Petroleum Africa
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Monday, August 26, 2013
Barclays Bank Kenya is backing a drilling firm with a $13 million financing deal. The lending institution signed off on a deal to finance Marriot Drilling for a rig for work in Kenya.
The bank, controlled by Barclays Plc, said the financing deal would span five years and allow for Marriot to acquire a drilling rig to be deployed to Kenya.
Commenting in a statement on the newly signed agreement, Barclays MD, Jeremy Awori, termed it as a transaction which will allow the bank to move into the oil industry. “Signing a financing agreement of this value reflects the ability and commitment of Barclays Bank to shoulder its responsibilities in financing the projects of leading companies which have a clear strategy,” Awori said in the statement.
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