In Case Y Missed It
The Nigerian National Petroleum Company Limited (NNPC), on Wednesday, November 30, sealed a $1.4 billion external project finance agreement jointly arranged by Standard Chartered Bank UK, and the United Bank for Africa (UBA) for the funding of the Kolmani integrated development project.
The deal is coming exactly one week after President Muhammadu Buhari officially flagged-off the Kolmani Oil Prospecting Licences (OPLs) 809 and 810 at the Kolmani field site located in the Gongola basin, between Bauchi and Gombe states.
The president, during the flag off, disclosed that the Kolmani project had already attracted about $3 billion worth of Foreign Direct Investment (FDI).
The agreement was sealed under the NNPC Limited/Chevron Nigeria Limited Joint Venture in London on Wednesday.
The NNPC executive vice-president, Upstream, Adokiye Tombomieye, while speaking at the event, expressed delight at the overwhelming response of each of the 16 lenders participating in the financing programme.
He noted their participation at the funding programme was a clear demonstration of the great confidence reposed in NNPC, it is reported.
Tombomieye, who represented NNPC CEO, Mele Kyari, said that, “I am glad to welcome you to the signing ceremony of Project Panther, the $1.4 billion external project finance jointly arranged by Standard Chartered Bank UK and United Bank for Africa for Northern Hydrocarbon Funding Limited on behalf of the NNPC Limited/Chevron Nigeria Limited Joint Venture.
“We are truly delighted at the overwhelming response of each of the sixteen lenders participating in this financing programme, a clear demonstration of the great confidence reposed in us by the market.
“While this level of interest is not new to offerings by the NNPCL/CNL joint venture, the fact that it is sustained at this time of very high uncertainties is indeed remarkable.
“It is obvious that our diligence in meeting debt service obligations especially during the height of the COVID-19 pandemic has not gone unnoticed by the market, and I will therefore like to affirm our commitment delivering true value to our esteemed lenders in this regard.
“While appreciating the role of our lenders in the great success of the programme, I will like to thank the joint finance team for working tirelessly to deliver Project Panther.
“I will also like to recognize the effort of loan arrangers, the associated legal firms, and all other Project Panther stakeholders.
“I will also like to close by emphasizing NNPC’s commitment to consistently delivering value to all stakeholders, most notably Nigerians, our shareholders, our partners, and our lenders,” he added.
According to NNPC, Project Panther will spread across 10 fields in Oil Mining Leases (OMLs) 49, 90 and 95.
SOURCE: the street journal.org
