Modular refineries owners have announced the commencement of discussion with African Export-Import bank over assessment of $18 billion loan.
The loan is to be issued for the development of refineries in Nigeria and other African countries.
This is as a result of the financial assistance rendered by the bank to Dangote Petroleum Refinery which now produce domestically and for export.
The operators, who spoke under the aegis of Crude Oil Refinery Owners Association of Nigeria, commended the Afreximbank for supporting Dangote Petroleum Refinery when the plant was being constructed.
“Some of us are already talking with Afreximbank, but none of the modular refineries has been financed by the bank yet. But I know that a number of refineries are talking with Afreximbank,” a representative of modular stated.
The representative also stated that there are concerns about the feedstock for the plants, which, according to them, was mentioned as part of the guarantees that would be required by the financial institution.
“Shinjin Petro Chemicals, for instance, is building a 3,000 barrels per day plant and is talking with the bank..Also, Clairgold Modular Refineries is talking with Afreximbank and BOI (Bank of Industry), and there are quite a few others speaking with the bank as well. However, none of the modular refineries have been financed yet by the bank.”
It was reported on June 14, 2024, that the African Export-Import Bank pledged a total of $18bn to support the construction of refineries across Africa following its successful backing of the Dangote refinery project in Nigeria.
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