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Aug 10, 2011

A national oil company—dream or nightmare?

Since the usurping of B.E.L. and Telemedia a month ago, there have been questions and concerns about other companies including Port of Belize Limited that might find themselves in government’s crosshairs.  Among the many questions is whether GOB will move towards nationalizing the fledgling oil industry, which is seen by some as the answer to the country’s economic woes.  In his view, Marin says that such a move would turn back investors.

Isani Cayetano

“Looking at a bigger picture, in the context nonetheless of nationalization and acquisitions, the question has been well why not move towards oil since you mentioned earlier it is a huge revenue earner for the Government of Belize.  Why has there not been either an idea or a move towards looking at oil seriously in that particular manner?”

Israel Marin

Israel Marin, Vice President, Belize Chamber of Commerce and Industry

“Personally I think it would be a very, very huge mistake for government to even think of nationalizing the only oil company we have in Belize.  Why?  We’re only producing five thousand gallons a day.  Now if we go and nationalize that company do you think the [existing] investors or the other investors will come into the country and try to really find that oil field that will put us at a hundred thousand barrels a day or half a million dollars a day?  No.  Why?  Because after they’ve made their investment there’s the risk that you’ll become nationalized.  So I think the industry is so young and so small that government should be encouraging other people to come and be doing exploration and drilling so that we could get the oil industry to where it is supposed to be.”

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Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

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10 Responses for “A national oil company—dream or nightmare?”

  1. REGGIE says:

    Mr.MARIN THE DAMAGE IS ALREADY DONE.LET THE PM DESTROY HIMSELF.AND THE COUNTRY.GO AFTER THE OIL THEY SAY 5000 GALLONS A DAY.CAN YOU PROVED THAT?.NOTHING IN BELIZE YOU TAKE FOR GRANTED,GREAT IDEA GO AFTER PORT 2 AS WELL AND THE AIRPORT.THE GREEDY PM IS BITING MORE THAN HE CAN CHEW.ONE HUNGRY MAN WE HAVE IN THE KITCHEN.KEEP UP THE PRESSURE MY PEOPLE.HIS DAY IS COMING.

  2. cg says:

    without good governance their are no solutions to anyone’s problems. the men in this country and even the political women are interested in only “self” and how they can always help themselves. Selfishness never helped anybody..so stop expecting miracles people…just work for yourself, wait for your deathbed and hope God has you in mind when resurrection come

  3. rd says:

    I think he ment to say 5000 barrels a day. If it was 5k gals, one tanker truck could haul two days worth of production. That can’t be right.

  4. Ricky Malthus says:

    Covert empirical studies conducted by impartial interests prove conclusively that many times 5000 barrels of crude are pumped and exported each day. Why the secrecy about the production? To defraud the people of their wealth by the politicians. Of course the politicians need the officials of the oil company to be in cahoots . Yes, Belize can have anational oil company but do we have the expertise to make it viable and profitable? Not if we plan to administer it like we administer the GOB. To manage any enterprise and thus the economy requires a liberal, laissez faire environment. Belize is used to Crony Capitalism and give- me- thank- you thinking and operation. Why ? Because of the centuries of servility, the country and its leaders have perforce been reduced to cultural de-stimulation that nurtures lack of free thinking and innovation. I have been preaching that taxes are too high, cost of living is too high, GOB wants to make all decisions i.e. rule by fiat, tyranny, socialism, totalarianism , aor a combination of all these ISMs. So there is no room for creative , critical thinking to advance the country. So if you people are not serious about change, just accept your servility and leave well enough alone. For I tell you the system in Belize stifles growth of every type.

  5. Koolaid Guy says:

    The oil company is the answer to belize financial woes? are belizeans that ignorant? not only would taking funds out that company stop exploration and oil production it will ruin an future development of the oil industry .

    typical Belizean answer for everything look and prey on a company that is growing and take away what they have. you wonder why social security is being rape from its money because this your mentality for everything.

  6. Belizean says:

    Quite contradicting, the oil revenues may be the solution to our economic challenges, but yet Marin stands against it. I can understand the cost of drilling is more than Belize can afford, but why isnt more drilling being done, by the Government elsewhere, where the risks are far less. The results would be our gain rather than a private entity. I also understand the major reason to take over BTl is to end litigation, and to avoid a chaos at BEL. But these companies are being properly ran, so there is no need for gov. full attention on them. Turn to BNE and take it over, then contract foreign countries to assist, from government to government set up a treaty or contracts for assistance and profit sharing. This gov. didnt resepect contracts at bel or btl, so why is bne any different..

  7. Ras says:

    Too easy Nighmare Belize should invest in corn like brazil c’mon Belize you have our Grandfathers grumbling with each other in their graves wondering when will Belizeans will start thinking big, Be a leader Belize don’t follow the states with their crap about oil. If the Maya’s would have planted enough corn in their era they would have still be more than what are existing right now. Nuff said….

  8. marie biscuit says:

    The reason why most of the Arabic countries citizens are living and reaping the benefits of the oil revenues is because the countries own their oil. Why should we have private companies come in and make millions or billions and the citizens of the country not benefit. Belize must invest in itself and stop allowing for others to coming and take advantage.

  9. Victoria says:

    REGGIE.

    THIS IS NOT ABOUT THE PM, THIS IS ABOUT THE SURVIVAL OF BELIZE AS A WHOLE, WE NEED TO KEEP THE OIL IN BELIZE GOV’T HANDS AND KEEP FOREIGNERS OUT, LOOK HOW WELL VENEZUELA IS DOING WITH THEIR OIL, IT’S STATE RUN. NOW IF YOU HAVE CHEVRON, EXXON, SHELL ET ALL INVOLVED IT’S ALL ABOUT THEIR BOTTOM LINE AND DAM THE REST. THESE COMPANIES MAKES BILLIONS IN PROFITS ON A QUARTERLY BASIS. WHY NOT US, WHY NOT BELIZE, WHY NOT NOW?

  10. chabelli says:

    I believe pie of all is not qualified to speak on this

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