The facility is structured via Pre Export loan to Azule Energy Holdings Limited providing essential finance on a limited recourse basis, recognising the value of the underlying trade flows over the period of the loan. Azule Energy Holdings is a joint venture between BP and ENI which consolidated both group's Angola Oil and Gas upstream assets, ensuring material synergies and operational efficiencies for both parties.As part of the merger, the sponsors have decided to raise a non-recourse seven-year US$2.5bn crude oil pre-export finance at Azule Energy level.The PXF will be used for general corporate purposes, replacing existing shareholders’ loans and achieving a standalone capital structure for the newly combined entity (with a healthy debt to equity level). As a result of the combination of the Angolan upstream oil, gas and LNG assets of BP and ENI, Azule Energy is now the second largest upstream player, with a reserve life of more than 20 years.