The African Export Import Bank has approved a 200 million dollar financing facility for Nigeria’s Shoreline Power Company Limited to support the delivery of a major oil and gas infrastructure project in Algeria, strengthening African cross border investment and showcasing the growing capacity of Nigerian engineering firms.
The funding, approved in June 2026, will allow Shoreline Group to carry out its portion of the 980 million dollar Hassi Bir Rekaiz Field Development Phase 2a project through its majority owned Italian engineering subsidiary, Arkad SpA.
According to Afreximbank, Arkad holds a 44 percent interest in the engineering, procurement and construction contract awarded by Groupement Hassi Bir Rekaiz, a joint venture involving Algeria’s Sonatrach, Thailand’s PTTEP and Spain’s CEPSA.
The financing package consists of a 110 million dollar contract finance facility designed to cover performance guarantees, advance payment guarantees and working capital requirements for the project. It also includes a 90 million dollar revolving global facility that will support Shoreline Group and its affiliated companies as they bid for and execute pipeline and infrastructure projects in Nigeria and other approved markets.
Afreximbank explained that the Hassi Bir Rekaiz Phase 2a project will involve the construction of a new central processing facility, increasing production at the oil field from about 13,000 barrels per day to between 50,000 and 60,000 barrels per day. The expansion is expected to significantly boost Algeria’s oil and gas production while improving export earnings.
The bank also noted that the project is expected to generate about 6,000 jobs, strengthen regional supply chains and further build the capacity of African engineering companies to deliver complex infrastructure projects across the continent.
Speaking on the financing, Afreximbank’s Executive Vice President for Intra African Trade Finance and Export Development, Mrs Kanayo Awani, described the transaction as a major step in advancing African engineering excellence.
She said the deal demonstrates the success of the bank’s EPC Initiative and Intra African Trade Champions framework by empowering an African owned engineering company to compete successfully on large scale international projects.
Awani added that the 200 million dollar structured financing package goes beyond supporting Algeria’s energy infrastructure. According to her, it also promotes intra African trade in high value engineering and construction services, strengthening business collaboration among Nigeria, Italy and Egypt.
