Business

PDVSA's Board Of Directors Releases All Tax Claims Against GVI; Mapp Thanks Senators For Exercising Due Diligence

ST. THOMAS -- Governor Kenneth Mapp received correspondence from the Board of Directors of Petróleos de Venezuela S.A. (PDVSA), stating that they have approved the purchase and sale agreement and its global settlement provisions between Limetree Bay Terminals, LLC and HOVENSA, a press release Government House issued late Friday has made known. PDVSA has also agreed to waive its tax claims against the Government of the Virgin Islands, according to the release. "This is another major milestone in this transaction and a step toward the path to economic recovery for the people of the Virgin Islands, and particularly St. Croix," Governor Mapp said upon receiving correspondence of PDVSA's decision. The  territory's leader also commended the 31st Legislature on exercising its due diligence by providing an opportunity to residents here to offer testimony on the operating agreement.  However, “I must state that the prompt action by the Legislature remains imperative to ensure that th...