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Publish Date : 12-Aug-2014

Star Oils Limited has received $60.25 million loan from the National Bank of Commerce (NBC). METL is the sister company of Star Oils and during last week, Mohammed Enterprise Limited (METL)’s Chief Executive Officer, Mohammed Dewji announced that Star Oils is to distribute oil and petroleum products in the East and Southern Africa market. Dewji said, “This loan would help Star Oils to boost its production and distribution capacity so as to fulfill demand in the East and Southern Africa market.”

The NBC’s Managing Director, Mizinga Melu said, “We are confident because Star Oils is one of the fast growing firms in East and Southern Africa and it has impressive financial and business records,” adding that METL has shown significant growth in the trading of manufacturing, textiles, insurance and oil.

She added, “We are delighted that Star Oils Tanzania Limited 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.”

Presently, Star Oils Tanzania is in the process of executing 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. Once completed, the total storage capacity of this facility shall be 68 million liters. It is designed to store gasoline, gas oil and kerosene.

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