LONDON, Sept. 07, 2017 (GLOBE NEWSWIRE) -- Herman Trading Limited, a London based conglomerate, is pleased to announce the engagement of Palewater Advisory Group Inc (PAG), a US based investment banking firm, to provide advisory on the structuring, strategy, implementation and management of the Boffa Refinery Project in the Republic of Guinea on behalf of Herman Trading Limited Guinea and the Republic of Guinea. The government had approved the plan by Herman Trading Limited, a British firm in 2011 to build the 150, 000 barrels per day Refinery Project at an estimated cost of $2 billion. The project was announced by the then Prime Minister of the Republic of Guinea “Mohamed Said Fofana” in November 2011, http://www.reuters.com/article/ozabs-guinea-refinery-idAFJOE7AI01Q20111119
Herman Trading Ltd has over the years done an amazing job and conducted all the feasibility studies and preliminary works to allow the investment community an opportunity to participate in the rolling out of the project. Now, with the assistance of Palewater Advisory Group, the project is expected to start producing at least 6000 bpd per day from the second quarter of 2018 and will take approximately 36 to 48 months to be in full production of 150,000 bpd. Palewater is also responsible for bringing in the necessary funding for the project, which funding is going to be announced in coming weeks. The project is expected to create thousands of job opportunities.
Prime Minister, Mohamed Said Fofana, said, “On behalf of the President Professor Alpha CONDE, first of all I congratulate the Government of Guinea, Herman Trading company and Guinea population to have such a project in Guinea. In this regard I would like assure Herman trading and its partners that Guinea Government will give its full support for the realization of this project, we also believe that this project will create a lot of jobs, it will help the growth of the Guinea economy and eventually reduce the poverty of our population."
Brian K. Kistler, the President & CEO of Palewater Advisory Group Inc, stated, “For many years the Republic of Guinea has been importing refined oil from the developed countries. The Republic of Guinea and this project is well positioned to import the abundance of crude oil as feedstock from the neighbouring countries for processing and the refined output will not only be sold within the country but to the other countries in Western Africa. It is a win-win for the region. Thanks to Herman Trading Limited, we are proud to a part of this economic transformation for Western Africa, beginning from Guinea.”
Herman Trading Limited Chairman, Hon Moulaye Ahmed Haidara, also stated, “I’m very excited to have such a project seeing the day in my country, I am confident that this project will create many jobs, reduce poverty and eventually help the economy of Guinea. Herman Trading Limited is therefore delighted to partner Palewater Advisory Group and MB Africa Investments on this ground-breaking project in the Republic of Guinea."
Palewater Advisory Group Inc has also been instructed to form a special purpose vehicle (SPV), which will become the consortium through which private interest will be held and the Government will own 15% percent of the entire project. Palewater’ scope also includes the securing of the off-take agreements, advise of the Pre-IPO of the project on a liquid market and project, and operational management.
About the Republic Of Guinea
Guinea has almost 246,000 square kilometres (94,981 sq. mi). It forms a crescent by curving from its western border on the Atlantic Ocean toward the east and the south. Its northern border is shared with Guinea-Bissau, Senegal, and Mali, the southern one with Sierra Leone, Liberia, and Côte d'Ivoire. The Niger River arises in Guinea and runs eastward.
Guinea's 12 million people belong to twenty-four ethnic groups. The most prominent groups are the Mandinka, Fula, Susu, etc.
The land that is now Guinea belonged to a series of African empires until France colonized it in the 1890s, and made it part of French West Africa. Guinea declared its independence from France on 2 October 1958.
November 16, 2010 Alpha Condé, the leader of the opposition RPG (Rally of the Guinean People), was officially declared the victor of a November 7 run-off in Guinea's presidential election.
Richly endowed with minerals, Guinea possesses over 25 billion tonnes (metric tons) of bauxite – and perhaps up to one-half of the world's reserves. In addition, Guinea's mineral wealth includes more than 4-billion tonnes of high-grade iron ore, significant diamond and gold deposits, and undetermined quantities of uranium. Guinea has considerable potential for growth in agricultural and fishing sectors. Soil, water, and climatic conditions provide opportunities for large-scale irrigated farming and agro industry. Possibilities for investment and commercial activities exist in all these areas. The country has great potential for hydroelectric power. Bauxite, alumina, Gold, Diamond are currently the major exports. Other industries include processing plants for beer, juices, soft drinks and tobacco. Agriculture employs 80% of the nation's labour force. Under French rule, and at the beginning of independence, Guinea was a major exporter of bananas, pineapples, coffee, peanuts, and palm oil.
About Palewater Advisory Group Inc.
Palewater Advisory Group is a multinational corporate and public affairs advisory firm with headquarters in New York. We specialise in cross-border and M&A transactions, financing, public affairs, political campaign capital raising and strategy. Collectively as the team, we have had an excellent track record with more than 1000 references in our line of advisory work. We have a robust and yet solid network of contacts with specific focus on certain core industries, investment and banking communities. Our directors, leaders, professionals, and senior advisors collectively provide access to senior industrial, political, economic, government and financial decision makers throughout the world.
We provide individual and personal advice and react swiftly to our clients’ needs, while always providing direct access to the team, including the partners involved. As a professional services firm, we provide the best possible advice based on confidentiality and total discretion. We are committed to the principles of integrity and client service, and operate free from any conflict of interest. www.palewateradvisory.com
About Herman Trading Ltd
Herman Trading limited is a company with over 10 years’ experience within the Energy, Oil and Gas Sector; from procurement to development. With offices in both the United Kingdom and Guinea Conakry. A dedicated team has been formed to carry out international trading and structuring opportunities in emerging markets. The team is headed by Honorable Moulay Ahmed Haidara (Chairman) and Mr Mohamed Rachid Haidara (Director), and partners with key focus of developing and diversifying into various sectors with strategic partnerships internationally and developing key relationship within markets. Our client and partners include producers, industrial companies and high profile individuals. Herman trading limited is involved in Downstream and Upstream Explorations, petroleum products {affiliated partners in UK, Oman, UAE and USA}, Manufacturing Oil/Gas Pipes [Sweden], as well as Carbon and Renewable Energy Initiative in the UK.