Azikel refinery signs $259m Financial Close with Afreximbank

Azikel Petroleum Refinery has signed a $259m debt funding facility with the African Export-Import Bank for the Azikel Refinery Project located in Gbarain, Bayelsa State. The Azikel Refinery project is aimed at catalysing the new industrialisation drive in Nigeria. A statement by the company’s corporate department said the financial close reached between Afreximbank and the Azikel Petroleum Refinery was cemented at the intra-African Trade Fair held from 9th -15th November 2023 in Cairo, Egypt. “The debt funding agreement was signed by the President of Azikel Group, who is also the Chairman of the Azikel Petroleum Refinery, Dr. Azibapu  Eruani and the Director, Project and Asset Based Finance of Afreximbank, Helen Brume on behalf of Afrexim Bank. 

“Present at the signing are the Presidents of Egypt, Abdel Fattah El- Sisi, Zimbabwe, Emmerson Mnangagwa, Malawi, Lazarus Chakwera, former President of Nigeria, Chief Olusegun Obasanjo, former Vice President of Nigeria, Arc Namadi Sambo and the President of Afreximbank, Prof. Benedict Oramah. The debt funding is the participation of Afrexim Bank in the construction, development and operation of the 12,000 bpd Azikel Hydro-skimming Refinery in Bayelsa State, Nigeria.  The Project is aimed at bringing relief to the challenges of refined petroleum products insufficiency in Nigeria.” Speaking after the signing ceremony, Dr. Eruani, reiterated his commitment to the development of Nigeria and the African continent and his unquenchable passion in guaranteeing the new industrialization of Nigeria, creating energy sufficiency and sustainable development.

He added that Nigeria would be the hub of refined products and the abundance of clean energy which will be exported to the African continent and beyond. Dr. Eruani also expressed optimism that Africa would achieve energy sufficiency, noting, “Azikel Refinery is the First Private Hydro-skimming refinery in Nigeria and also the only Condensate Feedstock utilizing refinery in Africa billed to produced refined products of Euro V grade and ensure cleaner energy and environmental protection.” Accordingly, he assured that the Azikel Hydro-skimming Refinery daily output would contribute significantly to the energy demand in Nigeria, and exportation to the African continent.