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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