Accra, Ghana, June 09, 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
“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
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.