Following the green light in the recent renewal of its 20 year renewal of the Oil Mining License of the Company effective June 2019, a consortium of seven local and international financial institutions, have sealed fresh deal to refinance Neconde Energy, existing Senior Secured Medium-Term Loan Facility Agreement worth $640 million.
Neconde Energy Limited in a statement, revealed the banks to Fidelity Bank, Access Bank, Zenith Bank as well as First Bank (UK) Limited, while the international partners include the Africa Import Export Bank (Afrexim), Africa Finance Corporation (AFC) and Glencore Energy (UK) Limited.
Apart from being a member of the lending consortium, Glencore Energy is also the major off-taker of Neconde’s equity crude oil production.
In his remarks, the Chairman of Neconde Energy Limited, Dr. Ernest Azudialu-Obiejesi, said with the refinancing, Neconde is now positioned to achieve its field development plans for the Asset.
He added that the loan refinancing affirms the strong financial fundamentals of Neconde Energy Limited as a leading player in the upstream sector of the Oil and Gas industry and assured that the new scheme will be profitable to all parties and the Nigerian economy.
