National Bank of Commerce has signed 100 billion shillings with Star oils Tanzania limited as a loan agreement deal to foster oil and petroleum industry in the country.
Speaking to invited dignitaries during the official signing ceremony in Dar es Salaam at the weekend, NBC, Managing Director, Ms Mizinga Melu said that the bank’s has concluded a multi- billion shilling financial deal with Star oils a sister company’s with Mohammed Enterprise Tanzania Limited (Metl).

“Star oils a sister company’s with Metl is one of the fast growing firms in East and Southern Africa and it has impressive financial and business records,” she said.
She said that Metl is one of the firm’s that shown strong record in trading of manufacturing, textile, insurance and oil that deserve to be empower by financial institutions inside and outside the country.

“We are delighted that Star Oils Tanzania has granted NBC the opportunity to undertake this business with them. The conclusion of this deal reaffirms NBC’s commitment to supporting our clients where the combination of a local Bank with global capabilities is leveraged.  ” said Mizinga Melu, NBC’s Managing Director during the signing ceremony marking the conclusion of the financial deal between NBC and Star Oils Tanzania yesterday.

Ms Melu underscored that after the NBC started and impressed with Melt financial transactions they have decided to support them in order to expand their business and trade networks to capture the global market.

“This deal would enable Star oils to expand their targets in global market as well fostering its production and distribution level in East and Southern Africa,” she added.
She noted that the banks that made this deal a reality are NBC, Absa and Barclays Bank Mauritius and the conclusion of the deal showcases NBC and Barclays Africa group joint capabilities in supporting its clients. 

 On his part, Metl, Managing Director, Mohammed Dewji (MB) said that the milestone that the firm has going through shows its commitment in business especial of oil and petroleum industry in the country.

“This loan would assist Star oils firm to increase its production and distribution capacity that will the company venturing in East and Southern Africa market.
“We are planning to start distributing oil and petroleum products in East and Southern Africa as part of the firm’s efforts to expand its business in Africa,” he said.
Star Oils Tanzania is one of MeTL Group’s newest business ventures located near Dar es Salaam’s port at Kurasini.
Star Oils Tanzania is currently implementing the second phase of an extensive project to store petroleum products and later to create nationwide distribution of petroleum products through a chain of nearly 200 petrol stations. 

The total storage capacity of this facility upon project completion shall be 68 million litres, created solely for the storage of gasoline, gas oil and kerosene. The bulk of these products are currently marketed on a wholesale basis with future plans to market them through MeTL Group’s retail petrol stations.

In structuring this deal, Absa provided a Structured Trade Finance Facility, Barclays Bank Mauritius has funded a Term Facility, whilst NBC has afforded an Overdraft Facility to Star Oils Tanzania.

The signing ceremony was witnessed by Star Oils Tanzania directors and the NBC Executive Management team at a colorful ceremony.
NBC is one of the most represented retail bank in the country with over 45 years experience in providing financial services. 

Apart from offering traditional banking services, NBC also prides itself with an expanded branch network of 52 branches and over 280 Visa enabled ATMs. The bank also services over 250 Points of Sales strategically located throughout the country. NBC has employed over 1300 staff.

Ends.
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