IFC Partners with Quantum Oil Terminal to Increase Petroleum Storage Capacity
Accra, Ghana, June 08, 2015 IFC, a member of the World Bank Group, today 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, Quantums 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.
About Quantum Group Limited
Quantum Oil Terminal Limited is a subsidiary of the Quantum Group Limited, a company incorporated in Ghana. Quantum Group Limited is involved mainly in energy and petroleum products distribution. The group owns 100 percent of Cardinal Petroleum Limited, 100 percent of Sage Petroleum Limited, 60 percent of Aspen Limited, and 100 percent of Quantum Terminals Limited. Sage Petroleum is a refined petroleum products import company; Cardinal Petroleum, a holding management company, manages the retail subsidiaries within the group; and, Aspen Petroleum Limited re-exports petroleum products to other countries such as Mali and Burkina Faso.
About the OPEC Fund for International Development
The OPEC Fund for International Development is a development finance institution established by the member states of OPEC. It works in cooperation with development partners to stimulate economic growth and alleviate poverty in disadvantaged regions of the world, by providing financing to build essential infrastructure, strengthen social services delivery and promote productivity, competitiveness and trade.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit www.ifc.org.