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African Export-Import Bank (Afreximbank) has approved a US$200 million financing facility for Shoreline Power Company Limited and its co-borrowers to support work on a US$980 million oilfield development project in Algeria, the lender said on Monday.
The facility, approved in June, will support Arkad SpA, an engineering, procurement and construction (EPC) contractor majority-owned by Nigeria’s Shoreline Group, in executing its 44 percent share of the Hassi Bir Rekaiz (HBR) Field Development Phase 2a project.
The EPC contract was awarded by Groupement Hassi Bir Rekaiz (GHBR), a joint venture comprising Algeria’s Sonatrach, Thailand’s PTTEP and Spain’s CEPSA.
Afreximbank said it acted as sole mandated lead arranger and lender for the transaction, which comprises a one-off $110 million contract finance facility and a $90 million revolving global facility.
According to the bank, the $110 million facility will finance performance and advance payment guarantees, as well as working capital for Arkad’s share of the HBR contract. The revolving facility will support Shoreline and its affiliates in bidding for and executing pipeline and infrastructure projects in Nigeria and other approved markets.
The bank said the HBR Phase 2a project was expected to increase oil production at the field to between 50,000 and 60,000 barrels per day from about 13,000 barrels per day.
Kanayo Awani, Afreximbank’s Executive Vice President for Intra-African Trade Finance and Export Development, said the financing formed part of the bank’s Engineering, Procurement and Construction (EPC) Initiative, which supports African engineering firms undertaking large infrastructure projects.
The lender said the transaction followed partnerships facilitated during the 2025 Intra-African Trade Fair in Algiers and marked its first financing of a major North African infrastructure project involving a Sub-Saharan African contractor.
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