The management of Standard Chartered Bank has assured its numerous clients of its commitment to supporting their growth aspirations, no matter the sector they operate in.
The lender made this promise while speaking on the role it played in the recent acquisition of a 45 per cent working interest in OML17 by Heirs Holdings Oil & Gas Limited.
Standard Chartered acted as coordinator/financial advisor to Heirs Holdings in the deal described as one of the largest in the oil and gas sector in Africa.
Heirs Holdings acquired the stakes held by Shell Petroleum Development Company of Nigeria Limited (SPDC), Total E&P Nigeria Limited (TEPNG) and Nigerian Agip Oil Company Limited (NAOC), a subsidiary of ENI SpA, in OML 17, a producing onshore oil and gas asset in Nigeria.
The transaction showed the extensive knowledge Standard Chartered has in the energy value chain in Africa. The firm advised the buyer on all aspects of the deal, including market sounding, investor screening, transaction structuring, negotiation with financiers and the sellers, regulatory engagement, overall process management and completion escrow account structuring and management.
“Standard Chartered is proud to have partnered with HeirsHoldings Oil & Gas to deliver completion on this landmark transaction and we look forward to supporting Heirs Holdings Oil & Gas to realize value from this world-class asset.
“We continue to work with our clients across the oil & gas value chain to support them on their growth aspirations,” the Executive Director in charge of Corporate, Commercial and Institutional Banking, Nigeria & West Africa at Standard Chartered, Mr Korede Adenowo said.
Standard Chartered is a British multinational banking and financial services company headquartered in London England, operating a network of more than 1,200 branches and outlets (including subsidiaries, associates and joint ventures) across more than 70 countries and employs around 87,000 people.
The financial institution is a universal bank with operations in consumer, corporate and institutional banking, and treasury services. Despite its UK base, it does not conduct retail banking in the UK, and around 90% of its profits come from Asia, Africa and the Middle east.