Oando announces successful US$550m participation in Project Gazelle

Oando Plc, Nigeria’s indigenous energy group, said it successfully participated in the closure of a US$925 million facility coordinated by African Export-Import Bank for Project Gazelle.

The company said it contributed US$550m through Oando Trading, a subsidiary of Oando PLC, adding that the balance $375m was raised by other parties to get a total disbursement amount of US$925m. “The accordion arrangement saw a contribution of US$550m by Oando Trading, a subsidiary of Oando PLC. The balance $375m was raised by other parties to get a total disbursement amount of US$925m. Project Gazelle is a US$3.3 billion structured crude oil-backed forward-sale finance facility sponsored by the Nigerian National Petroleum Company Limited .

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