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IFC commends Quantum group tremendous investment in energy sector

By: Fred Yaw Sarpong- Daily Express

International Finance Corporation (IFC) has commended Quantum Group for a tremendous investment the company has made in terms of financial resources and human resources, putting together a large venture to attract this package from IFC.

“IFC is committed to partnering with local private sector players to build capacity and meet the growing energy needs of Ghanaians,” this was said by Mrs. Ronke-Amoni Ogunsulire, the IFC Country Manager for Ghana at the signing of a loan agreement with Quantum Group at the World Bank office in Accra.

According to her, they are honoured to partner with the Quantum Group, not only because it is a leading player in the sector, but also because the project aligns with their priority of helping Ghana solve some of its most pressing concerns.

She congratulates Mr. Emmanuel Egyei-Mensah of the Quantum Group and his team for spearheading this important and timely project which will increase Ghana’s storage capacity for refined petroleum products.

“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,” she added.

She noted that their objective is to help alleviate fuel shortages for the benefit consumers, through the provision of adequate, modern and efficient storage facilities.

‘‘We expect other positive impacts from this project including the unlocking of business opportunities in several sectors, and the creation of jobs, particularly in the oil marketing companies that sell fuel to end-users at filling stations,’’ said Mrs Ogunsulire.

She said the energy sector is a priority for IFC, and they are working on projects in every part of the value chain, from upstream (oil & gas exploration and production), all the way to downstream (refined product distribution).

‘‘We have invested US$525 million in the sector in the past five years, including oil and gas exploration and production, power production, and refined petroleum distribution,’’ according to her.

Mr. Emmanuel Egyei-Mensah, Quantum’s Group Executive Chairman and Chief Executive Officer thanked IFC for accepting their proposals in this partnership.

“This collaboration with IFC on the Tema Tank Farm project is critical for us and for Ghana,” said Egyei-Mensah.

He said the IFC support to establish international best practices in corporate governance and environmental and social systems throughout the Quantum Group, will position them for optimum performance as Ghana liberalizes petroleum product pricing.

The IFC, which is a member of the World Bank Group, signed a loan facility agreement of US$8 million 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. 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.


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