The International Finance Cooperation and OPEC (Organization of the Petroleum Exporting Countries) have been ordered by to open their defense in the suit brought against them by Quantum Oil Terminals.
The order follows the dismissal of an application by the International Finance Cooperation and OPEC seeking to quash an earlier ruling by the court directing the two to open their defense.
[contextly_sidebar id=”MyXCECa6zhjLFrGASveLiIkCpXcVOYuT”]According to the presiding judge, Justice Doreen Boakye Agyei, the applicational lacked merit hence her decision.
Quantum is demanding $41,319,123 in total damages from the two international bodies for allegedly failing to provide it with a $16-million loan facility which was agreed among the three entities.
The said loan was to be used by Quantum to construct a petroleum storage facility in Tema in 2012 to help it meet a National Petroleum Authority (NPA) regulation that required bulk oil distribution companies to construct their own storage facilities.
Before then, Quantum was storing its products in facilities at the Bulk Oil Storage and Transportation (BOST) Company Limited, which served notice to Quantum that it could not continue to store its products there from 2014, in line with the NPA directive.
According to Quantum, the amount includes fees and charges paid directly paid to IFC and OPEC Fund, fees and charges paid to various consultants at the direction of IFC and OPEC Fund and statutory fees paid by plaintiff to create charges for the benefit of IFC and OPEC Fund.
Quantum Oil said rather than assisting it to develop and grow its business, IFC and OPEC Fund rather worsened and reduced Quantum Oil’s business fortunes and prospects and in the process rendered Quantum Oil poorer.
According to Quantum Oil, unless otherwise compelled to do so by orders of the court, IFC and OPEC Fund will simply not take responsibility for the colossal damages they have willfully caused to Quantum Oil.
By: Fred Djabanor/citifmonline.com/Ghana