Wapa

Governor Bryan Announces Initial Payment of $45 Million in WAPA Settlement with VITOL

Governor Albert Bryan on Monday announced that the Government of the Virgin Islands has completed the payment of $45 million to Vitol as part of a settlement agreement between the company, the V.I. Water and Power Authority and the GVI. “I am pleased to announce today that we have fully satisfied the initial $45 million payment to VITOL on behalf of WAPA as part of the negotiated settlement agreement for control of the propane terminals at the authority’s Randolph Harley plant in St. Thomas and Estate Richmond in St. Croix," the governor said, according to Gov't House. The announcement follows a WAPA board meeting on Friday where the authority narrowly approved a $145 million deal to pay Vitol for what the Geneva, Switzerland-based company says is WAPA's capital lease obligation, or costs for propane infrastructure that Vitol built at WAPA facilities. The 35th Legislature on April 15 approved the bill establishing the line of credit, though lawmakers wound up approving only $100 mill...