The African Export-Import Bank (Afreximbank) has approved a $200 million financing facility for Nigeria’s Shoreline Power Company Limited to support the delivery of a major oil and gas infrastructure project in Algeria.
Approved in June 2026, the funding will enable Shoreline Group, through its majority-owned Italian engineering subsidiary, Arkad SpA, to execute its portion of the $980 million Hassi Bir Rekaiz (HBR) Field Development Phase 2a project.
According to Afreximbank, 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 involving Algeria’s Sonatrach, Thailand’s PTTEP and Spain’s CEPSA.
The financing package includes a $110 million contract finance facility to cover performance guarantees, advance payment guarantees and working capital for the HBR project. It also provides a $90 million revolving global facility to support Shoreline Group and its affiliates in bidding for and executing pipeline and infrastructure projects in Nigeria and other approved countries.
Afreximbank said the HBR Phase 2a project will involve the construction of a new central processing facility, increasing production at the Hassi Bir Rekaiz field from about 13,000 barrels per day to between 50,000 and 60,000 barrels per day, boosting Algeria’s oil and gas output and export capacity.
The bank added that the project is expected to generate about 6,000 jobs, strengthen regional supply chains and improve the ability of African engineering companies to deliver large-scale infrastructure projects across the continent.
Commenting on the approval, Afreximbank’s Executive Vice President for Intra-African Trade Finance and Export Development, Mrs. Kanayo Awani, described the transaction as a major milestone in advancing African-owned engineering firms. She said the deal reflects the bank’s EPC Initiative and Intra-African Trade Champions framework by enabling an African engineering company to compete successfully on major international projects.
