Afreximbank signs $US1.04 bn facility with NNPC


African Export-Import Bank (Afreximbank) has signed a US$1.04 billion facility with the Nigerian National Petroleum Corporation (NNPC) to finance the exploration of petroleum.

The agreement was concluded last week in Durban during the second intra-Africa trade fair, which opened on November 15 and ran until November 21.

The transaction comprises a pre-export/shipment finance facility underpinned by a Forward Sale Agreement (FSA) and off take contracts from the Nigerian National Petroleum Corporation acting as the borrower and seller.

NNPC will enter an FSA within which it shall deliver 35,000 barrels of crude oil per day. The proceeds of the facility will boost tax revenues and foreign…

Source: Nigerian Tribune

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