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NNPC signs $1.5bn export finance facility

NNPC signs $1.5bn export finance facility

The United Bank for Africa (UBA) has participated in a consortium to lend $1.5 billion to Nigerian National Petroleum Corp. (NNPC) and its upstream Nigerian Petroleum Development Co. (NPDC) unit.

UBA will provide $200 million of the amount, in naira.

The total $1.5bn will be provided in two tranches. The first $1bn potion will be repaid over five years and is provided in dollars. The second $500mn potion will be in naira and repayable over seven years. UBA is participating in the second and acting as facility agent bank.

NPDC will repay the pre-export finance facility in oil, with a commitment of 30,000 barrels per day.

The agreement also involved Standard Chartered, Afeximbank, Union Bank and two oil traders, Vitol and Nigeria’s Matrix Energy. An Afreximbank representative declined to comment, while Standard Chartered and Vitol have not yet responded to requests for information.

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Source: EnergyVoice

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