STANBIC BANK EYES DEAL LINKED TO US$20 BILLION GAS CREDIT FUNDS

Dar es Salaam. Stanbic Bank is set to earn multibillion shillings revenue through training local investors on how to benefit from credit funds connected with a project for development of Liquefied Natural Gas (LNG) worth more than $20 billion (Sh34 trillion).

Speaking to reporters last week, Mr Phumelele Mbiyo, the Stanbic regional head for micro-economic research, said the bank had been focusing on attracting corporate clients for development of downstream and midstream activities following the government move to embark on LNG project.

Mr Mbiyo said that they had decided to hold a special education forum on oil and gas for potential Tanzanian investors in order to work with them to earn huge revenue arising from various projects on natural gas resources development. The educational forum, forms part of Stanbic’s ongoing programme to promote and educate the local business world.

“Through the educational forum CIB-Tanzania showcases its vast financial expertise in oil and gas industry drawn from its experience in other markets in which the bank operates,” he says. He lists various natural gas projects that can create huge demand for financial resources which in turn calls for sound financial expertise to work on them. According to him, the projects include; construction of fertilizer plant, ammonia plant, petrochemical plant, methanol plant, gas fired power plants, projects on airport expansion, port construction and railway network expansion.

Other expected projects, according to him are construction of roads, hotels, training colleges, schools, hospital centres, water supply facilities and other social amenities to respond to the demand of population boom associated with increased economic activities and investments.

Standard Bank Group head of oil and gas Simon Rudd said the discoveries would help spur Tanzania’s economic growth.

On hydrocarbons, Tanzania was expected to lead drastic changes in the national economy for the next decade with increased petroleum product demand as populations urbanise and economies industrialise in the world.