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Sell the lot to AIIM for 40p and let’s all move on. A t/o is the only scenario that answers all of Agadems questions apart from total contempt!
Trek
Yes but it’s worth reminding what they paid
That’s old news
Please DYOR
AIIM acquires minority interests in Savannah Petroleum’s Nigerian gas assets
Jan 20, 2020
African Infrastructure Investment Managers (AIIM) has acquired minority interests in gas assets in Nigeria majority-owned by Savannah Petroleum Plc.
This comprises a 20% stake in Seven Uquo Gas Limited, the entity that holds a 40% participating interest and a 100% gas economic interest in the Uquo gas field located in South-East Nigeria and a further 20% stake in Accugas, the integrated processing and distribution infrastructure for Uquo gas.
AIIM purchased the interests from Savannah Petroleum Plc, which owns the remaining 80% of each company.
AIIM invested $54 million of equity into the transaction through its flagship pan-African infrastructure fund, AIIF3.
Accugas has a 200 mmscf/d gas processing capacity plant and a pipeline network of over 250km. The investments will enable the company to continue to support critical power plants that generate more than 10% of Nigeria’s on-grid power supply as well as other leading industrial offtakers.
AIIM’s West African Director Olusola Lawson, said: “This deal firmly supports AIIF3’s investment strategy, which targets significant influence investments across the power, transport and midstream energy sectors – three focus verticals across sub-Saharan Africa where AIIM sees the greatest disconnect between the demand for critical infrastructure and available capital for these projects.”
Investment and strategy are key topics at the African Utility Week and POWERGEN Africa conference. Click here to register to attend or for more information about the event.
Lawson continued: “In Nigeria, estimated peak energy demand is estimated to be over 20,000MW, but this is only met with less than 5,000MW of peak supply. This highlights the power demand gap on the national grid, which is partially due to the unavailability of gas to some of the existing generation plants. AIIM’s investments will help to bridge this gap, creating positive impact outcomes for businesses, communities and individuals on the ground.”
Andrew Knott, CEO of Savannah Petroleum, said: “We are very pleased to be working with AIIM, as they have an impressive track record in the African power sector. The gas to power sector in West Africa is primed for considerable growth over the coming years, so we believe that both Accugas and Uquo offer investors exposure to a fast-growing economy in need of additional power supplies. Both AIIM and Savannah are fully aligned and remain focused on delivering sizeable growth and cash flows at these high margin assets.”
AIIM acquires minority interests in Savannah Petroleum’s Nigerian gas assets
AIIM acquires minority interests in Savannah Petroleum’s Nigerian gas as...
African Infrastructure Investment Managers (AIIM) has acquired minority interests in gas assets in Nigeria major...