FZE would have three subsidiaries registered in Liberia as follows: (1) SRIMEX Eco Fuel FZE, Inc. (Terminal Holding), (2) Liberia Oil Company – LOC (Petroleum Trading) and (3) Liberia Petroleum Storage Company – LPSC (Petroleum Storage). SRIMEX authorized Eco Fuel to collect and retain all revenue generated from the operation and apply its portion towards any debt owed. Eco Fuel has reportedly refused to turn over the funds collected and assigned as Road Fund. Eco Fuel, as a foreign entity not registered in Liberia, does not have any legal right to operate in Liberia. Eco Fuel FZE has also accused Srimex of hijacking its Petroleum Storage Terminal at the Freeport of Monrovia.

Source: Front Page Africa February 03, 2020 05:15 UTC