Project Victor Sierra
Summary
Project code named Victor Sierra focuses on producing emulsified marine fuel oil based on the invention of Japan based company, Project Victor.
Singapore is the world's largest market for marine fuel oil with record sales in excess of 40 million metric tonnes which is worth approximately US$28B in 2011.
Global market size for marine fuel oil is estimated at between US$2.5T - US$3.1T at 2012.
Significant milestones
Feb 2011
A director of a Tokyo based listed company introduced ECube to the South Korean representative of Project Victor. The South Korean representative is the former largest shareholder and president of Japan's largest real estate company in mid 1980s. Accompanying the South Korean representative is one of the former shareholders of Formula One (Japan rights).
May 2011
Incubation agreement signed between Project Victor and ECube.
Early Jun 2011
South Korean representative and team visited Singapore.
Late Jun 2011
South Korean representative and ECube met in Hong Kong.
Aug 2011
ECube made a trip to visit the factory of Project Victor.
Early Oct 2011
ECube identified a Singapore Stock Exchange mainboard listed company, with 40 years of solid and established history in the oil and gas industry, as the potential strategic investor.
Nov 2011
Chairperson of the mainboard listed company visited Project Victor.
Dec 2011
Negotiation begins in Singapore.
May 2012
First MOU signed. First incubation agreement completed.