American Tank & Vessel (AT&V), a small business with offices in Houston, and headquartered in Mobile, Alabama, will export oil storage tanks and pipelines to Ghana backed by a US$109.5mn loan guarantee from US Ex-Im Bank.
The export sale to Ghana’s Bulk Oil Storage and Transportation Company (BOST) will create and sustain jobs at AT&V and its US suppliers from Oregon to Alabama, while benefiting Ghana’s economy by increasing the country’s oil storage capacity and improving delivery of petroleum-related products into rural areas.
“This transaction reflects two key Ex-Im Bank priorities – expanding support for US small business exports and for US exports to sub-Saharan Africa,” says Ex-Im Bank chairman and president James Lambright. “We look forward to supporting further projects in the growing Ghanaian market.”
“The project brings work to the US in the form of engineering, fabrication and material procurement, as well as sustaining and promoting job growth at AT&V and our suppliers,” says AT&V vice-president WT Cutts. “AT&V’s employees are excited about working with BOST and their Ghanaian counterparts to continue to develop US exports to the Sub-Saharan market.” AT&V is designated a small business by the US Small Business Administration.
The Ex-Im loan guarantee covers the US$79.4mn export sale, as well as related local project costs in Ghana, capitalised interest during construction, and an exposure fee. The US Ex-Im-guaranteed lender on the transaction is Citibank, New York. The credit will be secured by the full faith and credit of the government of Ghana.
The financing will support the expansion of oil storage capability at the Mami Water Depot from 120,000 tonnes to 230,000 tonnes, and the construction of two 70km pipelines to transport petroleum into the interior areas of Ghana. Trinity International arranged the transaction, introducing BOST, a Ghanaian government agency, to AT&V and Ex-Im Bank financing.