The African Export-Import Bank (Afreximbank) has approved a $200 million financing facility for Shoreline Power Company Limited and its partners. The facility will support the company’s participation in the Hassi Bir Rekaiz oil and gas field development project in southern Algeria.
The total value of the Hassi Bir Rekaiz Phase 2a project is estimated at approximately $980 million. According to World Oil, the project is expected to increase production from the current level of about 13,000 barrels per day to 50,000-60,000 barrels per day after the new facilities are commissioned.
The project is being implemented for Hassi Bir Rekaiz Group (GHBR), a joint venture of Sonatrach, PTTEP and CEPSA. The EPC partner is Italy’s Arkad SpA, majority-owned by Shoreline.
For business cooperation with Algeria, the news is relevant as another signal of major ongoing investment in the country’s energy infrastructure. The project also highlights the growing role of African contractors and financial institutions in complex industrial and infrastructure projects.
