The IFC, OPEC Fund for International Development and Quantum Oil Terminals are pleased to announce the successful and amicable settlement of all arbitration and legal proceedings that was previously ongoing between the parties. The parties have reached a mutually agreeable resolution that brings closure to all outstanding disputes.  Through open dialogue all parties have achieved a final settlement that satisfies the interests and addresses concerns of all parties.

This outcome reflects a shared commitment by Quantum Oil Terminals to continue in its objective of developing energy infrastructure in Ghana, and that of IFC and OPEC Fund to continue to support such initiatives. 

Quantum Oil Terminals, IFC and the OPEC Fund have been in a long standing dispute relating to a loan agreement under which the two international bodies had agreed to provide Quantum Oil with a loan facility to support the construction of a petroleum storage facility to help it meet a National Petroleum Authority (NPA) regulation that required Bulk Oil Distribution companies to construct their own tank farms.