The African Export-Import Bank (Afreximbank) has approved a $200 million financing facility for Nigeria’s Shoreline Power Company Limited to support a major oil and gas infrastructure project in Algeria.
The deal, approved in June 2026, will enable Shoreline Group, through its majority-owned Italian engineering subsidiary, Arkad SpA, to execute its share of the $980 million Hassi Bir Rekaiz (HBR) Field Development Phase 2a project in Algeria.
Afreximbank said Arkad holds a 44 per cent stake in the engineering, procurement and construction (EPC) contract awarded by Groupement Hassi Bir Rekaiz (GHBR), a joint venture comprising Algeria’s Sonatrach, Thailand’s PTTEP and Spain’s CEPSA.
The financing package includes a $110 million contract finance facility to support performance guarantees, advance payment guarantees and working capital needs for the HBR project, and a $90 million revolving global facility to fund Shoreline Group and its affiliates as they bid for and execute pipeline and infrastructure projects in Nigeria and other approved jurisdictions.
According to Afreximbank, the HBR Phase 2a project involves building a new central processing facility that will raise production from the field from about 13,000 barrels per day to between 50,000 and 60,000 barrels per day, significantly boosting Algeria’s oil and gas output and export earnings.
The bank noted that the project would create about 6,000 jobs, strengthen regional supply chains and enhance the capacity of African engineering firms to deliver large-scale infrastructure projects across the continent.
Speaking on the transaction, Executive Vice President, Intra-African Trade Finance and Export Development at Afreximbank, Mrs. Kanayo Awani, described the deal as a milestone in promoting African engineering champions.
She said: “This transaction exemplifies our EPC Initiative and our Intra-African Trade Champions framework in action, enabling an African-owned engineering group to compete and deliver at the highest levels of global project execution.
“By providing the $200 million in structured financing, we are not only supporting Algeria’s national energy infrastructure development but also advancing intra-African trade in high-value engineering and construction services among Nigeria, Italy and Egypt.”
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