BVIEC Signs Fuel Agreement with Delta Petroleum (Caribbean) Ltd

Back Row: Mr. Bevis Sylvester, Regional General Manager of Delta Petroleum (Caribbean) Ltd., Mr. Vernon Lake, Managing Director, Mr. Henry Creque, Acting General Manager, British Virgin Islands Electricity Corporation (BVIEC), Mrs. Tamara George, Human Resources Manager, Mr. Paul Webster, Legal Counsel, BVIEC, Mr. John Carrington, Legal Counsel, Delta Petroleum (Caribbean) Ltd.Front Row: Mr. Frederick Creque, Member BVIEC Board, Mrs. Margaret Penn, Chairman and Mrs. Berniece Sprauve, Member.Photo by GIS/Doron Hodge

The agreement, which was signed on September 5, provides the BVIEC with 24 million gallons of diesel fuel estimated at $75 million.

The previous contract for $48 million, which was also awarded to Delta Petroleum (Caribbean) Ltd., supplied approximately 23 gallons of diesel fuel.

Chairman of the BVIEC Board Mrs. Margaret Penn explained that the increase in price was due to the cost and volume of fuel, and the cost of doing business.

Mrs. Penn said the agreement is significant for the BVIEC, which can be recognised by the dollar value.  

“You will also understand its importance because the cost of fuel has been high for every citizen and business in this country so it is imperative that we negotiated the best possible price and contract terms for not only the Corporation but for the people of the country,” Mrs. Penn said.

Acting General Manager of the BVIEC, Mr. Henry Creque added that the $75 million figure is the current approximate value of the agreement and that figure may increase or decrease based on the market value of fuel over the term of the agreement. 

“The price of fuel over the past few years has increased dramatically, so therefore, you would appreciate our need to be extremely

Mr. Henry Creque, Acting General Manager of the British Virgin Islands Electricity Corporation (BVIEC) signing agreement on behalf of the BVIEC with Delta Petroleum (Caribbean) Ltd. to provide 24 million gallons of diesel fuel to the BVIEC at an approximate value of $75 million.  Pictured to Mr. Creque’s left are Mrs. Tamara George, Human Resources Manager and Mrs. Margaret Penn, Chairman of the BVIEC Board.Photo by GIS/Doron Hodge

The BVIEC Board has been highly commended for their attention to detail during the negotiation process by Managing Director of Delta Petroleum (Caribbean) Ltd. Mr. Vernon Lake, who signed the agreement on behalf of Delta.

Mr. Creque told the Department of Information and Public Relations he acknowledges that the Corporation has recently been facing challenges with the reliability of the electricity supply throughout the Territory.  

He added that the Corporation is working tirelessly to rectify the issues and further details will be communicated shortly.

The mission of the BVIEC is to aid in the development of the Territory’s electrical infrastructure by adequately supplying a reliable and continuous electricity supply to the entire BVI at an affordable cost.
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