Indigenous gas processing firm, ANOH Gas Processing Company Limited (AGPC), has raised $260 million from a consortium of seven banks to complete the AGPC Gas Processing Plant.
ANOH Gas Processing Company Limited was established by the Nigerian Gas Company (NGC) and Seplat Petroleum Development Company Plc (Seplat) on a 50-50 ownership. The consortium of banks included United Bank for Africa Plc, Zenith Bank Plc, Stanbic IBTC Bank Plc, FirstRand Bank Limited and RMB Nigeria Limited, Mauritius Commercial Bank Limited, Union Bank of Nigeria Plc and FCMB Capital Markets Limited.
The financing call-up was more than 50 per cent oversubscribed.
The 300MMscfd capacity project is located on OML 53 in Imo State.
AGPC’s shareholders, the NGC and Seplat have each provided $210 million in equity funding.
The $260 million financing allows for an additional $60 million accordion at the time of completion to fund an equity rebalancing payment at that time, if appropriate.
Speaking before the signing of the agreement yesterday at the Transcorp Hilton, Abuja, Managing Director, ANOH Gas Processing Company Limited (AGPC), Okechukwu Mba, said when operational, the gas processing plant could fuel the generation of about 1.2GW electricity, thereby helping Nigeria reduce its dependence on small-scale diesel generators and transit to cleaner, less expensive fuels, such as natural gas for power generation.
