Amni International Petroleum Development Company Limited, a Nigerian independent oil and gas exploration and production company and the African Export–Import Bank (Afreximbank) signed a Memorandum of Understanding (MoU) for the provision of a $600 million syndicated reserve based lending facility. The multi million US dollar deal was signed during the just concluded African Energy Week (AEW) conference and exhibition – Africa’s premier event for the oil and gas sector  held runs from October 18 – 21 in Cape Town.

The deal was signed by Amni International’s Chief Tunde Afolabi and Afreximbank Global Head-Client Relations, Rene Awambeng.

Both parties agreed that the financial injection will be utilized to support the energy transition. 

Factors such as lack of adequate financial support, infrastructure, technologies and upstream, midstream and downstream activities have hindered Africa’s oil and gas industry from reaching its full potential. The MoU will enable critical industry challenges to be addressed and to enhance operations across the entire energy value chain.