FirstBank, UBA, others grant $225m loan facility to Accugas
A consortium of banks including FCMB Plc, UBA, First Bank, Stanbic IBTC and FBN Capital on Tuesday in Lagos granted a $225 million loan facility to Accugas Limited.
Accugas, a wholly owned subsidiary of Seven Energy and an affiliate of Septa Energy, the indigenous Nigerian oil and gas production and development company, is focused on developing infrastructure for the processing and transportation of gas in the South East Niger Delta to provide a long term supply of gas for power generation and as a lower cost fuel for local industry.
Accugas is partnered with Akwa Ibom State to assist in the creation of an autonomous self-sufficient managed supply of gas in the South East Niger Delta. The result will be a local network for gas processing and transportation in the region to deliver over 1 Tcf of gas reserves.
Similarly, in 2010, Stanbic IBTC Bank and United Bank for Africa (UBA) signed a $60 million eight year project finance facility with AccuGas Limited. The facility was to part finance the construction of a gas pipeline, gas central processing facility and associated infrastructure in Akwo Ibom State.
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