By UdemeAkpan, Energy Editor
The African Export-import Bank (Afreximbank) has approved a $200 million financing facility for Nigeria’s Shoreline Power Company Limited to support the execution of a major oil and gas infrastructure project in Algeria, marking a significant boost for Nigerian engineering expertise and cross-border investment in Africa.
The financing, approved in June 2026, will enable Shoreline Group, through its majority-owned Italian engineering subsidiary, ArkadSpA, to execute its share of the $980 million HassiBirRekaiz (HBR) Field Development Phase 2a project in Algeria.
According to Afreximbank, Arkad holds a 44 per cent stake in the engineering, procurement and construction (EPC) contract awarded by Groupement Hassi Bir Rekaiz (GHBR), a joint venture comprising Algeria’s Sonatrach, Thailand’s PTTEP and Spain’s CEPSA.
The financing package comprises a $110 million contract finance facility to support performance guarantees, advance payment guarantees and working capital requirements for the HBR project, as well as a $90 million revolving global facility to finance Shoreline Group and its affiliates in bidding for and executing pipeline and infrastructure projects in Nigeria and other approved jurisdictions.
