ADM Energy PLC (LON:ADME) has extended its agreement with Trafigura, over a US$120mln financing, for a further 12 months.
Through an indicative memorandum of understanding (MOU) the companies intend to create a strategic alliance to develop energy projects in Africa.
ADM is seeking opportunities in the African energy sector to present to Trafigura.
“We are pleased to extend our agreement with Trafigura, which demonstrates the strength of our relationship and their belief in our growth strategy,” said Osamede Okhomina, ADM chief executive in a statement.
“This relationship with a multi-billion dollar industry partner gives ADM access to capital to secure and develop projects that will increase our exposure to value-accretive, high-quality assets. We are in regular discussions with Trafigura and are pursuing a number of attractive opportunities in the West African region that we believe will be prosperous for the partnership.”