Shell and Nine Banks Launch $3 Billion Contractor Fund

Shell Nigeria Exploration and Production Company Ltd (SNEPCo) announced a significant initiative to empower Nigerian oil service firms by launching a $3 billion contractor support fund in partnership with nine major Nigerian banks. The announcement was made by Gladi Afam Anadu, Shell's Country Communications Manager, who emphasized the fund's role in supporting local contractors to execute projects within SNEPCo's operations.

The participating banks include First Bank, Guaranty Trust Bank, Zenith Bank, Access Bank, United Bank for Africa, Stanbic IBTC, Standard Chartered Bank, First City Monument Bank, and Fidelity Bank. The memorandum of understanding was signed in Lagos, with SNEPCo's Managing Director Ronald Adam stating that the initiative reflects Shell's commitment to growth in Nigeria's oil and gas sector.

Wole Ogunsanya, Chief Executive Officer of Geoplex and a representative of the Petroleum Technology Association of Nigeria (PETAN), praised the scheme for addressing financing issues for contractors. The fund is expected to enhance the capacity of Nigerian companies in delivering value in the country's premier deepwater production sector.