We are delighted to announce our role as English Law and Nigerian law advisers to Africa Finance Corporation (AFC) on this landmark project development facility to Blackrose. This financing is pivotal for funding the pre-development costs of Blackrose’s ambitious US$1.6 billion, 1.8 million tons per annum natural gas to methanol production facility in the gas-rich region of Akwa Ibom, Nigeria (the Project).
Blackrose, a leading development and investment management firm, has secured a license to establish a cutting-edge, low-carbon methanol plant in Akwa Ibom, Nigeria. With this significant milestone, Blackrose is set to commence the construction and development phase of the methanol plant in due course.
The Project will be executed in two equal phases, each designed to produce 1.9 million tons per annum. Phase 1 will focus solely on methanol production, while phase 2 will introduce the co-production of ammonia. The innovative design of the plant aims to achieve reduced CO2 emissions, lower natural gas consumption, and minimise excess steam production, compared to conventional plants. This project will significantly contribute to advancing green energy in the region, fostering a cleaner and greener future.
Olaniwun Ajayi’s involvement in advising the Lender highlights the Firm’s commitment to supporting transformative projects that propel Nigeria towards its net-zero goals and bolster the African energy sector and economy. We are honoured to have played an integral role in this landmark project from inception.
According to Dr Gabriel Onagoruwa, Chair of Finance and Project Development at Olaniwun Ajayi (UK) LLP, “Our engagement in this groundbreaking project is significant as it highlights our enthusiasm and dedication to pioneering sustainable energy solutions in Africa. We are proud to support initiatives that not only drive economic growth but also champion environmental stewardship. This project exemplifies what is achievable when innovation and sustainability are at the forefront of development.
