This is Another major Industrialization milestone achieved for the Niger Delta Region, Nigeria at Large as Azikel Petroleum Refinery Signed funding deal with Afreximbank for the Hydro-skimming Refinery Project valued at USD 259 million.

The Azikel Petroleum Refinery has signed the debt funding facility with the African Export-Import Bank for the Azikel Refinery Project. The Azikel Refinery project is catalyzing the New industrialization in Nigeria. In a media statement released in Cairo Egypt,

The financial close reached between Afreximbank and the Azikel Petroleum Refinery was achieved at the intra-African Trade Fair 2023 which ended on the 15th of 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. Eruani Azibapu CFR and the Director, Project and Asset Based Finance of Afreximbank, Helen Brume on behalf of Afriexim Bank.

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

The debt funding is the participation of AfrExim Bank in the construction, development and operation of the 12,000 bpd Azikel Hydro-skimming Refinery in Bayelsa State, Nigeria. The Azikel Refinery Project is aimed to part relieving the challenges of refined petroleum products insufficiency in Nigeria.

Speaking after the signing ceremony, Dr. Eruani CFR, reiterated his commitment to the development of Nigeria and the African continent by his unquenchable passion in guaranteeing the new industrialization of Nigeria, 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 will be exported to the African continent and beyond. Dr. Eruani also shared the optimism that Africa would achieve energy sufficiency. Azikel Refinery is the First Private Hydro-skimming refinery in Nigeria and also the only Condensate Feedstock utilizing refinery in Africa will produced refined products of Euro V grade thereby ensuring cleaner energy and environmental protection.

To this end, He assured that the Azikel Hydro-skimming Refinery daily output would contribute significantly to the energy demand in Nigeria, but also exportation to the African continent.

Thank you Azikel Refinery for attracting more investments to the Niger Delta Region and we are confident that this Hydro-skimming Refinery will create jobs for our people.

Once again, Congratulations to the Azikel Refinery team and leadership.

Source : Prince E. A. Udo
Special Assistant to the Group President