Executive Summary ry – Mid idgard Oil il & Gas LLC FZC Tank Farm & Waste Oil il Refin inery Proje ject in in Fuja jairah (UAE) STRICTLY CONFIDENTIAL Sep September 2019, Rev. 1.3 .3
In Search of Funding for Fujairah Tank Farm & Refinery Project Starting Position & Objective Starting Point Objective • • As Fujairah is geopolitically the perfect location MIDGARD Holdings Ltd. , a company incorporated under the laws of Mauritius (Reg.No.: 115750, FSC License No.: (supply side and access to markets) to construct and C213020001) is the applicant for the funding of the operate a tank farm & waste oil refinery, that´s why projects in Fujairah (UAE). MIDGARD Holdings Ltd. intends to establish this project in Fujairah (UAE). • In order to be in accordance to the laws of Fujairah, two • A plot of land has been identified and reserved for companies have been incorporated in the Freeport of Fujairah, namely MIDGARD Oil Hub LLC FZC (Reg. No. 19- MIDGARD Oil & Gas LLC FZC with the extent of FZC-1912 – License No. 4133) – Petroleum Trading 106,737.2 m² for the construction and operation of a Company - and MIDGARD Oil & Gas LLC FZC (Reg. No. tank farm storage facility and a waste oil refinery 19-FZC-1918 – License No. 4139) – Tank Farm and (phase 1). In direct neighborhood another 50. – Refinery operator . 60.000 m² can be added in a phase 2 for the extension with further crude oil storage tanks. • An account has been opened with Abu Dhabi Islamic • HH Sheikh Saif Hamad Saif Alsharqi is the local Bank (ADIB), branch of Fujairah (UAE). sponsor of MIDGARD Oil & Gas LLC FZC and has • All above mentioned MIDGARD entities are free of any promised full support on grounds of Fujairah (UAE). loans and up to now have been fully funded by its • A brief synopsis on the key parameters of project is shareholders. shown on the following pages (Executive Summary). MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL September 2019 2
Fujairah is the perfect Location Fujairah is the basis for MIDGARD Oil & Gas LLC FZC Why Fujairah? Fujairah is the best location for MIDGARD Oil & Gas LLC FZC and MIDGARD Oil Hub LLC FZC as it serves the elements for successful trading operations: • geopolitical location with short distances to the oil producers • Fujairah is the world´s #2 bunkering hub • Fujairah is a tax free zone MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL September 2019 3
Fujairah (UAE) is the perfect location for such project Background Information on project parameters • Fujairah is the best location for MIDGARD Oil & Gas LLC FZC as it serves the elements for successful trading operations (bunkering 1) 1) and waste oil 2) 2) refining supports the trading operations in best way): geopolitical location with short distances to the oil producers Fujairah is the world´s #2 largest bunkering hub (#1 Singapore, #3 Rotterdam) with more than 12 million m³ of bunkering capacities (+ petrochemcial storage) Fujairah is a tax free zone excellent market opportunities (domestic markets in UAE + huge demand from African and Asian countries) by 2020 a new loading terminal facility shall be taken into operation, which raises potential for bunkering + waste oil refining • We identified and reserved a plot of 106,737.2 m² , which will be leased to MIDGARD Oil & Gas LLC FZC, the according licenses have already been issued by the Fujairah authorities for the construction and future operation of a 1) bunkering process tank farm as well as a waste oil refinery: tank farm for various petroleum products with approx. 400,000 m³ storage capacity (phase 1) + additional tanks with approx. 434,000 m³ for crude oil (phase 2) incl. infrastructure (office, piping, pump station, power + water suppl, matrix, etc.) waste oil refinery with approx. 250,000 m/t refining capacity as integral part of the entire project area 1) See scheme of bunkering process. 2) “Waste oil” is defined as any petroleum -based or synthetic oil that, through contamination, has become unsuitable for its original purpose due to the presence of impurities or loss of original properties. Any oil contaminated with hazardous waste may itself be a hazardous waste, and if so, must be managed subject to hazardous waste management standards. Both used oil and waste oil require proper recycling or disposal to avoid creating an environmental problem. MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL September 2019 4
