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.

READ: ADM Energy tipped as a ‘buy’

“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.” 

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