Renaissance Africa Energy Secures $4.1bn for Local Contractors
Renaissance Africa Energy Company Limited has announced a partnership with 13 banks to establish a financing portfolio of $4.1 billion and N435 billion aimed at supporting indigenous oil and gas contractors. This initiative, known as the Renaissance Vendors Financing Scheme (RVFS), was unveiled during a Memorandum of Understanding signing ceremony in Lagos.
The scheme offers credit support in both naira and US dollars to local contractors working on projects for Renaissance. Managing Director and CEO Tony Attah highlighted the program's long history, which began in 2010, and noted that it has recorded no defaults under previous administrations.
The company aims to increase oil production to 500,000 barrels per day by 2030, alongside a gas production target of over 2.2 billion standard cubic feet per day. Attah emphasized that competitive interest rates are being offered to contractors, enhancing their ability to finance projects effectively.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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