Stanbic IBTC, UBA Finance Gas Pipeline Project in Akwa Ibom

Stanbic IBTC Bank Plc and United Bank for Africa(UBA) Plc have signed a US$60 million eight year project finance facility agreement to part finance the construction of a gas pipeline, gas central processing facility and associated infrastructure in Akwa Ibom State.
AccuGas Limited is a wholly owned subsidiary of seven Energy International Limited, a leading independent gas exploration and production company, under the trade name of Septa Energy in Nigeria. AccuGas was set up as a special purpose vehicle for the development of Seven Energy International's gas pipeline infrastructure operations across Nigeria.
The AccuGas Gas Pipeline Project involves the construction of a new 65km pipeline with a capacity of 100mmcf/d from Frontier Oil/Septa Energy’s Uquo gas field to Ikot Abassi in Akwa Ibom State, Nigeria. The Project also involves the construction of a gas and liquids processing facility and liquids pipeline, which in aggregate will cost in excess of US$250 million.
The Project is the first phase in AccuGas and Septa Energy’s development programme to bring the South East Niger Delta's substantial discovered gas reserves to market to meet the growing energy demand from power plants and industrial users in the region. This has been strongly supported by independent power companies, Akwa Ibom State and industrial companies that require reliable gas supply for their operations.