NAIROBI, November 12 – Kenya’s refined oil products exporter Hashi Empex has secured Sh1.1 billion from PTA Bank to finance its latest deal to supply fuel to Rwanda’s power producer.
Hashi Empex Chief Executive Officer Ahmed Hashi said the partnership with PTA Bank will enable his firm meet its commitments to supply fuel products to Electrogaz, Rwanda’s national electricity producer.
Hashi Empex recently sealed a deal to supply fuel products valued at Sh9.6 billion for Electrogaz’s thermal turbines.
Mr Hashi commented: “Our relationship with PTA Bank goes back a long way. In 2003, when we needed more capital to increase our purchasing power to access cheaper oil at the international market, we turned to PTA Bank.”
He indicated that his firm was convinced that East Africa was still a great place to do business and was putting in place the necessary infrastructure to support growth plans. “As economies in the region grow and expand, we will continue tapping business opportunities as demand for refined petroleum products continues to rise,” noted Mr Hashi.
Dr Michael Gondwe, Chairman of PTA Bank said the regional development financial institution would continue partnering with Hashi Empex in expanding its operations not only in Rwanda but also throughout the region.
Dr Gondwe said his bank was delighted to partner with growing indigenous institutions. “Our coming on board for this transaction was driven by the absolute faith we had in Hashi Empex,” said Dr Gondwe.