Quantum Oil TerminalsThe International Finance Corporation (IFC), a private lending arm of the World Bank, the OPEC Fund for International Development and Quantum Oil Terminals – an indigenous Ghanaian energy infrastructure company, have announced a comprehensive settlement of legal disputes related to loan agreements for constructing a new oil storage terminal in Ghana.
According to a statement issued by the IFC: “The parties have reached a mutually agreeable resolution that brings closure to all outstanding disputes over Quantum’s US$41 million lawsuit against the IFC and OPEC Fund”. Filed in 2018, Quantum’s lawsuit accused the lenders of illegally blocking loan disbursements to build a petroleum storage tank farm near Port Tema as required by Ghana’s National Petroleum Authority.
Through open dialogue, all parties have achieved a final settlement that satisfies the interests and addresses concerns of all parties.
In the settlement, the companies agreed to end all legal proceedings.
“This outcome reflects a shared commitment by Quantum Oil Terminals to continue its objective of developing energy infrastructure in Ghana, and that the IFC and OPEC Fund will continue to promote private sector development initiatives in Ghana,” the statement said.
The dispute dates back to 2015, when Quantum secured conditional loan approvals from the IFC and OPEC Fund to construct a tank farm to store and distribute imported petroleum products. The US$56million project aimed to address Ghana’s risks of fuel shortages and supply disruptions.
As a condition of its operating licence, Ghana’s National Petroleum Authority mandated all petroleum importers to build minimum storage capacity rather than rely on the overloaded Tema Oil Refinery. Quantum stepped in to develop a modern tank farm, but ran into funding issues when the IFC refused to disburse the loan.
