The arrangement is also in 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.

The five-year facility is in line with a strong relationship between Stanbic Bank and Fuel Trade which includes the provision of a USD 75 million trade line to the company for the importation of fuel products.

The Executive Chairman of Fuel Trade Limited, Chris Chinebuah, at the signing ceremony, said Stanbic Bank’s continuous support for the private sector would yield developmental dividends for the country’s economic growth.

“We have not been with Stanbic for a long time but already we are very impressed with your professionalism and zeal to duty. This is truly an African Bank. We are very comfortable to be associated with you and we consider this deal as the first of many to come. I assure you of our relationship will be second to none. This deal will help open up the fuel storage industry to us.”

Stanbic Ghana’s Head of Corporate and Investment Banking, Kwamina Asomaning 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 our customers forward. We are proud to be associated with Fuel Trade’s success story.

This is another testimonial to our commitment to provide the critical support needed to grow corporate Ghana.” Bulk distribution of fuel products in Ghana is dominated by three top traders who control close to 70 per cent of the market. Fuel Trade is a leading bulk distributor of petroleum products and the largest importer of Liquefied Petroleum Gas (LPG).