Wednesday, June 17, 2015

IFC sign loan agreement for Ghana petroleum storage

A loan agreement of $8 million (€7 million) has been signed by the International Finance Corporation (IFC) to help construct a petroleum products storage facility in Ghana.

The loan agreement is between the IFC and Quantum Oil Terminal, which is developing a 55,000 metric tonne facility near the port of Tema, close to the country's capital Accra.

The project will help alleviate storage constraints in the products distribution value chain and reduce shortages in Ghana.

The OPEC Fund for International Development also provided an $8 million (€7 million) loan.Quantum's group executive chairman and CEO Emmanuel Egyei-Mensah says:

'This collaboration with IFC on the Tema Tank Farm project is critical for us and for Ghana.'Ronke-Amoni Ogunsulire, IFC country manager for Ghana adds:

'The energy is a priority for IFC, and we are working on projects in every part of the value chain. We are pleased that, together with Quantum, we can help reduce fuel shortages in Ghana.'

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