Nigerian supply chain services firm Dorman Long Engineering Limited obtained a $10 million trade finance facility from multilateral finance institution the African Export-Import Bank (Afreximbank) to expand its steel pipe offerings to International Oil Companies (IoCs). The facility will also broaden the firm’s presence in African markets.
Provided over three years, the facility will enable Dorman Long Engineering Limited to issue export guarantees, including credits and standby letters, to IoC clients.
“With this facility, Dorman Long Engineering Limited is better positioned to execute large infrastructure and EPC projects and contribute to addressing key energy security needs in Africa,” stated Eric Intong Monchu, Acting Group Managing Director, Client Relations, Afreximbank.
The loan falls under Afreximbank’s Intra-African Engineering, Procurement, and Construction (EPC) Initiative, designed to strengthen the technical and financial capacities of African EPC companies for value addition and infrastructure development.
Timi Austen-Peters, Chairman of Dorman Long Engineering, emphasized that Afreximbank’s loan aligns with the firm’s global growth strategy and efforts to foster local economic development and job creation.
The agreement for the loan was signed during the African Energy Week: Invest in African Energy conference in November.
