Absa Bank Ghana and Tullow Ghana explore long-term collaboration

Absa Bank Ghana has signaled its commitment to closely collaborate with leading energy companies, such as Tullow Ghana, in developing the oil and gas sector.

The two companies made headlines late last year when their concerted approach to deal execution led to the delivery of Ghana’s first-ever wholly-owned sea vessel currently operating in the oil and gas sector.

Tullow’s leadership in awarding a contract to Flat C Marine Services (a local company) and Absa Bank’s financial partnership in delivering the sea vessel, highlighted the potential of local businesses in the oil and gas sector, when given the support.

The partnership even led the Absa Group to name Tullow Ghana as a recipient of the bank’s Supplier Development Award due to its commitment to local content advancement and inclusion.

In a brief ceremony to formally present the award to Tullow, Absa Bank emphasised the strength of collaboration and partnerships and pledged to continuously support the elevation of local businesses in all the key sectors of Ghana’s economy.

Director of Business Banking at Absa Bank Ghana, Grace Anim-Yeboah said:

“As a Bank, our support for local businesses is a key part of our overall strategic intent. Our willingness to go the extra mile in financing the Flat C vessel, in collaboration with Tullow, shows the trust and confidence we have in the local services sector. We shall continue to create a closer partnership with Tullow Ghana in expanding and enhancing the growth of the oil and gas sector. We hope to also extend the same model to other key sectors of the economy.”

Representatives of Tullow Ghana, expressed their appreciation for the award, insisting that it will provide motivation for them to relentlessly continue to develop the capacity of Ghanaian businesses in the industry. Tullow also outlined its 10-year Ghana Value Maximization plan as a blueprint to invest US$4billion into the oil and gas sector.

The award was presented by Kobla Nyaletey, Managing Principal for Retail and Business Banking (Ag) at Absa Bank.