Friday, November 22, 2024

Dangote signs $650 million Afreximbank loan

Must read

Nigerian High Commission apartments in Ghana demolished

Some new apartments built at the residence of the Nigerian High Commissioner in Ghana’s capital city Accra, have been demolished by bulldozers. The apartments have been constructed to...

Covid-19: Ghana records significant recovery numbers

Ghanaian health officials on Saturday said over 10,000 persons infected with the coronavirus have now recovered. The significant number of recoveries means the country now...

DR Congo: President’s ex-chief of staff jailed 20 years for corruption

The ex-chief of staff of the president of the Democratic Republic of Congo has been jailed 20 years by a high court. Vital Kamerhe was...

Covid-19: Zimbabwe’s health minister arrested, charged for graft

Zimbabwe's Health Minister Obadiah Moyo has been arrested over corruption allegations related to procurement of medical equipment worth $60 million. Moyo is accused of illegally...
Isaac Kaledzihttps://en.wikipedia.org/wiki/Isaac_Kaledzi
Isaac Kaledzi is an experienced and award winning journalist from Ghana. He has worked for several media brands both in Ghana and on the International scene. Isaac Kaledzi is currently serving as an African Correspondent for DW.

Aliko Dangote, Africa’s richest man has signed a $650 million loan facility with the African Export-Import Bank (Afreximbank).

The loan facility signed on Saturday is meant to fund Dangote’s oil refinery project in Nigeria, Reuters reports.

The bank also signed a $750 million facility with Nigeria’s development bank, the Bank of Industry.

Afreximbank is Africa’s trade bank, based in Egypt.

Refinery Projects

Dangote industries Limited (DIL) two years ago completed the acquisition of Twister B.V, a company based in the Netherlands.

The company delivers robust solutions in natural gas processing and separation to the upstream and midstream oil and gas sectors.

Its unique separation capabilities are designed for augmenting production and streamlining processes, and to capitalise on high-yield gas processing for maximising revenues.

Aliko Dangote at the time said it was an important acquisition.

Refinery and fertilizer projects of Dangote Industries Limited have the capacity of creating a minimum of 235,000 new jobs.

These are both direct and indirect jobs. The refinery will become operational in the first quarter of 2019.

Dangote said the $12 billion refinery would have a capacity of 650,000 barrels a day.

Dangote said the project when fully in operation in 2019, would help the country save $5 billion spent on the importation of oil into the country.

Exxon to sell its Tanzanian gas field

 

Source: Africafeeds.com

- Advertisement -

More articles

- Advertisement -

Latest article

Nigerian High Commission apartments in Ghana demolished

Some new apartments built at the residence of the Nigerian High Commissioner in Ghana’s capital city Accra, have been demolished by bulldozers. The apartments have been constructed to...

Covid-19: Ghana records significant recovery numbers

Ghanaian health officials on Saturday said over 10,000 persons infected with the coronavirus have now recovered. The significant number of recoveries means the country now...

DR Congo: President’s ex-chief of staff jailed 20 years for corruption

The ex-chief of staff of the president of the Democratic Republic of Congo has been jailed 20 years by a high court. Vital Kamerhe was...

Covid-19: Zimbabwe’s health minister arrested, charged for graft

Zimbabwe's Health Minister Obadiah Moyo has been arrested over corruption allegations related to procurement of medical equipment worth $60 million. Moyo is accused of illegally...

Ghana’s new law that jails citizens not wearing facemask 10 years

Ghanaians who fail to wear the face masks in compliance with a presidential directive risk going to jail for ten years. They also face a...