Tanzania’s National Bank of Commerce (NBC), South Africa’s Absa and Barclays Bank Mauritius have agreed a US$60mn syndicated loan in favour of energy distribution company Star Oils.

Absa has provided a structured trade finance facility whilst Barclays Bank Mauritius has provided a term loan. NBC has afforded Star Oils an overdraft facility for its continued operations.

Commenting on agreeing the deal, managing director of NBC, Mizinga Melu, says: “We are delighted that Star Oils has granted NBC the opportunity to undertake this business with them.”

Star Oils, a subsidiary of MeTL Group, owns and operates nearly 200 petrol stations in Tanzania, and is to be building a petroleum tank storage facility near the Dar es Salaam port with a storage capacity of 68 million litres.

In a statement, MeTL Group CEO, Mohammed Dewji, says that the deal represents a further milestone for the group’s diverse operations, which spans multiple sectors in 11 countries across Africa.