Azikel, Afreximbank Seal $259m Refinery Deal

Nigeria’s Azikel Petroleum Refinery, a subsidiary of the Azikel Group, has signed a debt funding deal with the African Export-Import Bank (Afreximbank) for a 12,000bpd Azikel Hydro-skimming Refinery Project.

A statement by the Public Relations Officer of Azikel, Austin Ebipade, disclosed that the Azikel Refinery project will catalyse the new industrialisation in Nigeria.

The financial deal reached between Afreximbank and the Azikel Petroleum Refinery was achieved at the Intra-African Trade Fair 2023 held between November 9 and 15, 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. Azibapu G. Eruani, and the Director, Project and Asset Based Finance of Afreximbank, Helen Brume, on behalf of Afrexim Bank.

“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 bring relief to the challenges of refined petroleum products insufficiency in Nigeria,” the statement read.

Speaking after the signing ceremony, Dr. Eruani reiterated his commitment to the development of Nigeria and the African continent by his unquenchable passion in guaranteeing the new industrialisation 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 other African countries and beyond.

Dr. Eruani, who shared the optimism that Africa would achieve energy sufficiency, explained that Azikel Refinery is the first orivate Hydro-skimming refinery in Nigeria and also the only Condensate Feedstock utilising refinery in Africa billed to produce refined products of Euro V grade, thereby ensuring cleaner energy and environmental protection.

He assured that the Azikel Hydro-skimming Refinery daily output would contribute significantly to the energy demand in Nigeria, and exportation within African continent and beyond.