Shell Nigeria Exploration and Production Company Limited
Shell Nigeria Exploration and Production Company Limited has partnered with nine Nigerian banks to launch a $3bn contract finance facility aimed at improving access to credit for indigenous oil and gas contractors executing projects for the company.
According to a statement, the financing scheme, unveiled on Thursday, is designed to provide credit support to local contractors handling projects for SNEPCo and will be available in both naira and United States dollars.
The participating banks are First Bank, Guaranty Trust Bank, Zenith Bank, Access Bank, United Bank for Africa, Stanbic IBTC, Standard Chartered Bank, First City Monument Bank, and Fidelity Bank.
Speaking at the signing of the Memorandum of Understanding in Lagos, the Managing Director of SNEPCo, Ronald Adams, said the initiative aligns with the objectives of the Nigerian Oil and Gas Industry Content Development Act by promoting greater in-country value retention.
