Government

$45 Million From $150 Million Line of Credit to be Used to Pay Vitol Within 45 Days, Says Bryan; Total Buyout Amount Still Unknown

Should lawmakers cooperate with Governor Albert Bryan Jr. in approving his request to establish a $150 million line of credit for the territory, $45 million of that amount will go to Vitol within the next 45 days as part payment towards the debt owed to the propane supplier by the Water and Power Authority. Contention over that debt led to Vitol eventually suspending propane shipments to the territory late last year, leaving WAPA to scramble weeks before the 2022 holiday season to find alternative suppliers of the needed fuel. During the most recent meeting of WAPA’s Governing Board, Executive Director Andrew Smith announced that WAPA and Vitol had finally reached an agreement over the buyout of the Vitol-built propane infrastructure that is critical to WAPA’s current operations. The total sums involved were not disclosed in the open session of that meeting, and the public still does not know even the broad strokes outline of what was agreed.  Tuesday’s announcement from the Governo...