V.I. Gov't Files Objection to Transfer of Refinery Operating Agreement to West Indies Petroleum

[TexasTowelie]

V.I. Gov't Files Objection to Transfer of Refinery Operating Agreement to West Indies Petroleum Until $7.5 Million Owed is Paid


The V.I. government on Tuesday filed a limited objection against the transfer of the USVI Operating Agreement from Limetree Bay to West Indies Petroleum, an action the government is hoping can come to an amicable conclusion ahead of the January 21 deadline to complete the auction sale to WIPL and its partner, Port Hamilton Refining and Transportation.

The government's objection is based on what it said was language not included in a "Notice of Designation of Assumption and Assignment of Executory Contract" filed by Limetree Bay Refinery that designated the USVI Operating Agreement dated July 2018 to WIPL and Port Hamilton Refining.

"The USVI files this limited objection to preserve the USVI’s rights, particularly its right to receive the correct cure amounts while the parties continue to cooperate to reach a consensual resolution," reads a portion of the filing, seen here.

"The Notice of Designated Contracts did not list a cure claim for the USVI Operating Agreement," contends the V.I. government. "Pursuant to the terms of the USVI Operating Agreement there is currently due and owing $7,534,247 to cure defaults under the USVI Operating Agreement."

Read more: https://viconsortium.com/vi-business/virgin-islands-v-i-govt-files-objection-to-transfer-of-refinery-operating-agreement-to-west-indies-petroleum-until-7-5-million-owed-is-paid-