NATIONAL BANK OF COMMERCE (NBC) AND MOHAMMED ENTERPRISES TANZANIA LIMITED (MeTL) SIGN A MULTI-BILLION SHILLING LOAN FACILITY

Dar es Salaam, August 1^st  2014 NBC and Star Oils Tanzania Limited concluded a multi-billion Shilling financial deal,  made possible, with the joining of hands of three Banks. The  banks that made this  deal a reality are NBC, Absa, and Barclays Bank Mauritius. The conclusion of the deal showcases NBC and Barclays Africa Group Limited’s joint capabilities in supporting its clients.

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.

“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.

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.