Page 8 - AfrOil Week 11 2023

AfrOil PIPELINES & TRANSPORT AfrOil

Bonny Island (Photo: Julius Berger Nigeria Plc)
The increase in Bonny Light output and overall Shell (UK) is the leader of SPDC. Equity
crude production is a positive sign for the Nige- in the joint venture is split between Nigerian
rian oil industry’s recovery. Meanwhile, April National Petroleum Co. Ltd (NNPC Ltd), with
loadings of the grade are set to average 97,000 55%; Shell, with 30%; France’s TotalEnergies,
bpd, up by 54% on the same period of last year. with 10%; and Italy’s Eni, with 5%. ™

INVESTMENT
SAR lining up funding for refinery upgrade

SENEGAL THE African Export-Import Bank (Afrex-
imbank) is currently engaged in talks with
Senegal’s state oil refiner to provide $500mn in
syndicated finance to facilitate an upgrade of the
country’s sole refinery.
West Africa’s oldest oil refinery, Société Afri-
caine de Raffinage (SAR), was upgraded last year
to expand its production from 1.2mn tonnes
per year (25,000 barrels per day) to 1.5mn tpy
(30,000 bpd) through debottlenecking, the
expansion of the catalytic reformer and the addi-
tion of a new preflash unit.
Funding from Afreximbank could see
the plant’s capacity rise to around 4-5mn tpy
(80,000-100,000 bpd), while also shifting focus
to the provision of cleaner fuels, according to
Marieme Ndoye Decraene, the director-general Afreximbank funding could boost SAR’s capacity to 40,000-50,000 bpd (Photo: SAR)
of SAR.
Rene Awambeng, global head of client rela- He added that a final decision was expected
tions at Afreximbank, said on the sidelines of an in three to four months.
African refinery and distributor conference in SAR is majority-owned by Senegalese state
Cape Town: “Afreximbank ... is working with oil firm Petrosen (46%), with financier Locaf-
the Senegalese refinery company SAR to explore rique (34%), Nigeria’s Sahara Energy Resources
financing options for the refinery upgrade, (8.18%), France’s TotalEnergies (6.82%) and
which is estimated at $500mn.” local trader ITOC (5%) holding the remaining
He added that the bank “is in advanced dis- shares.
cussions to take a mandate, fundraising and The facility produces enough petroleum pro-
advisory role from SAR to syndicate this project dicts to satisfy around 55% of Senegal’s needs,
finance facility.” with the remainder imported.

P8 www. NEWSBASE .com Week 11 16•March•2023