By Ayomide Otitoju
The African Export-Import Bank (Afreximbank) has taken a central role in arranging a landmark $1.6 billion senior secured term loan facility for Suriname’s state-owned energy firm, Staatsolie Maatschappij Suriname N.V., marking a major milestone in the country’s push towards offshore oil production.
Afreximbank served as global coordinator and joint mandated lead arranger for the transaction, which also included Banco Latinoamericano de Comercio Exterior, S.A. (Bladex), another major international bank, and Staatsolie. The agreement was signed on Saturday.
Proceeds from the facility will be used to refinance existing debt and fund Staatsolie’s 20% working interest in the GranMorgu upstream offshore oil project—Suriname’s most ambitious energy venture to date. According to Afreximbank, this deal represents the largest project financing in Suriname’s history and is the first syndicated loan it has led in the Caribbean region.
The GranMorgu project, with capital investments expected to exceed $12 billion, is forecast to deliver over $26 billion in revenue for Staatsolie and the Government of Suriname during its lifespan. Staatsolie’s contribution is estimated at $2.4 billion.
Designed as a low-carbon operation, the project will feature a fully electric floating production, storage, and offloading (FPSO) unit capable of producing 220,000 barrels per day. This capacity will more than double Staatsolie’s output, significantly enhancing the country’s energy portfolio and revenue streams through royalties and dividends.
Commenting on the transaction, Afreximbank President and Chairman of the Board, Prof. Benedict Oramah, described the deal as transformative.
“This transaction is a significant milestone in Afreximbank’s Caribbean engagement. It reflects our commitment to backing strategic investments that catalyze economic transformation. We are also supporting initiatives that ensure maximum local benefit from Suriname’s natural resources,” Oramah stated.
Staatsolie Managing Director Annand Jagesar described the agreement as a launchpad for a new era of growth. “We have built a solid foundation for participation in GranMorgu and future projects, ushering in transformational growth for both the company and the country,” he said.
Staatsolie is involved in oil exploration, production, refining, power generation, and gold ventures, and plays a key role in shaping Suriname’s long-term energy and economic development.
