IFC signs $8m deal with Ghana's Quantum Oil Terminal
IFC, a member of the World Bank Group, has 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.