By Michelle Meineke
LONDON Jan 24 (Reuters) – Nigerian Liquefied Natural
Gas (NLNG) is joining a string of African borrowers looking to
tap the international syndicated loan market in early 2012, with
active deals across the continent totalling $6 billion, bankers
said.
“There is certainly more activity coming out of Africa than
there has been for a while,” one European banker said.
A large portion of the loans this year are expected to be
new money, propelling telecom, infrastructure and commodity
developments.
While Europe struggles with a debt crisis, lenders’ optimism
over Africa’s potential in 2012 is built the continent’s 2011
volumes of $23.76 billion, its second highest total ever.
NLNG is receiving proposals for a $1 billion-plus syndicated
loan that will enable it to purchase new LNG tankers, with
potential sponsorship from National Nigerian Petroleum
Corporation (NNPC), ENI, Shell and Total
, a banker close to the deal said.
NLNG declined to comment.
Nationwide protests following Nigerian President Goodluck
Jonathan’s decision to cut the country’s fuel subsidy have not
derailed NLNG’s hopes, nor has it damaged state oil firm NNPC’s
efforts to generate $3 billion worth of loans.
Exxon Mobil and NNPC’s $1.5 billion loan to back the
development of offshore oil fields is expected to close by the
end of January, while negotiations for NNPC’s second $1.5
billion deal are under way again.
Continued…
