IFC, OPEC Fund for International Development, and Quantum Oil Terminals are pleased to announce the successful and amicable settlement of all arbitration and legal proceedings that was previously ongoing between the parties. The parties have reached a mutually agreeable resolution that brings closure to all outstanding disputes. Through open dialogue all parties have achieved a final settlement that satisfies the interests and addresses concerns of all parties.
This outcome reflects a shared commitment by Quantum Oil Terminals to continue in its objective of developing energy infrastructure in Ghana, and that of IFC and OPEC Fund to continue to promote private sector development initiatives in Ghana.
Quantum Oil Terminals, IFC and the OPEC Fund have been in a long-standing dispute relating to loan agreements under which the two international bodies had agreed to provide, subject to the terms of those agreements, Quantum Oil with a loan facility to support the construction of a petroleum storage facility in connection with a National Petroleum Authority (NPA) regulation that required Bulk Oil Distribution companies to construct their own tank farms.
Emmanuel Egyei-Mensah, CEO of Quantum Oil Terminals, said he is pleased that the long drawn out case has finally been resolved. “We express our appreciation for the efforts made by the IFC and OPEC Fund in reaching this amicable conclusion. This achievement stands as testament to the power of cooperation and the value of finding equitable solutions to the satisfaction of all entities”, he said.