Ghana state oil company GNPC close to signing $700M loan from Trafigura-led syndicate

State-owned Ghana National Petroleum Corporation (GNPC) is close to signing a $700 million, five-year loan from private commercial lenders led by commodity trader Trafigura to help fund its expansion, its chief executive said on Tuesday.

Alex Mould said that GNPC had already concluded due diligence for the deal, the company’s biggest loan since the West African nation started oil production in late 2010.

GNPC, which holds a 13.64 percent stake in Ghana‘s Jubilee offshore oil field operated by Tullow, started negotiations last year with Trafigura and some banks for the loan, which will have an interest rate of below five percent.

Read more: Ghana state oil company close to signing $700 mln loan – Yahoo Finance UK.