Newsexpress place banner advert Yudala genuine products
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

Views: 3,190


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 11:01:14 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
Jonathan selects Abacha as one of Nigeria’s greatest...

Breaking News: Military overpowers Boko Haram, recaptures Bama...

Group petitions EFCC, urges investigation into alleged abuse...

NAFDAC boss quizzed over alleged abuse of office...

Okonjo-Iweala bags African Finance Minister of the year...

Uncapped Nigeria-born Kayode still hopes to play for...

I’m hungry for success at Arsenal —Cech

Warri Wolves striker Omofomwan welcomes competition from Arsenal’s...

Air Peace aircraft collide at Lagos Airport

Pictured: PASSENGERS PUSH PLANE to enable it move...

That 20 percent tax on imported medicines, By...

Popular musician, Ruggedman, identifies ills crippling music industry...

 

Latest News BREAKING: Kidnappers invade Lagos school, abduct principals, students Lagos court orders Ifeanyi Ubah’s release, Abuja court okays continued detention by DSS Implications of dislocating South-East from the coastal rail project, By David Onuoha Bourdex Why Buhari is marginalising Igbos — Ngige Pastor adopts kissing as healing strategy Kogi Governor in voter registration scandal How FG worsened Boko Haram insurgency: Obasanjo Kano seals deal with 10 companies on power, infrastructure Nigerian app developer wins £25,000 UK engineering award Instagram, Snapchat rated worst social media platforms for young people My administration spends N1bn monthly on pensions — Okowa Desmond Elliot, Mercy Aigbe volunteer to champion campaign against maltreatment of widows

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (246,280 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (222,812 views) Shameless Genevieve Nnaji exposes breasts in public (184,612 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (165,290 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (158,252 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (138,279 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (120,769 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (118,153 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (106,147 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (102,567 views) Lagos plane crash: Journalist releases victims’ names (101,242 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (95,481 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (27) Business (2,562) Business Verdict (16) Columnists (683) Complaints & Requests (89) Enterprise & Opportunities (153) Entertainment (321) Features (443) Global Business Monitor (151) International (1,378) Interviews (122) Live Commentary (28) Love Matters (54) News (24,682) Opinion (719) Pidgin (8) Politics (3,700) Religion (533) Sports (1,265) Stock Watch (18) AMA & Al Jazeera Global Update

 

Words on marble

 

UBA Wise Savers Promo

 

Machester United vs Ajax

 

APO Newsbreak logo

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!