Fidelity bank banner Bayelsa State banner
Breaking News: Dangote signs $3.3bn loan agreement to build Africa’s biggest Petroleum Oil Refinery and Petrochemical Fertilizer plant

By News Express on 04/09/2013

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 3,971


Dangote Industries Limited minutes ago signed a loan agreement with a consortium of both local and international banks to the tune of $3.3 billion for the purpose of constructing the biggest Petroleum Oil Refinery & Petrochemical/Fertilizer Plants in Nigeria. The agreement was signed in Abuja, capital of Nigeria.

News Express learnt that the plants, which will cost a total of $9 billion will generate up to 9,500 direct and 25,000 indirect jobs, in addition to reducing current volumes of refined fuel imports by around 50 per cent and effectively stopping the importation of fertilizer.

“The USD9 billion project will be financed by USD3 billion equity and USD6 billiion loan capital. Today’s signing ceremony commits the first tranche of loans secured by Dangote, comprising a USD3.3 billion term loan facility supported by a consortium of 12 local and international banks. This first facility was jointly co-ordinated by Standard Chartered Bank as the Global Coordinator, and Nigeria’s Guaranty Trust Bank PLC as the Local Coordinator,” says a statement by the Dangote Group.

According to the statement, “with the refining capacity expected to reach 400,000 barrels of crude oil per day and producing a variety of refined fuel products from local crude resources, Nigeria will cut its current volumes of imported fuel products by a massive 50 per cent. The 2.8 million tonnes of urea will be channelled into growing the local agriculture sector which is essential in producing healthy crops and promoting Nigeria and West Africa’s agricultural development. The Petrochemical plant will produce Polypropylene which is a common component of most plastic and fabric products, for example it is used in various forms of packaging, ropes and agro-sacks.”

President of Dangote Group, Aliko Dangote said: “This plant will further entrench Africa’s role on the global map as not only a valued contributor for natural resources, but also a competent manufacturer of refined products and fertilizer. As a result, several African nations will be less reliant on importing fuel and fertilizer from foreign markets, reducing the negative impact of negotiating terms within increasingly turbulent international markets.”

Alsospeaking, CEO of Standard Chartered Bank in Nigeria, Ms. Bola Adesola, said: “Standard Chartered is proud to support the Dangote Group in a project which will significantly boost Nigeria’s economic productivity and create valuable jobs with specialist skills from key growth sectors. This project is an historic example of self-empowerment and leadership for the continent as a whole – and is made possible through effective partnerships between the Nigerian private sector, Government and international financial institutions. Standard Chartered remains committed to being here for good in Nigeria, and the region.”

On his part, Managing Director of Guaranty Trust Bank PLC, Segun Agbaje, said: “This is the largest syndication by banks in Nigeria and it is being undertaken with the knowledge that the successful implementation of Dangote Refinery and Fertilizer project will have far reaching implications for Nigeria’s economic growth.”

Agbaje further stated that GTBank is very proud to be associated with Dangote Industries on this landmark project and praised its Chairman; Alhaji Aliko Dangote for his steadfastness, hard work and genuine desire to see remarkable economic improvement within the country

The Dangote Group’s main revenue and profit contributor is Dangote Cement Plc (DCP), the leading integrated cement producer in Sub-Saharan Africa and largest company on the Nigerian Stock Exchange.  Given the cement subsidiary’s strong market share along with its higher profit margins, DCP has been able to maintain a robust financial position, and thus assist in leveraging the Group on a conservative basis to undertake expansion projects on this large scale.

Other participating banks are Access Bank PLC, Zenith Bank PLC, Ecobank Nigeria Limited, Fidelity Bank PLC. First Bank Nigeria Limited, Standard Bank of South Africa Limited, UBA PLC, FirstRand Bank, First City Monument Bank PLC and Diamond Bank PLC.

•Photo shows Dangote Industries Chairman, Alhaji Aliko Dangote.

Source News Express

Posted 04/09/2013 5:01:14 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Repair work on Third Mainland Bridge to cost...

African Development Bank commits to Nigeria’s economic recovery...

Lagos to build two more Technical Colleges

How Man United won Europa League, snatched Champions...

EFCC impostor caught in the act

Ambode signs N1.046tr y2018 budget into law •Targets...

Bank of America bans bitcoin investments

Hungry youths snatch food packs from school children...

NiMET forecasts improved visibility today in Sokoto, Katsina,...

Police nabs 77-year-old Ogun pastor for alleged ritual...

FG, Boko Haram discussing release of more hostages:...

Insecurity: FG may establish National Guard

 

Latest News 2018 Budget Cuts: South East, Niger Delta worst hit My imprisonment story: Judge jailed me because I refused to give him bribe — Uwazuruike 2019: PDP woos Obasanjo Tough contest for seven key offices as APC holds convention Army kills 7 Boko Haram terrorists, recovers weapons in Borno Ohanaeze demands immediate release of Senator Abaribe by DSS Buhari reinstates 3 suspended permanent secretaries 2 toddlers drown in Jigawa pond Negotiations for Chibok/Dapchi girls release stalled Buhari appoints 4 CBN Non-Executive Directors, others EFCC receives 654 petitions from Edo, Delta, Ondo Osinbajo launches tech hub, says Nigeria future in technology

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (352,789 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (352,492 views) Shameless Genevieve Nnaji exposes breasts in public (280,731 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (230,462 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (209,313 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (209,184 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (182,116 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (164,291 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (154,073 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (148,899 views) Lagos plane crash: Journalist releases victims’ names (144,080 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (135,831 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (50) Business & Economy (3,265) Business Verdict (44) Columnists (871) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (506) Features (607) Global Business Monitor (284) International (2,050) Interview (155) Live Commentary (28) Love Matters (124) News (36,431) Opinion (1,005) Pidgin (10) Politics (5,316) Religion (772) Sports (1,559) Stock Watch (30) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Argentina vs Croatia Goals

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement