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Home Industries Company News

Shoreline Arrange $2 Billion Bonds To Buy Africa Energy Assets

Editor by Editor
July 7, 2015
in Company News, Politics
Fuel subsidy is only about N8,000 per Nigerian…why remove it?
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  • Shoreline Group, a Nigerian company with interests from oil production to rope-making across six African countries, plans to sell $2 billion in debt to buy crude and gas assets on the continent, which may include purchases in Equatorial Guinea and Tanzania.
  • The debut issue of as much as $500 million of five- to seven-year Eurobonds will probably happen before the end of the year, Chief Executive Officer Kola Karim said in an interview in his office in Lagos on June 2. He was speaking after a two-week roadshow in the U.S. and Middle East, arranged by two international banks he declined to identify.
  • “The winner of this market is going to be the guy who has access to not only local, but international capital,” said Karim, 46, wearing a striped, cream colored Nigerian traditional outfit.

  • “I’m bullish about gas and gas infrastructure. If this country is going to grow that’s going to be huge.

  • Shoreline is seeking to profit from an energy deficit in Nigeria, where homes and businesses rely on generators rather than grid power, which works for only a few hours a day if at all.
  • That’s created a gap that can be filled by Karim’s company, whose operations span infrastructure and engineering, power and telecommunications.
  • Founded in 1997, Shoreline produces about 60,000 barrels of oil a day, with crude accounting for around 60 percent of its overall business, he said.
  • Source: Bloomberg

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