Stanbic Bank Ghana, Fuel Trade in $21m deal to build fuel storage tanks

Stanbic Bank Ghana and Fuel Trade Ltd., have signed a $21 million deal to build fuel storage tanks. The tanks, the bank says will be located at Tema.

The agreement was signed on August 24, 2012. Signatories to the agreement were Mr Kwamina Asomaning, Executive Director, Stanbic Bank and Chris Chinebuah, Director of Fuel Trade.

Stanbic which announced the agreement said the five years loan agreement also includes the provision of a $75 million trade line to Fuel Trade for the importation of fuel products.

The bank says the 80,000 metric tons facility support Fuel Trade’s long term strategy to be a leader in the fuel storage business and is also a response to a new legislation by the National Petroleum Authority (NPA) that makes it mandatory for bulk distribution companies to own their own storage facilities or maintain long term access to storage facilities.

By Emmanuel K. Dogbevi