Azikel Petroleum Refinery, a subsidiary of the Azikel Group in Nigeria, has successfully secured a debt funding agreement with the African Export-Import Bank (Afreximbank) for the ambitious 12,000 barrels per day (bpd) Azikel Hydro-skimming Refinery Project. During the Intra-African Trade Fair 2023 held in Cairo, Egypt, the project formally formalized the financing deal, crucial for its advancement.
President of Azikel Group and Chairman of Azikel Petroleum Refinery, Dr. Azibapu G. Eruani, along with Helen Brume, Director of Project and Asset Based Finance at Afreximbank, signed the debt funding agreement. Dignitaries, including the Presidents of Egypt, Zimbabwe, and Malawi, witnessed the signing ceremony. Additionally, former Nigerian President Olusegun Obasanjo and former Vice President Nnamadi Sambo were present. This collaboration underscores Afreximbank’s active participation. Specifically, in the construction, development, and operation of the groundbreaking refinery located in Bayelsa State, Nigeria.
The Azikel Refinery Project And Its Role In The Petroleum Industry In Nigeria.
The Azikel Refinery Project aims to address the challenges of insufficient refined petroleum products in Nigeria. Dr. Eruani expressed his commitment to Nigeria’s development and African industrialization. He emphasized the refinery’s securing debt funding and its role in creating energy sufficiency and sustainable development. He envisioned Nigeria becoming a hub for refined products and clean energy, exporting to the African continent and beyond. The Azikel Refinery is touted as the first private hydro-skimming refinery in Nigeria. In fact, it is the only condensate feedstock-utilizing refinery in Africa. It is set to produce refined products of Euro V grade, ensuring cleaner energy and environmental protection.
Expressing his commitment to Nigeria’s development and broader African progress, Dr. Eruani envisions the country as a hub for refined products and clean energy. The Azikel Hydro-skimming Refinery, the first private facility of its kind in Nigeria and the sole Condensate Feedstock utilizing refinery in Africa, aims to produce refined products of Euro V grade, contributing to cleaner energy and environmental protection.
Dr. Eruani’s optimism extends to the belief that the Azikel Refinery securing the debt funding will play a significant role in meeting Nigeria’s energy demand, with the potential for exportation within the African continent and beyond. The project marks a pivotal step toward energy sufficiency, economic development, and environmental responsibility.