Saturday, June 18, 2011

Firm secures $225m to fund gas projects

The Nation
13 Jun 2011

Seven Energy International Limited, an indigenous Nigerian oil and gas production and development company, says it has concluded two more rounds of financing for development of its projects onshore Niger Delta.

The company’s wholly owned subsidiary, Septa Energy Nigeria Limited, said it has arranged a $150 million debt facility led by Standard Chartered Bank, First City Monument Bank (FCMB) and First Bank of Nigeria Plc.

The company also secured another $75 million investment from Petrofac. Septa Energy said the fund would enable it to continue its fast track development of oil and gas projects, with particular focus on the supply of gas to the domestic market for power generation and industrial use and to reduce the country’s dependence upon imported refined petroleum products.

Chairman of Seven Energy, Phillip Ihenacho, said: “This is a strong vote of confidence for Seven Energy’s business and for Nigeria. The facility will add impetus to our push to develop our oil and gas projects to meet local needs.”

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