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ExxonMobil, consotium deal to boost contractors

12 February 2014, 15:07

Abuja - More local contractors working for ExxonMobil are set to benefit from a $8.6 billion financing deal the oil firm has clinched with a consortium of 12 banks.

The contract financing deal is expected for provide funds for the contractors to enable them commence work of various project for the oil multinational.

ExxonMobil is expected to guarantee the repayment of the loan to be granted to the contractors by the banks.

The banks involved in the scheme are Zenith Bank, First Bank, GTBank, Citi Bank, EcoBank, UBA, Union Bank, Standard Chartered Bank, Access Bank, FCMB, Fidelity Bank and Stanbic IBTC.

Chairman and Managing Director, ExxonMobil Upstream affiliates in Nigeria, Mark Ward, said the initiative was aimed at supporting the Nigerian local content policy by aiding contractors with the required fund to finance the contracts they were executing for the company.

“We are making $8.6 billion available under this scheme with 12 banks as our partners. The scheme is aimed at ensuring a speedy completion of our work and to develop the capacity building needed in Nigeria. The scheme provides cheaper fund, reduced loan processing time, increases credit eligibility and develops local content capacity,” he said.

Ward added, “By partnering with 12 leading Nigerian banks, it is our expectation that with the $8.6 billion available under the scheme, ExxonMobil contractors nationwide would be able to access better and quicker funding options to enable them to execute their contracts speedily.”

The scheme, which was initiated in November, last year, has officially been launched in Lagos.

– CAJ News

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