic meters.
The project, which will use gas from the Yoho gas field owned by ExxonMobil and the Nigerian National Petroleum Corporation, is expected to increase the country’s domestic capacity and pave the way for a just energy transition while creating socioeconomic opportunities.