Oando Plc, a leading Nigerian energy solutions provider, has secured a significant $800 million deal with the African Export-Import Bank at the ongoing Intra-African Trade Fair in Cairo, Egypt.
This syndicated dual facility marks a major leap forward for Oando, strengthening its position in the African oil industry and propelling it to new heights.
The agreement, announced by IATF via X on Wednesday, underscores Afreximbank’s commitment to empowering African institutions and enhancing local capacity.
“Afreximbank has signed a US$800M Syndicated Dual Facility deal with Oando! This strengthens Afreximbank’s commitment to empower African institutions and enhance local capacity. A game-changer for Oando, propelling them to new heights in the oil industry!,” the post read.
The deal comes on the heels of Oando’s recent acquisition of 100% of Nigerian Agip Oil Company Limited (NAOC) shares from Italian firm Eni. This transaction has significantly increased Oando’s participating interests in OMLs 60, 61, 62, and 63 from 20% to 40%.
With this enhanced ownership stake, Oando has also expanded its control over NEPL/NAOC/OOL Joint Venture assets and infrastructure, including forty discovered oil and gas fields, of which 24 are currently producing.
The portfolio also includes approximately forty identified prospects and leads, twelve production stations, approximately 1,490 km of pipelines, three gas processing plants, the Brass River Oil Terminal, the Kwale-Okpai phases 1 & 2 power plants (with a total nameplate capacity of 960MW), and associated infrastructure.
