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Events / Business / Afreximbank $200M Algeria oil project
Business project financing

Afreximbank $200M Algeria oil project

Analysis based on 7 articles · First reported Jun 17, 2025 · Last updated Jul 23, 2026

Sentiment
40
Attention
3
Articles
7
Market Impact
General
Live prominence charts, article sentiment distribution, and event development timeline available on the Ergen Dashboard
Market Impact

The financing supports increased Algerian oil production, potentially boosting global supply and benefiting Sonatrach's revenues. It also enhances the credibility of African EPC contractors, reducing reliance on non-African firms and fostering intra-African trade.

oil and gas engineering and construction banking
Event Summary

African Export–Import Bank (Afreximbank) approved a $200 million dual-tranche facility in June 2026 for Nigeria's Shoreline Power Company Limited and its subsidiary Arkad SpA to support their 44% share of the $980 million Groupement Hassi Bir Rekaiz (HBR) Field Development Phase 2a EPC contract in Algeria. The project, awarded by Groupement Hassi Bir Rekaiz (GHBR) — a joint venture of Sonatrach, PTT Exploration and Production, and Moeve — involves constructing a central processing facility to boost production from 13,000 to 50,000-60,000 barrels per day. The facility includes a $110 million contract finance tranche for guarantees and working capital, and a $90 million revolving facility for future projects. This marks Afreximbank's first financing of a Sub-Saharan African contractor executing a major infrastructure project in North Africa, stemming from partnerships at the Intra-African Trade Fair IATF2025. The project is expected to create about 6,000 jobs and strengthen regional supply chains.

Key Actions
90 Arkad SpA secured 44% EPC share Groupement Hassi Bir Rekaiz
70 Shoreline Power Company Limited acquired Arkad Arkad SpA
Entities Involved
priv
Shoreline Power Company Limited
Shoreline, through its subsidiary Arkad, secures a major EPC contract in Algeria, expanding its footprint and establishing a track record for large-scale projects.
Importance 90.0 Sentiment 70.0
cnt
Algeria
Algeria is the host country for the HBR project, expecting increased oil production, foreign exchange earnings, and job creation.
Importance 90.0 Sentiment 60.0
priv
Arkad SpA
Arkad, majority-owned by Shoreline, holds a 44% share of the HBR EPC contract, benefiting from financing to execute its obligations and enhance its capabilities.
Importance 85.0 Sentiment 70.0
priv
Sonatrach
Sonatrach, as a GHBR joint venture partner, will see increased production and foreign exchange earnings from the HBR field expansion.
Importance 80.0 Sentiment 50.0
priv
Groupement Hassi Bir Rekaiz
GHBR is the joint venture awarding the EPC contract; the project will increase its field production capacity.
Importance 70.0 Sentiment 40.0
cnt
Nigeria
Nigeria benefits as the home country of Shoreline, showcasing its engineering capabilities abroad and fostering intra-African trade.
Importance 60.0 Sentiment 50.0
cnt
Egypt
Egypt's state-owned Petrojet partners with Arkad, demonstrating intra-African collaboration in engineering.
Importance 50.0 Sentiment 40.0
priv
Petrojet
Petrojet, Egypt's state-owned engineering company, partners with Arkad on the HBR project, enhancing its project portfolio.
Importance 50.0 Sentiment 40.0
stock
PTT Exploration and Production
PTT Exploration and Production is a minority partner in GHBR, with limited direct impact from the financing but benefiting from project execution.
Importance 40.0 Sentiment 30.0
priv
Moeve
Moeve is a minority partner in GHBR, with limited direct impact from the financing but benefiting from project execution.
Importance 40.0 Sentiment 30.0
per
Kanayo Awani
Kanayo Awani, Afreximbank EVP, announced and commented on the facility, highlighting its strategic importance.
Importance 40.0 Sentiment 30.0
cnt
Italy
Italy is the home country of Arkad's operational base, but the impact is limited as Arkad is Nigerian-owned.
Importance 30.0 Sentiment 20.0
per
Kola Karim
Kola Karim is the Nigerian billionaire owner of Shoreline Group, benefiting from the group's expansion.
Importance 30.0 Sentiment 40.0
cnt
Spain
Spain's Moeve is a minor partner in GHBR with limited direct impact.
Importance 20.0 Sentiment 10.0
cnt
Thailand
Thailand's PTT Exploration and Production is a minor partner in GHBR with limited direct impact.
Importance 20.0 Sentiment 10.0
Relationships
Algeria related ↔ Nigeria
Algeria related ↔ Egypt
Nigeria related ↔ Egypt
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