Azikel Petroleum Refinery Sign $259m Project Deal with Afreximbank

The Azikel Petroleum Refinery, a subsidiary of the Azikel Group has signed a debt funding deal with the African Export-Import Bank (Afreximbank) for the on-going  Azikel refinery project.

In a statement released in Cairo by Afreximbank, the financial close reached  with Azikel Petroleum Refinery was achieved at the intra-African Trade Fair 2023 held on the 9th to 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 Afreximbank.

Present to witness the agreement signing were 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, Nnamadi Sambo and the President of Afreximbank, Prof. Benedict Oramah.

The Azikel Refinery Project is aimed to bring relief to the challenges of refined petroleum products insufficiency in Nigeria.

Speaking after the signing ceremony,  Eruani, reiterated his commitment to the development of Nigeria and the African continent by his  passion in guaranteeing the country’s industrialisation creating energy sufficiency and sustainable development.

He said further that Nigeria would be the hub of refined products and the abundance of clean energy which would be exported to the African continent and beyond.

Eruani, who shared the optimism that Africa would achieve energy sufficiency, explained that Azikel Refinery was the First Private Hydro-skimming refinery in Nigeria and also  the only Condensate Feedstock utilizing refinery in Africa billed to produce refined products of Euro V grade, thereby ensuring cleaner energy and environmental protection.

Olusegun Samuel

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