Afreximbank Partners with Dorman Long Engineering Limited to Boost Africa’s Energy Sector
The African Export-Import Bank (Afreximbank) has signed a US$10 million revolving trade finance facility with Dorman Long Engineering Limited to facilitate the importation of steel pipes for threading. The agreement was signed on the sidelines of the African Energy Week in Cape Town, South Africa.
The facility will enable Dorman Long Engineering Limited to issue letters of credit and standby letters of credit to import steel pipes and supply them to international oil companies. The three-year facility falls under Afreximbank’s Intra-African Engineering, Procurement, and Construction (EPC) Initiative.
The initiative aims to enhance the technical and financial capacity of African EPCs to win large infrastructure and EPC projects on the continent. The facility will also enable Dorman Long Engineering Limited to provide services to clients in other African countries, promoting Africa’s share of global export services.
Mr. Eric Intong Monchu, Acting Group Managing Director, Client Relations at Afreximbank, emphasized the bank’s commitment to supporting African businesses in the oil and gas sector. “With this facility, Dorman Long Engineering Limited is better positioned to execute large infrastructure and EPC projects, addressing key energy security needs in Africa.”
Dr. Timi Austen-Peters, Chairman of Dorman Long Engineering Limited, expressed gratitude to Afreximbank for their continued support. “This facility aligns with our growth strategy, enabling us to deliver innovative solutions to our clients and contribute to Nigeria’s development by exporting our skills and services, driving economic growth, and creating jobs.”
The African Energy Week, organized by the African Energy Chamber, brings together African energy leaders, global investors, and executives to discuss the future of the African energy industry.
