Ghana: IFC funds new Tema tank farm

The World Bank’s International Finance Corporation (IFC) and the OPEC Fund for International Development are providing loans of $8m each to Quantum Oil Terminal, which is developing a 55,000 tonne petroleum products storage facility near Tema port. The IFC, which signed its loan on 9 June, said the project would help address storage constraints in petroleum products distribution and reduce shortages.Tema oil refinery’s chronic debt problems mean the facility is not always operational, and bulk distribution companies play a key role in importing products and keeping the market supplied.