P.M. upbeat on PEMEX in Belize

Following the announcement of plans by the Mexican oil giant PEMEX to open a gas station in Belize, this afternoon Prime Minister Said Musa was upbeat on the prospects for competition in the fuel sector.

Prime Minister Said Musa
?As you know, the oil price situation is a very difficult one for our countries, not only for Belize, but indeed I suspect for most of the countries of Central America and the Caribbean. As you also know, Belize has been dependent on one supply of petroleum through one company through for many years, and we believe that with PEMEX coming in this competitive spirit will help us with coping with the very serious problems that we are having with the high acquisition costs of fuel. When this government came into office the first term in 1998, the price of a barrel of petroleum was something like fourteen dollars, today what it has reached sixty dollars a barrel and some are predicting it might even go to seventy dollars. So it?s a very serious situation and we have held discussions with President Fox, not only on this occasion, but on previous occasions, working with Mexico to see how PEMEX can come in to facilitate Belize with a reliable supply of refined products with gas stations and so on. And I do know that they are working on this starting with Belize, and I suspect going on to Central America as well.?

Janelle Chanona
?Who are the local investors??

Prime Minister Said Musa
?That is yet to be decided.?