IFC to provide $8m debt financing to Quantum Oil Terminal for petroleum storage facility

IFCThe International Finance Corporation (IFC) of the World Bank Group says it will provide debt financing to Quantum Oil Terminal Limited, a subsidiary of Quantum Group, an independent trader and distributor of petroleum products in Ghana.

In a press release copied to ghanabusinessnews.com Thursday June 4, 2015, the IFC says the financing will support the development of a 55,000 metric ton of petroleum products storage facility, located near the Tema harbour.

The total cost of the project, the IFC says is approximately $33.3 million, and the storage facility will be utilized mainly by Sage Petroleum Limited, the trading arm of Quantum Group, and another Bulk Oil Distributing Company, it adds.

The release notes that the loan agreement will be signed Monday, June 8, 2015 in Accra.

By Emmanuel K. Dogbevi

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