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Renaissance Africa Energy, operator of Shell's former onshore business, has relaunched its vendor financing scheme with 13 banks, offering a subscribed portfolio of $4.1 billion and N435 billion to indigenous oil and gas contractors.
Nigerian equities fell 0.33% for the week to 247,539.73 points as the banking index shed 3.15%, while oil and gas stocks rose 3.13% and market breadth stayed positive.
The All-Share Index edged up 0.01 per cent to 247,707.13 points for a second straight gain, but decliners outpaced gainers and the value of trades contracted sharply, leaving the rally resting on a narrow band of energy stocks.
Tenaris invested about $10 million to refurbish a five-layer thermal insulation line at its Onne plant in Rivers State, making it the only such facility in sub-Saharan Africa, after completing a coating campaign for the Bonga North deepwater project.