The African Export-Import Bank (Afreximbank) has approved a $200 million financing facility for Shoreline Power Company Limited to support a major oil and gas infrastructure project in Algeria. The funding is expected to strengthen African engineering capacity while promoting cross-border investment and intra-African trade.
Approved in June 2026, the $200 million financing facility will allow Shoreline Group, through its majority-owned Italian engineering subsidiary, ArkadSpA, to deliver its share of the $980 million Hassi Bir Rekaiz (HBR) Field Development Phase 2a project.
According to Afreximbank, ArkadSpA holds a 44 per cent stake in the engineering, procurement and construction (EPC) contract awarded by Groupement Hassi Bir Rekaiz (GHBR), a joint venture involving Sonatrach of Algeria, PTTEP of Thailand, and CEPSA of Spain.
The $200 million financing facility consists of a $110 million contract finance package to cover performance guarantees, advance payment guarantees, and working capital for the HBR project. It also includes a $90 million revolving global facility to support Shoreline Group and its affiliates in bidding for and delivering pipeline and infrastructure projects in Nigeria and other approved markets.
Afreximbank said the HBR Phase 2a project will involve the construction of a new central processing facility, increasing production at the Hassi Bir Rekaiz field from around 13,000 barrels per day to between 50,000 and 60,000 barrels per day. The project is also expected to create approximately 6,000 jobs, strengthen regional supply chains, and boost the ability of African engineering firms to execute large-scale infrastructure projects.
Commenting on the approval, Executive Vice President for Intra-African Trade Finance and Export Development at Afreximbank, Mrs Kanayo Awani, said, “This transaction exemplifies our EPC Initiative and our Intra-African Trade Champions framework in action, enabling an African-owned engineering group to compete and deliver at the highest levels of global project execution.
“By providing the $200 million in structured financing, we are not only supporting Algeria’s national energy infrastructure development but also advancing intra-African trade in high-value engineering and construction services among Nigeria, Italy and Egypt”.
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