Srimex Dismisses Claims By Eco Fuel

Srimex Board Chairman, Musa Hassan Bility

One of Liberia’s leading importers of petroleum products, SRIMEX Oil & Gas Company has rubbished claims that its operations of the oil terminal in Monrovia is illegal and that its operation also poses safety risk.

In a statement issued on Thursday, January 3, 2019 and signed by Board Chairman, Musa Hassan Bility and CEO Wadei Powell, Srimex also denies claims in the media by Eco Fuel SA that the Liberian-owned company owes its money and was trying to dupe it out of a partnership agreement.

“Srimex wants to make it categorically clear that it has qualified personnel to operate the oil terminal and it has put in place all safety measures, which pose no risk to lives and properties,” a release said.

The company in the release termed Eco Fuel SA’s recent statement in the media as rubbished and misinformation, noting that since its petroleum trade relationship with this company between 20014-2017, Srimex has been operating in full compliance with the agreement and laws of Liberia up to the ongoing court case with Eco Fuel.

“We have always been and we remain open to settling these matters in a fair and equitable manner. However, we will not be intimidated by any attempt by Eco Fuel,” Srimex noted in the release.

According to Srimex, Eco Fuel has to date refused to sign the Joint Venture Agreement and also refused to include SRIMEX as partners on the registration documents of FZE, making several illegal and failed attempts to establish itself as sole owners of the terminal.

As a result, Srimex says it and Eco Fuel are currently involved in two ongoing law suits. One lawsuit is to ascertain actual amounts owed to each entity by the other, while the other is to establish legal ownership of a terminal.

Meanwhile, SRIMEX has welcomed questions from all credible news outlets and the general public about this matter.

The release recalled that in 2015, after several successful petroleum trade transactions, SRIMEX and Eco Fuel agreed to undertake a joint venture project for the construction of a storage terminal. Both entities would have 50/50 partnership in a company to be created and named SRIMEX Eco Fuel FZE (FZE) and registered and incorporated as a holding company in the United Arab Emirates (UAE).

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About Cholo Brooks 8744 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists, and is currently contributing to the South Africa Broadcasting Corporation as Liberia Correspondent.