09:39 AM EDT, 05/23/2025 (MT Newswires) -- Banco Latinoamericano de Comercio Exterior (BLX) said Friday it has agreed with African Export-Import Bank, known as Afreximbank, along with 16 other financial institutions, to provide Staatsolie with a $1.6 billion long-term financing deal.

The funds are to help refinance Staatsolie's existing debt and support its 20% stake in the offshore GranMorgu upstream off-shore oil project in Block 58, 150 km off Suriname's coast, the company said.

The GranMorgu project, led by TotalEnergies' (TTE) Suriname unit, is expected to start producing oil by mid-2028, it added.

The deal was structured by Bladex and syndicated to top global, regional, and local banks and investment firms, according to the company.

Staatsolie's $2.4 billion share is part of a $12 billion total capital investment, with expected revenues of over $26 billion for Suriname across the project's lifespan, Bladex said.

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