Belize - Belize News - Channel5Belize.com - Great Belize Productions - Belize Breaking News
Home » Economy » Business Senator weighs in on National Gas Company.
Aug 27, 2019

Business Senator weighs in on National Gas Company.

Having sailed through the House at its sitting on August sixteenth, the bill for the proposed National Gas Company goes before the Senate this coming Friday. The new company will be the supplier of butane gas to households across the country taking over from current Mexican suppliers. The company will be granted a fifteen year license and is a form of partnership between a number of well-known businessmen and the government. The Belize Business Bureau has come up swinging against the new National Gas Company on many fronts. This morning, Senator Mark Lizarraga gave his perspective. One of Lizarraga’s concerns is that the process which has been on table for some time was not open to competition. While he acknowledges the innovation and welcomes the inclusion of Belizean business investors, the primary concern is that no complete financial analysis has been provided to rationalize the move which is being described as a monopoly.

 

Mark Lizarraga, Business Senator

Mark Lizarraga

“This thing flew under the radar for a long while and all of a sudden it surfaces. I mean these agreements have been made already and millions have been invested. I want you to know that. This company has invested huge sums I understand maybe as much as 24 million or maybe even more. They have loan commitments of 10 million and they are seeking to raise more capital because they need about 60 million. So this thing was a go long before it reached this stage when it reaches the house and the senate. You know the government enjoys the majority and its more than likely going to fly. That is again is a tragedy because the debate into the numbers should have been done in the House. That is where an analysis should have been given to them and said look based on this new formula that we are implementing and again we are not implementing it seems the formula for the retail but based on these new controls. I’ll tell you one good thing is, I have to give them kudos, is that the new formula for the bureau of standards so it gives them some income stream so hopefully they’ll be able to strengthen they’re surveillance and to ensure that the consumers are getting value for money and getting what they’re paying for.”

 

The list of shareholders includes a U.S. base company called B.W.T. holdings while the locals are M & M Limited, G.A. Roe, Gilly Canton, Bowen and Bowen, and the Bedran Group from Sam Ignacio.


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.

Advertise Here

You must be logged in to post a comment Login