Lagos - Seven Energy International Limited,
the leading integrated gas company, has secured US$100 million of new equity
capital to finance its pipeline project in the Southeast.
This is comprised of S$50 million from existing
shareholders of the Group, including Temasek, Petrofac, Capital International
Private Equity, Standard Chartered, International Finance Corporation and IFC
African, Latin American and Caribbean Fund, by way of an open offer and $50
million invested by the Infrastructure Fund II, sponsored by the Islamic
Development Bank and other institutional investors.
“I am pleased by the continued support shown by our
leading shareholders and the vote of confidence in our business plan
demonstrated by the investment from the IDB Infrastructure Fund II,” Seven
Energy’s Chief Executive Officer, Phillip Ihenacho, said of the equity
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He said Seven Energy was now established as a significant
participant in the rapidly developing Nigerian gas market.
Its gas deliveries have more than trebled during the
course of 2015, and is currently running in excess of 110 million standard
cubic feet per day.
“This new funding enables us to complete our current
development phase, enhancing our pipeline network which will be capable of
transporting 600 MMcfpd of gas to the growing regional market,” said Ihenacho.
Seven Energy is currently delivering to three power
stations, a cement plant and a fertilizer factory.
As the power stations - Alaoji, Calabar and Ibom
- complete their commissioning work and electricity transmission
infrastructure, the group forecasts gas deliveries to increase to 200 MMcfpd
over the coming year.
- CAJ News