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ANOH Gas Processing Company Ltd raises $260m
- NGC and Seplat joint owners
- The funds will aid in the completion of the AGPC plant
ANOH Gas Processing Company (AGPC) Ltd has successfully raised the sum of $260 million towards the completion of the APGC gas processing plant. The project is gas processing plant is located on OML 53 in Imo State, Nigeria and has a capacity of 300MMscfd. The AGPC jointly set up by the Nigeria Gas Company (NGC) and Seplat Petroleum.
The $260 million funding faciltiy, sourced from a consortium of banks will aid in the completion of the gas processing plants. The funding banks include FirstRand Bank Limited (London Branch) / RMB Nigeria Limited, Mauritius Commercial Bank Limited, Union Bank of Nigeria Plc, United Bank for Africa Plc, Zenith Bank Plc, Stanbic IBTC Bank Plc and FCMB Capital Markets Limited.
The Managing Director AGPC Okechukwu Mba has said: “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”.
The AGPC has also received equity funding to the tune of $420 million.