The state owned Nigerian National Petroleum Corporation (NNPC) has completed negotiations to take a loan from the Afreximbank of $1 billion for repairing its Port Harcourt refinery during the Q1 2021, sources told S&P Global Platts.
One of the sources said that these negotiations started since 2020 and the terms have now been agreed and ready to be paid.
“NNPC initially was not favorably disposed to the terms proposed by the lenders, but the terms have been sorted out and agreement reached,” another source said.
It should be noted that the refinery was locked down in March 2019 for the first phase of the repair works.