Chief Executive Officer (CEO) of the St. Vincent Electricity Services Limited (VINLEC), Thornley Myers has refuted allegations made by Opposition leader, Hon. Arnhim Eustace that the debt owed by this country under the PetroCaribe agreement is $900 million.
Speaking yesterday on the Morning programme aired here on WEFM, Mr. Myers said that all fuel imported into this country under the PetroCaribe agreement since June 2006, has been assigned to VINLEC.
He noted that since 2006 “we have had close to 100 landings and the total fuel consumed during that period is in excess of 37 million gallons with prices ranging from $59 to $169 per barrel, therefore the value of the fuel imported during that period assigned to VINLEC is $340 million.
Mr. Myers said based on these figures, the debt owed to PetroCaribe could never be $900 million.
Mr. Myers said he agrees with Prime Minister Dr. Ralph Gonsalves, that the debt is in the region of $160 million.