SNPC and ORION Oil Executives Pay Working Visit to UBA House

Executives of Société Nationale de Pétrole du Congo (SNPC) and ORION Oil, both companies based in Democratic Republic of Congo (DRC), were at the UBA House on Friday, July 4, 2014, on a working visit.

L-R: Group Managing Director/CEO, Phillips Oduoza with the Managing Director of Finance and Accounting, Société Nationale de Pétrole du Congo (SNPC) Nganongo Calixte, during the SNPC and ORION Oil working visit to UBA House in Lagos, Nigeria

Led by the Managing Director of Finance and Accounting, SNPC, Nganongo Calixte and Ebata Lucien, Managing Director/CEO, ORION Oil, they were received by UBA’s Group Managing Director/CEO, Phillips Oduoza.

Nganongo Calixte, speaking during the visit, explained that they were at the UBA House to show their appreciation for the strong business relationship between both companies and UBA, which has seen UBA finance some of  SNPC’s key projects.

He used the opportunity to also request that UBA support the planned $1.5 billion loan syndication for SNPC to finance the development of new oil fields and other development initiatives of SNPC.

Oduoza, in his response, said that UBA is always eager to support transactions originated by Africans for Africans. He assured that African Banks like UBA, have proved their capacity to finance big ticket transactions, while assuring the visiting Congolese delegation that UBA looks forward to this transaction and also partnering with the government of DRC.

 “We are willing and ready to work further with SNPC. Our first transaction was very successful and we are willing to do more business with you.”

Societe Nationale des Petroles du Congo (SNPC) supervises petroleum exploration and production activities in DRC. It also holds interest in oil refining, warehousing and distribution, natural gas, and oil trading markets. SNPC was established in 1998 and is headquartered in Brazzaville, Congo with additional offices in Pointe-Noire, Congo and London.

United Bank for Africa (UBA) Plc is one of Africa’s largest banks with operations in 19 African countries, a subsidiary in London and business offices in New York and Paris serving over seven million customers with an array of banking products and services suitable for both retail, corporate, and institutional customers both in private and public sectors of the economy.