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HFC woes players of the oil and gas industry with financing options

  • SOURCE: Finder | Editor
    • POSTED ON: November 20, 2017
    • CATEGORY:

    HFC Bank, a member of Republic Financial Holdings Limited (RFHL) of Trinidad and Tobago made a presentation of various financing options by the Bank available to the players of the Oil and Gas industry. HFC Bank presented these options at the just ended Local Content Summit organized by the Petroleum Commission of Ghana at Takoradi November 8-9, 2017.

    The Acting Managing Director of HFC Bank Ghana, Mr. Anthony Jordan gave detailed information on the financing options when he made the presentation at the summit on the theme; ‘Meeting the financing needs of local service providers and personnel in Ghana’s upstream petroleum industry’. In his presentation, he highlighted on the major financing challenges faced by service providers in the Oil and Gas Sector which include Contract Pre-financing Challenges, Working Capital Challenges, Cost of Resources Procurements and Maintenance Challenges. According to Mr. Jordan, HFC Bank has various financing solutions to meet these Challenges. These solutions include Project Financing, Contract financing, Invoice Discounting, Documentary Credit, Guarantees, Syndicated Loans, Invoice Discounting, Lease Financing, Loans and Overdraft. Mr. Jordan also gave details of requirements needed by the Bank for any service provider in the sector to access these financing options.

    The Acting Managing Director of the Bank also enlightened participants on the HFC’s vision of rebranding to Republic Bank Ghana next year. According to him, the Bank wants to be known as the Bank of Choice for the Oil and Gas sector. “Adopting the name of our Parent Bank, Republic Bank means that we are leveraging on an internationally known brand in the Oil and Gas Sector, a brand rated BBB+ by Standard and Poor’s, a brand with a balance sheet worth more than US$11billion and a brand that has 180 years of experience and expertise in the Oil and Gas sector’’. He was optimistic that the future of HFC Bank Ghana looked full of promise.  He assured the Oil and Gas Players and all Businesses that they can expect more innovative products and services from the Bank in the coming months.

    HFC Bank, which is also Ghana’s most diversified financial institution, is well known for its partnership with the Oil and Gas Sector. The Bank in July 2017 sponsored the Ghana Extractive Industry and Safety Conference. In February last year, the bank brought in experts and industry players from Trinidad and Tobago to facilitate and interact with local players in the Oil and Gas Industry. The Bank sponsored and participated in the Local Content Oil and Gas conference organized by the Sekondi-Takoradi Chamber of Commerce and Industry (STCCI) and the Petroleum Commission of Ghana in 2016.

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