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t was indeed remarkable promise
when UBA Senegal clinched a major
financial deal recently. The MD[CEO],
Mr. Jean-Luc-Konan led the UBA Senegal
team to sign a multimillion oil financing
deal with SAR [African de Raffnage. The
team from SAR was led by Mr. Omar Kas-
sui, the MD of the company.
This ceremony took place at the Energy
Ministry and had in attendance, the Sen-
egalese Senior Minister of Energy, Mr.
Karim Wade.
The details of the agreement states that
UBA Senegal will provide a facility to the
tune of Euros 240million for the national
refinery in Senegal. This funding will en-
able the refinery to secure oil imports ac-
cordingly. Furthermore, the funding will
accommodate three cargo ships that
would cost 80 million Euros each. It is
also pertinent to note that the available
funds will enable SAR to launch a tender
for three freighters which would directly
Milestone
Transaction
reduce costs of crude oil supplies.
This funding positions UBA as the major
banker of SAR. This transaction puts UBA
in admirable reckoning as a major con-
tributor to the improvement of energy
supply in Senegal.
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