Structure of the Ownership of the company and the petrol stations. The real estate of the petrol stations is taken on a 50 year-long lease. Each site has an average of 25 years left on the lease. Srimex Oil and Gas are currently conducting a review of the amount of investment that needs to be placed in each of these sights. The real estate is actually owned by private individuals, this is the normal set up for 90+% of retail outlets in Liberia for fuel operations.
Net profit and gross profit for the last 3 years. $2m USD
Existing Credit Facilities. GT Bank has approved a $2.5m trade finance facility for Srimex Oil and Gas against $500,000 USD placed with them. The Liberian Bank Development & Investment (LBDI) has also approved a facility of an equal amount of $2.5m USD. These facilities are set against Liberian fuel operations only.
Why would Srimex like to increase these facilities? Srimex Oil and Gas would like to increase its credit facilities in order to purchase more fuel and access more markets in Liberia. It would also use these facilities to offer open book sales to large international organizations such as ArcelorMittal and Putu Mines.
In 2005 Srimex was granted a license to import petroleum products into Liberia and this license extends to the distribution, commercial retail, bunkering as well as oil exploration. The petroleum import business soon eclipsed other activities and in 2011 Srimex Oil and Gas was formed to focus solely on the import and distribution of this product.
First Floor Remco Building Capital Bypass, Monrovia, Liberia
