Ventures Africa: Nigerian First Bank Eager To Fund Kaztec’s $1.3bn Local Fabrication Contract
The following article, written by Onyedimmakachukwu, was originally published in Ventures Africa on September 30, 2014. To view the original article, click here. Nigerian First Bank Eager To Fund Kaztec’s $1.3bn Local Fabrication Contract VENTURES AFRICA – Nigeria’s premier lender First Bank Plc has said it is willing to support the funding of a $1.3 billion fabrication contract awarded by Sinopec-owned Addax Petroleum to Kaztec Engineering, a subsidiary of the Chrome Group. The contract will see Kaztec execute all of the fabrication processes for Ofrima/Udele oil wells development project in Addax Petroleum-owned oil mining lease (OML) 137 in offshore Nigeria for which it recently finalised agreements. Kaztec’s fabrication, set to begin in October is a giant step towards the aim of Addax to attain a daily production well in excess of 100,000 barrels per day (bpd). First Bank’s interest in furthering …
