Afreximbank has increased its reserve-based lending facility for Oando Oil Limited to $375 million, with support from Mercuria Asia Resources.
The move, following Oando’s repayment of a previous $525 million facility down to $100 million, will support the company’s goal of producing 100,000 barrels of oil and 1.5 billion cubic feet of gas daily by 2029. Oando CEO Wale Tinubu said the deal strengthens the firm’s capital strategy and supports its joint venture with NEPL.
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