Stanbic Bank Ghana seals US$21 million deal with Fuel Trade Limited

Tuesday, 04 September 2012 07:48

Stanbic Bank Ghana Limited has announced it has signed a US$21mn deal with petroleum products distributor, Fuel Trade Limited, to design fuel storage tanks in the Tema region of Ghana

The agreement has been signed as a new legislation comes in force for bulk distribution companies to own their own storage facilities or gain long-term accessibility to storage facilities in Ghana.

Noting the importance of the deal for Fuel Trade Limited, company chairman Chris Chinebuah said, "We have not been with Stanbic for a long time but already we are very impressed with its professionalism and zeal to duty.”

Fuel Trade will build an 80,000 metric tonnes facility in a bid to support their long-term strategy to be at the forefront of fuel storage business.

The new facility will include the provision of a US$75mn trade line to the company for the importation of fuel products.

Kwamina Asomaning, head of corporate and investment banking at Stanbic Bank Ghana, said, "This is a significant milestone in our history because this deal has been sealed at a time we are celebrating 150 years of moving Standard Bank Group's customers forward.”