PetroSA Ghana clinches $150m credit facility in difficult market
South Africa’s national oil company PetroSA, through its subisidiary PetroSA Ghana, has secured a seven-year $150-million reserve-based lending credit facility with a consortium of banks.
PetroSA CFO Lindiwe Bakoro said the company was pleased to close this transaction in a difficult market, as there was uncertainty surrounding crude oil prices as well as the continued difficulty in accessing global capital markets.
The funds would be used to refinance exisiting loans, as well as provide expansion captital expenditure in the Jubilee and Tweneboa, Enyenra and Ntomme offshore fields in Ghana.
The credit facility, which was concluded in February, was signed with Absa, Rand Merchant Bank, Standard Chartered Bank, BNP Paribas, Credit Agricole Corporate & Investment Bank and Natixis.
“We consider this a strong message of support for our relations with these banks and [the facility] will contribute significantly to our growth aspirations,” she added.
PetroSA Ghana generated revenue and profits of R963-million and R491-million for the year ended March 2014.
Comments
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation