Petroleum Africa
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Thursday, February 18, 2016
Seven Energy International secured $100 million of new equity capital. The new equity capital consists of $50 million from existing shareholders, including Temasek, Petrofac, Capital International Private Equity, Standard Chartered, International Finance Corporation and IFC African, Latin American and Caribbean Fund, by way of an open offer.
The other $50 million was invested by the IDB Infrastructure Fund II, sponsored by the Islamic Development Bank and other institutional investors. The IDB Infrastructure Fund II, with a target fund size of $2 billion, invests in infrastructure opportunities across Asia, the Middle East and Africa. The fund is managed by ASMA Capital Partners B.S.C. Stephen Vineburg, the CEO of ASMA, will join Seven Energy board.
These additional funds enhance the company’s liquidity as it completes the gas pipeline that integrates its existing pipelines in the south east of Nigeria over the next few months. When complete, Seven Energy will own and operate a flexible gas transportation network which reaches from Ukanafun and Ikot Abasi in the west to Calabar in the east. This will enable the Group to deliver more gas to Nigeria’s growing domestic market for power generation and industrial consumption. Seven Energy’s total investment in gas production, processing and distribution infrastructure is over $1 billion.
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