Business First Bank to Fund Kaztec’s $1.3bn Fabrication Contract



First Bank Plc after inspecting Kaztec Engineering's Fabrication Yard at Snake Island in Lagos, has pledged to support the financing of the $1.3bn fabrication contract awarded to the company, which is a subsidiary of Chrome Group, by Addax Petroleum.

Group Executive Director, Institutional Banking, Mrs. Bashirat Odunewu who spoke on the projects financing, said: “Our visit was impressive because Kaztec is 100 per cent Nigerian company. They made presentation to us, and we had a walk round the facility. I must say that all the things we saw were very encouraging that a Nigerian company can do such good technical work.

The contract, scheduled to commence next month is tied to the Addax’ Ofrima/Udele development project.

Chrome Group’s spokesman, Dr. Edwin Amobi, who shed more lights on the projects, said it will come in four phases. According to him, the first phase is the fabrication yard, while the second is the pipe rolling and pipe coating yard. He said, phase three is the drydock yard, where the refurbishing and rehabilitation works for boats, tug boat, barges will be carried out, while fourth phase is the logistics base.

He said the project is still on its first phase and that construction is currently going on, while the installation and commissioning will follow as soon as possible, THISDAY reports.

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