The proceeds of the facility will support Staatsolie in partially refinancing existing debt and funding its 20 per cent working interest in the GranMorgu upstream offshore oil project
CAIRO, Egypt, June 16, 2025/APO Group/ --
African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has acted as global coordinator and joint mandated lead arranger for a senior secured term loan facility amounting to US$1.6 billion, in favour of Staatsolie Maatschappij Suriname N.V. (Staatsolie), Suriname’s state-owned energy company, in a major boost to the country’s GranMorgu upstream offshore oil project.
Afreximbank, Banco Latinoamericano de Comercio Exterior, S.A. (Bladex), along with another major international bank and Staatsolie signed the agreement on the 14th of May 2025. Perella Weinberg acted as an advisor to Staatsolie on the transaction.
According to the terms of the agreement, the proceeds of the facility will support Staatsolie in partially refinancing existing debt and funding its 20 per cent working interest in the GranMorgu upstream offshore oil project.
The transaction, the first syndicated loan for which Afreximbank has been mandated on in the Caribbean region, also represents the largest project financing transaction in Suriname’s history and paves the way for the country’s initial offshore oil production by mid-2028.
Capital investments in the project are expected to exceed US$12 billion, with Staatsolie contributing 20 per cent, or US$2.4 billion. The expected revenue generation, depending on oil price, is projected at over US$26 billion for Staatsolie and the Government of Suriname over the operational life, significantly boosting economic development.
The project, which stands out for its low-carbon design, featuring a fully electric floating production, storage, and offloading unit with a production capacity of 220,000 barrels per day, will more than double Staatsolie´s production, providing Suriname with royalties and dividends.
Commenting on the transaction, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said that it will significantly transform the Surinamese economy. “Afreximbank is most pleased to have played a pivotal role in arranging this financing for Suriname's Staatsolie. It marks a significant milestone in the Bank's interventions in the Caribbean and a firm statement of intent by the Bank to support investments in strategic programmes/projects that are consequential to the transformation of the Surinamese economy. Beyond this investment, the Bank is supporting initiatives that will catalyse local participation in the country’s oil and gas sector with the aim of ensuring maximum benefits from the natural resource accrue to the indigenes of Suriname and the larger Caribbean.”
Staatsolie is engaged in exploration, production, refining, retail fuel distribution and power generation. Staatsolie also has a working interest in two gold projects in Suriname. It seeks to develop energy resources to maximise the long-term value for Staatsolie and Suriname, energizing a bright future for Suriname
Annand Jagesar, Managing Director of Staatsolie said: “We have built a solid foundation for Staatsolie to participate in GranMorgu and possible future projects and are embarking on a new phase of transformational growth for the company and the country.”
BLADEX, a multinational bank founded in 1979, provides financial solutions to companies and investors doing business in Latin America. It is headquartered in Panama City and has five offices in Latin America and the United States.
Distributed by APO Group on behalf of Afreximbank.
Isn't Insurance Xaraam?
Secondly the men guarded in Muuqdishu who have been proven to siphon aid funds into foreign accounts have no capacity to execute insurance contracts.
It is merely a scam to steal money!
Buuxiye you're somewhat hipocrit. You use the label of xaraam and xalaal to your own personal advantage.
You're trying to point out that insurance is xaraam, while not long ago you were politicising poor, starved and malnarished children in somalia, and you were using them to laugh at the sutherners. If you can fool some of whom they call themselves somalilanders, you surely can't fool the creator. Man, you can freely express your opinion, but leave religion aside, it doesn't belong to you
Listen Ilyas, Buuxiye just gave his opinion as you have yours. instead of cursing him how about
that you give your opinion how different you see the insurance issue?
Cheers.
Ilays the difference between our countries is that in my country i can question the decisions of the government and if i do not like their behavior me and my people simple vote them out of power!
In your case you neither have any influence nor any say in the matters of your fragmented country. Hassan Mahamoud was SELECTED via QATARI money which made your opinion totally irrelevant and like wise that of your entire people. Your Selected president is in power in your country via Xaraan money as a consequence everything he stands for is xaraan.
Hassan Mahamoud's terms in office will only intertwine you, your country and your people into endless xaraan.
I guess there is no point worrying about insurance xaraan when your country is swimming in xaraan.
you completely missing the point here it's not about moral principles of any individual leader involved here if you live in a western world every one deals with insurance companies one way or the other and it's up to anyone that can do business with them haraam and halaal does not come into question here.pointing out mistakes of others while trying to justify on moral ground is quite hypocritical on your part indeed.political point scoring on flimsy notion,somalilanders are not walking on the same part with parties,elders,commissions,all on each others necks let alone it's one day a rule written and others decide to break what pride is there with people without firm decision?empty tins only sounding in hargeisa nothing else.each and every day ends without accomplishing a single goal no need to play the pride and prejudice game if words could match with actions then the hat could have been removed but unfortunately all somalis and their politicians are all in the same boat and what to even say.
kILLING YOUR MUSLIM SOMALI IS NOT (HARRAM) YOU BORN IN HAARAM BIRTH BECASE OF KILLING IN RAMADAN A HUMAN BEING CREATED BY GOD.
if somalis keep quetioning the ethical principals of western nation it's one step forward one step backwards the somalilanders are worse when it comes to any issues of land rights why can't they even on a much needed infrustracture which is roads?the whole of the somali regions could benefit from new roads becuause the raw materials are readily available ie cement mountains of it ,rocks,they are completely blind to the pressing need and happy to drive in ruined roads all because cerain business individual want to enrich themselves first and put the nation second,this politicians running about and encouraging people to wait for recognition are themselves to blame to.western companeis are not willing to put their money even though they give high hopes of trying to carry out projects that is one of the down sides to doing business in somalia no foreigners will put their hands in their pockets first.somalis are scattered about and waiting while they could easily agree to bring developments to their regions.the berbera cement is a perfect example it is a scandal for a government to agree to demands from a cement exporting company to reject to the rehabilitation of the berbera plant and it is a sham government without power that can allow it's self to be highjacked in that way.
Yes , it is. But can anyone in the government voice his opinion? They are nothing but puppies
Suldans have no place in the modern Somalilander. Promoting Suldans is like promoting FGM..yake!
Buuxiye is the most hypocritical poster have ever seen. If that company was offering insurance in Somaliland, his words would be very different and everyone one this site knows that. Won't miss a chance to demean anything positive about Somalia. I hope all Somalilanders are not like you because. It's folks like you that brainwash an entire society and teach them to hate everything southern. Subxanallah.