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Nigeria's Seplat raises $260 mln for ANOH gas plant

Published 01/02/2021, 18:05
Updated 01/02/2021, 18:06
© Reuters.

LAGOS, Feb 1 (Reuters) - London-listed Nigerian energy
company Seplat SEPL.L SEPLAT.LG raised $260 million in debt
to finish fundraising for a gas processing plant in Imo state,
it said in a statement on Monday.
The Assa North-Ohaji South project (ANOH), with a planned
capacity of 300 million standard cubic feet per day, is part of
the government's pledge to develop gas resources for both
revenue and cleaner power.
ANOH will process gas captured at Seplat's OML 53 onshore
oil block.
The government's efforts to spur the capture and development
of gas, much of which is still burned as waste, have met with
mixed success. Seplat already supplies some 30% of the gas used for
Nigeria's power generation, and has said it expects a higher
proportion of its revenue to come from gas.
"It will help us drive, alongside our government partners,
Nigeria's transition to cleaner, less expensive power
generation," Seplat Chief Executive Roger Brown said of ANOH.
A consortium of seven banks, including Stanbic IBTC Bank
Plc, United Bank for Africa Plc and Zenith Bank Plc provided the
funding.
ANOH is jointly owned by Seplat and a subsidiary of state
oil company NNPC. The plant's construction cost is now estimated
at $650 million. The two stakeholders previously provided a
combined $420 million in equity funding.
Seplat expects the first gas by the fourth quarter.

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