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Shoreline Group secures US$200 million Afreximbank Facility

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Shoreline Group today announced that African Export-Import Bank (Afreximbank) has approved a US$200 million facility in favour of Shoreline Power Company Limited and co-borrowers including Arkad S.p.A., Shoreline’s majority-owned engineering and construction platform.
Approved in June 2026, the facility was arranged and provided by Afreximbank as sole mandated lead arranger and lender. It provides bonding and working-capital capacity for Arkad’s delivery of the Hassi Bir Rekaiz project and supports Shoreline and its affiliates in developing further pipeline and infrastructure
projects in Nigeria and other permitted jurisdictions.
“This is a defining transaction for Shoreline and Arkad. We built Arkad as an African- sponsored engineering platform capable of competing at the highest level, and it is now delivering against a billion-dollar energy contract. Afreximbank’s US$200 million commitment gives the platform the financial strength to match its engineering capability and pursue further major infrastructure mandates. It demonstrates that African enterprises can assemble the capital, capability and partnerships required to compete for infrastructure at international scale.”
Hassi Bir Rekaiz Phase 2a Arkad holds 44 per cent of the approximately US$1 billion EPCCS-1 contract awarded by Groupement
Hassi Bir Rekaiz (GHBR) to an unincorporated consortium led by Egypt’s Petrojet, which holds 56 percent. EPCCS-1 covers engineering, procurement, construction, commissioning and start-up for the Phase 2a central processing facility and related infrastructure at the Hassi Bir Rekaiz field in Algeria’s Berkine
Basin.
GHBR is the joint operating entity for the licence, held by Sonatrach with 51 per cent and Thailand’s PTTEP with 49 per cent. The project includes a new crude oil processing facility with capacity of 31,500 barrels per day, facilities for associated gas and produced-water treatment, approximately 217 kilometres
of pipelines and the brownfield modifications required to integrate existing Phase 1 infrastructure.
The facilities are designed to support later expansion to 63,000 barrels per day under Phase 2b.
“This financing addresses the instruments that determine whether an EPC contractor can execute at scale: performance guarantees, advance payment guarantees and working capital through the project cycle. Hassi Bir Rekaiz is a demanding scope, combining a new central processing facility, associated treatment systems, pipelines and brownfield integration. With Petrojet, and with the support of Shoreline and Afreximbank, Arkad is focused on disciplined delivery against the project’s safety, quality and schedule requirements.”
The transaction was structured under Afreximbank’s Engineering, Procurement and Construction Initiative, which supports African engineering and construction firms with the financial instruments required to compete for and execute large infrastructure contracts. Afreximbank also supported the Arkad-Petrojet partnership through its EPC twinning work at the Intra-African Trade Fair held in Algiers
in 2025.
According to Afreximbank, the transaction is its first support for a Sub-Saharan African contractor undertaking a major infrastructure project in North Africa. For Shoreline, it demonstrates a practical model for combining African ownership and capital with established international engineering andindustrial capability.

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AICL Woos Ugandan Investors, Invites Them to ABIE 2027

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AICL asked Ugandan investors Nigeria to use Abuja as an entry point and to attend ABIE 2027, as officials from both countries pushed AfCFTA trade links

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Tinubu to Open Niger Delta Economic Summit in Port Harcourt

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Tinubu Niger Delta summit opens in Port Harcourt as investors and policymakers gather to drive investment, innovation and industrial growth

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Dangote Refinery Sets ₦525 Share Price for Landmark IPO

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Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.

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The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.

The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.

The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.

The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.

The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.

The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.

The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.

The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.

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