Author:
McPaul Fide-Omojafoh
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Date Posted: 08:34:14 05/23/09 Sat
In reply to:
john fonseca-robbins
's message, "project funding" on 09:49:29 04/16/07 Mon
APPLICATION FOR OFFSHORE CREDIT FINANCE / LOAN OF $100 MILLION FOR THE PURCHASE OF QUARRY, MARINE, OIL AND GAS EQUIPMENT
Icon Marine Services Limited is a startup company and was founded in 1999 by a group of Marine, Information Technology, Reservoir and Petroleum Engineers who formerly worked for some major international operating company. Icon Marine Services Limited was incorporated in Nigeria as a wholly indigenous limited liability company under the company and allied matters decree of 1990 on January 28, 2003 with Registration Number: 471,415. The corporate headquarters of the company is No. 3, Oliyide Street, Off Unity Road, Ikeja, Lagos.
Since registration, the company has been involved in meeting her mission and services within and outside Nigeria – a mission and mandate is to carry on business in petroleum marketing, petroleum product, oil lifting, prospectors, drillers, refiners, producers, suppliers, exporters, importers, and distributors of diesel petroleum, gas, petrol gas, developers and managers of oil felids and petroleum products in all its branches.
Our purpose is to be a pioneering marine, oil and gas services organization committed to the evolution of the Nigerian economy while serving as instruments of societal change by upholding the ultimate standards of ethical and social responsibility in the conduct of our business.
PROJECT SUMMARY
At the initial stage of Icon Marine Services Limited putting together her business plan, foreign investments in Nigeria stand at US$35 billion. ThisDay Newspaper (a Nigerian Newspaper) has reported from Lagos that the Nigeria Investment Promotion Commission (NIPC) has said that the country is becoming the preferred destination for foreign investors whose investments have now reached about US$35 billion.
The report also says that out of this total, Chinese investment accounts for US$10 billion. The lion’s share of investments has gone into oil and gas, followed by the telecoms sector. The Oil Industry is the backbone of the Nigerian economy, accounting for over 90% of total foreign exchange revenue. Estimates of the total crude oil reserves vary, but are generally accepted to be about 25 billion barrels, although new offshore discoveries are likely to push this figure to about 30 billion barrels.
In Nigeria solid minerals is almost synonymous with crude oil, apart from its enormous contribution to revenue, the oil industry contributes only about 25% of the Gross Domestic Product (GDP) and employs only 6% (or less) of the Nigerian labour force. On the other hand the country has failed to explore other areas in the solid mineral sector which has a combined capacity to provide 5 million jobs both in its upstream and downstream operations. Indeed, there is no gainsaying the fact that the country is endowed with numerous mineral resources. In fact the opportunities which Nigeria offers investors in the field of non-oil export, is immense and irresistible. In 1986 the non-oil export sector was deregulated to create room for private sector initiatives and several incentives were packaged but in spite of all these Nigeria is yet to reclaim her pride of place in international trade.
To overcome this set back, Government recently created the Ministry of Solid Mineral Development to focus on the research and exploration of solid minerals in the economy. This offers a viable alternative to petroleum for foreign exchange earning. Globally, the mining industry has been a close rival to the petroleum industry, although Nigeria earns currently a paltry $89 million per annum from it. But, with the restoration of democratic government in the country the prospect of the solid mineral sector has been brightened.
In order to expand our scope of operations, we have recently conducted a comprehensive market research/ survey/ feasibility in the Quarry, Marine, Oil and Gas sector in the Nigerian economy to operate the following divisions:
Quarry and Solid Mineral Divisions
Truck and Haulage Division
Dredging Division
Coastal Vessels Division
SUMMARY OF PROPOSED INVESTMENT
This Summary of Proposed Investment is prepared and distributed to your organization for your consideration of the proposed transaction. Its purpose is to enhance the transparency of Icon Marine Services Limited activities.
The project involves a $100 million loan to finance the acquisition of Quarry and Solid Minerals equipment, Coastal Vessels, a mixture of DAF/Mack Trucks, Dredgers and construction and acquisition of Jetty yard/workshop, Operational offices, logistics vehicles, operating costs, Communication tools including other non-capital.
We remain committed and we thank you for your co-operation and looking forward to a better business relationship with your organization.
Yours faithfully,
For: Icon Marine Services Limited
McPaul Fide-Omojafoh
President / CEO
Icon Marine Services Ltd. / icoNeTechnologies Ltd.
#3, Oliyide Street
Off Unity Road
Ikeja - Lagos
Nigeria
+234 1 731 4164 (phone)
+234 80 3343 2336 (eell phone)
iconet@msn.com (email)
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