Afrieximbank Set To Provide $1bn For Port Harcourt Refinery Rehabilitation

Afrieximbank has concluded plans to provide $1 billion for the rehabilitation of Port Harcourt Refinery, according to Reuters. The Port Harcourt Refinery complex, which consists of two plants with a combined capacity of 210,000 bpd, has been comatose for several years. According to Reuters, the facility would be repaid over seven years through deliveries of Nigerian crude and products on completion of the refinery. It quoted an unnamed spokesman at the bank as saying, “Afreximbank is looking into a facility for the refurbishment of the Port Harcourt Refinery. However, the borrower is yet to be determined”.