Gulf Oil and Gas accountACCOUNT

IFC & Quantum Oil Terminal to Increase Petroleum Storage Capacity in Ghana

Source: 6/9/2015, Location: Africa

IFC, a member of the World Bank Group, signed an $8 million loan agreement with Quantum Oil Terminal Limited, a leading player in the oil and gas sector in Ghana.

Quantum Oil Terminal Limited is developing a 55,000 metric ton petroleum products storage facility near the port of Tema, 29 km east of Accra. The project will help address storage constraints in the petroleum products distribution value chain and reduce shortages in Ghana.

The OPEC Fund for International Development also provided an US$8 million loan.

“This collaboration with IFC on the Tema Tank Farm project is critical for us and for Ghana,” said Emmanuel Egyei-Mensah, Quantum’s Group Executive Chairman and Chief Executive Officer. IFC support to establish international best practices in corporate governance and environmental and social systems throughout the Quantum Group, will position us for optimum performance as Ghana liberalizes petroleum product pricing.

“IFC is committed to partnering with local private sector players to build capacity and meet the growing energy needs of Ghanaians,” said Ronke-Amoni Ogunsulire, IFC Country Manager for Ghana. “The energy sector 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.”

IFC has invested over US$2.4 billion in total in Ghana. In the past five years, investment in the energy sector amounts to US$525 million including oil and gas exploration and production, power production, and refined petroleum distribution.

For more information about related Opportunities and Key Players visit West Africa Projects

Financials and Investment News in Ghana >>

France >>  3/5/2021 - CGG, a world leader in Geoscience, announced its fourth quarter and full year 2020 audited results. ...
Cameroon >>  3/4/2021 - Tower Resources plc, the AIM listed oil and gas company with its focus on Africa, is pleased to announce a further extension of its Loan Facility ("Fa...

Canada >>  3/4/2021 - TC Energy Corporation announced that TransCanada Trust (the Trust), a wholly-owned financing trust subsidiary of TransCanada PipeLines Limited (TCPL),...
Germany >>  3/4/2021 - - 227,213 metric tons of certified palm oil and palm kernel oil sourced representing 100 percent of procured material
- Almost 95 percent of glo...

United States >>  3/4/2021 - -Northern Oil and Gas, Inc. announced the expiration and final tender results of its previously announced cash tender offer (the “Offer”) for any and ...
Denmark >>  3/3/2021 - DNV has supported Hapag-Lloyd in obtaining financing for six of its highly efficient containership newbuildings according to the Green Loan Principles...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Ghana Oil & Gas 1 >>  2 | 3 | 4 | 5 |

Oil & Gas Projects in Ghana >>

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.