As African countries intensify efforts to retain more value from their natural resources and build indigenous industrial capacity, the African Export-Import Bank (Afreximbank) has placed a major bet on Nigerian engineering expertise with a $200 million financing package for Shoreline Power Company Limited.
The funding will enable the company to play a leading role in a $980 million oil field expansion project in Algeria, underscoring the growing ability of African firms to execute complex energy infrastructure projects traditionally dominated by international contractors.
The financing, approved in June 2026, will support Shoreline Group, through its majority-owned Italian engineering subsidiary, Arkad S.p.A., in executing its share of the Hassi Bir Rekaiz (HBR) Field Development Phase 2a project in Algeria. The deal represents a significant milestone for Nigerian engineering companies expanding beyond domestic borders and aligns with Afreximbank’s strategy of promoting intra-African trade, industrialisation and African-owned infrastructure champions.
Arkad holds a 44 percent stake in the engineering, procurement and construction (EPC) contract awarded by Groupement Hassi Bir Rekaiz (GHBR), a consortium comprising Algeria’s Sonatrach, Thailand’s PTTEP and Spain’s CEPSA.