Fujairah Oil Industry Zone (FOIZ) Overview on Location MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL September 2019 5
Overview on Group of Companies Shareholding Structure D.I. Vermögensverwaltungs- und Beteiligungs GmbH Mana Ma naging g Partner ner: Oliver er A. Dittmar ar Regi gistrat ation on No No. HRB 215 5 240 GERM GE RMANY 100% 0% TANK FARM & & REFI FINERY OPE PERA RATIONS MIDGARD Holdings Ltd. MIDGARD OIL & GAS LLC FZC 90% 90% CEO: Thier erry M. M.F. F.G. CATHERI RINE Thierry M. M.F. F.G. CATH THERI RINE HH Shei eikh Saif Hamad Saif Al Al Shar arqi THE HE BORR RROWER Regi gistrat ation on No No. 11575 5750 Regi gistrat ation on No No. 19-FZ FZC-19 1918 18 FSC Li Licens ense e No No.: : C2130 130200 20001 01 Li Licens ense No No. 4139 39 MAU MAURI RITI TIUS FUJA UJAIRA RAH (UAE) 90% 90% MIDGARD Oil Hub LLC FZC Thier erry M. M.F. F.G. CATHERI RINE Oba baid d ALY LYAMMAHI TRA RADING & & MANAGEMENT Regi gistrat ation on No No. 19-FZ FZC-19 1912 12 Li Licens ense No No. 4133 33 FUJA UJAIRA RAH (UAE) MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL September 2019 6
Commercial License and Certificate of Incorporation MIDGARD Oil & Gas LLC FZC Mr. Thierry M.F.G. Catherine holds presently 90% of the shares for and on behalf of MIDGARD Holdings Ltd. (Mauritius), 10% are held by a local sponsor (HH Sheikh Saif Hamad Saif Alsharqi) MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL May 2019 7
Share Certificate MIDGARD Oil & Gas LLC FZC MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL May 2019 8
Articles of Incorporation (8 pages) MIDGARD Oil & Gas LLC FZC MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL May 2019 9
Bank Account with Abu Dhabi Islamic Bank MIDGARD Oil Hub LLC FZC Upon request an account has been opened with Abu Dhabi Islamic Bank (ADIB) branch in Fujairah (UAE). MIDGARD Holdings Ltd. (Mauritius) would be the borrower of funds, but due to according funding agreements between the holding company (MIDGARD Holdings Ltd.) and the daughter companies (MIDGARD OIL HUB LLC FZC + MIDGARD OIL & GAS LLC FZC) the transfer could be made directly to the accounts of the daughter companies. Beneficiary Name: MIDGARD OIL HUB LLC FZC AED current account : 18927469 IBAN : AE980500000000018927469 USD current account : 18927470 IBAN : AE710500000000018927470 Mr. Thierry M.F.G. Catherine, CEO of MIDGARD OIL HUB LLC FZC, is signatory to the account. The application for the account of MIDGARD OIL & GAS LLC FZC has been delayed, but the account opening shall be completed soon. MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL September 2019 10
UAE is the perfect location for such project Background Information • UAE is the best location for MIDAGRD Oil Hub LLC FZC as it serves the elements for successful trading operations (bunkering and waste oil refining supports the trading operations in best way): geopolitical location with short distances to the oil producers Fujairah is the world´s #2 largest bunkering hub (#1 Singapore, #3 Rotterdam) with more than 12 million m³ of bunkering capacities (+ petrochemcial storage) Fujairah is a tax free zone excellent market opportunities (domestic markets in UAE / Middle East + huge demand from African and Asian countries) International Banking Structures • Aside from crude oil the petroleum products traded are Gasoline, Gasoil, Fuel Oil, Bitumen • Potential partners/stakeholders for trades are as follows: Suppliers / Sellers (National Oil Corporations, Refineries, etc.), such as ADNOC, SOMO, Saudi Aramco Exit buyers (Governments, Traders, Refineries, Endusers, etc.), target market Asia - including China and Japan - and Africa (governmental oil corporations) Africa, local supply to companies like GPS Chemoil, Mabanaft, Aegean, ILFS Network partners (other traders like Trafigura, AOT Energy. bankers, etc.) • the he BC model is based on assumptions for quantities, margins and growth . MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL September 2019 11
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