U.K ANGOLA GHANA
NEWS
June, 11, 2019
Tullow initiates financing scheme for local suppliers
Tullow Ghana has brought together seven banks and over 250 indigenous suppliers in the oil and gas Industry to facilitate and institute easy access to credit financing and other financial sources in order for them to take advantage of business opportunities created by local content legislation in the industry.

The financing process is in response to various feedbacks the company has received from the local companies who are constrained by the challenges of getting access to credit as well as the cost of capital for undertaking projects in the sector.

This has created the need to assemble a consortium of banks and the companies themselves to discuss the various financing packages the banks are willing to offer the suppliers.

According to Tullow Ghana, it has received many requests from a number of financial institutions willing to offer a variety of financing packages and solutions to local suppliers in the upstream oil and gas industry.

The initiative forms part of Tullow’s shared prosperity philosophy which is based on the principle that a country’s hydrocarbons must be a catalyst for its economic growth and one of the measures to achieve this is to offer opportunities along the supply chain to indigenous enterprises and facilitate easy access to financing for such local players in the oil and gas industry.
Source: GhanaWeb

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