Prime Minister Dr Ralph Gonsalves gave an overview of the Lowman’s bay fuel storage facility on Monday.
Gonsalves said the facility at Lowman’s Bay can hold 22,000 barrels of diesel, and gasoline 10,000 barrels, JET A 1 fuel 2, 500 barrels and for LPG 2500 barrels.
“If you have those facility and don’t use them they will end up in ruin, so they are two things you can do, rent the facility or Petro Caribe SVG can by the fuel and sell from the location”.
Gonsalves said he granted Petro Caribe SVG Limited the approval to purchase fuel and between the 24th and 26th of September 6990 barrels of diesel and 2300 barrels of Gasoline.
The diesel which was purchased cost 1.9 Million dollars and the Gasoline 874 Thousand Dollars.
The present inventory includes for diesel 12,590 barrels, Gasoline 5,275 barrels, LPG 1300 Barrels.
A barrel equals 35 imperial gallons.
Gonsalves says Petro Caribe is in discussion with Vinlec to continue buying from the supplier, he says fuel is currently being purchase from one of the two traders here in the state and the price is competitive.
“It’s using an asset which we have, makes no sense leaving it there, it’s an asset worth some 80 million dollars, and we would use it to provide energy security”.
Gonsalves said this country has about 10 to 12 days’ supply, Sol and Rubis will now have to buy further north as far as the East Coast of the US.
Gonsalves said from such distance, with any disaster in the region, it would be wise to have a facility with at least 3 months supply.