Energy firm secures funds for Southeast expansion
From OKORO CHINEDU in Lagos, Nigeria
LAGOS, (CAJ News) – SEVEN Energy International Limited, the leading integrated gas company, has secured US$100 million of new equity capital to finance its pipeline project in the Southeast.
This is comprised of S$50 million from existing shareholders of the Group, including Temasek, Petrofac, Capital International Private Equity, Standard Chartered, International Finance Corporation and IFC African, Latin American and Caribbean Fund, by way of an open offer and $50 million
invested by the Infrastructure Fund II, sponsored by the Islamic Development Bank and other institutional investors.
“I am pleased by the continued support shown by our leading shareholders and the vote of confidence in our business plan demonstrated by the investment from the IDB Infrastructure Fund II,” Seven Energy’s Chief Executive Officer, Phillip Ihenacho, said of the equity investment.
He said Seven Energy was now established as a significant participant in the rapidly developing Nigerian gas market.
Its gas deliveries have more than trebled during the course of 2015, and is currently running in excess of 110 million standard cubic feet per day.
“This new funding enables us to complete our current development phase, enhancing our pipeline network which will be capable of transporting 600 MMcfpd of gas to the growing regional market,” said Ihenacho.
Seven Energy is currently delivering to three power stations, a cement plant and a fertilizer factory.
As the power stations – Alaoji, Calabar and Ibom – complete their commissioning work and electricity transmission infrastructure, the group forecasts gas deliveries to increase to 200 MMcfpd over the coming year.
– CAJ News
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