Renaissance Backs Local Oil Contractors with $4.1bn, N435bn Fund, Partners 13 Banks

Renaissance Africa Energy Company Limited has partnered with 13 banks to provide a subscribed financing portfolio of $4.1 billion and N435 billion to indigenous oil and gas contractors. The Renaissance Vendors Financing Scheme (RVFS) was unveiled at a Memorandum of Understanding signing ceremony in Lagos and offers credit support in both naira and US dollars to local contractors executing projects for the company. The 13 participating banks include First Bank, Guaranty Trust Bank, Zenith Bank, Access Bank, United Bank for Africa, Stanbic IBTC Bank, Standard Chartered Bank, First City Monument Bank, Sterling Bank, Wema Bank, Union Bank, The Infrastructure Bank, and African Export-Import Bank (Afreximbank). The company is pursuing an ambitious production growth programme of 500,000 barrels per day.

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