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Liberia: Firm to Infuse Money Into National Oil Company
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The NEWS (Monrovia)
23 July 2008
Posted to the web 23 July 2008
Monrovia
The Liberia Resource Development Company has disclosed that it has submitted proposal to the Liberian Government and the National Oil Company of Liberia to raise substantial capital for exploration and socioeconomic development and reconstruction in the country.
In a release issued Tuesday, the Company said the proposal will not affect any concession blocks granted or on offer by the National Oil Company.
According to the release, the focus of the proposal is a partnership between the Company, Government and the National Oil Company, to securitize the value of Liberia's vast natural resources to generate capital for economic reconstruction and development, without infringing on current or future concession agreements.
The company said it has begun the process to secure funds on international capital markets, following extensive consultations with domestic and international institutions.
The release quoted the Chief Executive of the firm Samuel P. Jackson as saying, "We promote Liberia solutions to Liberian challenges. Far too often pragmatic solutions to our problems have been imposed externally, often compounding them while we believe that a bold national strategy is now more appropriate and will be far more successful. The administration of Ellen Johnson-Sirleaf has provided international credibility for Liberians to participate in raising equity capital on world markets."
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Meanwhile, the release said since the company's inception a year ago, the firm has been successful in securing and developing the intellectual property to transform Liberia from conflict recovery into a first world state based upon international best practices using pragmatic development models such as the United Arab Emirate.
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