Wednesday, April 13, 2011

Shell Aiding Ghana Oil Company to Raise Funds for Crude

By Moses Mozart Dzawu

Business ExchangeBuzz up!DiggPrint Email .Royal Dutch Shell Plc (RDSA) is helping Ghana’s state-owned oil company raise $500 million to fund infrastructure and the purchases of crude oil for the country’s Tema Oil Refinery, said Mike Muller, Shell’s global leader in charge of crude trading.

The transaction will be completed this year and Deutsche Bank AG (DBK) is acting as lead arranger, Muller said at a conference in Ghana’s capital, Accra, today.

Ghana National Petroleum Corp. will repay the loan with crude shipments to Shell from its offshore Jubilee field, he said. Shell’s role as a guarantor to the Ghanaian company in the transaction requires that it gets the oil shipments and then make sales in order to repay the banks, he said. “The shipment can be in 2012 or beyond.”

To contact the reporter on this story: Moses Mozart Dzawu in Accra at

To contact the editor responsible for this story: Antony Sguazzin at

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