Supervisory Board of Directors allegedly Cancelled MOU --- Will Prime Minister come forward with signed copies.
PHILIPSBURG:--- The much talked about Memorandum of Understanding (MOU) that was signed earlier this year by the former COO of GEBE Romelio Maduro and the President of the G. B Energy Pablo Porles has surfaced. However, SMN News only managed to retrieve the unsigned copy which is documented as “Privileged and Confidential.” The MOU which several Members of Parliament requested and to date cannot receive was signed on February 4th 2015 at the Divi Little Bay Hotel in the presence of Prime Minister Marcel Gumbs, the shareholder representative of the Government of St. Maarten and Member of Parliament Theodore Heyliger. The two signatories to the document are Ir. Romelio Maduro the former COO and the President of Gulfstream Petroleum Dominicana (G. B Energy). The representatives of the overseas company flew to St. Maarten on a private jet in order to sign this document which can be considered as one of St. Maarten’s most top secret document.
Prime Minister Marcel Gumbs wrote a letter to Parliament claiming that he is unable to get documents from the government owned company and even stated that he was forewarned about what he says to Parliament if not he could face legal actions. However, the shareholder representative should have copy of the signed document to turn over to Parliament since he was one of the witnesses at the signing ceremony on February 4th 2015.
The entire draft copy that SMN News got its hands on will be underneath this article for our readers to see what is in the document.
The main purpose of the MOU states that the licensed company (GEBE) intends to instruct the company to construct, operate and maintain a storage facility for the storage of HFO and LFO fuel and LPG gas (fuel and LPG Storage site) and construct, operate and maintain a LPG electrical power generation with unit that supplies electricity exclusively to license operator at a lower cost of electricity(US$/kWh) than the licensed operators does at present, and that is fully compatible with and integratable in the license operator’s current electricity plans/grid taking into consideration Licensed Operator’s future energy plans (including but not limited to waste to energy and solar energy) (the LPG plant.)
The MOU further states that the company is obliged to secure complete financing for the execution of the project (more specifically the PPA shall not be contingent on financing, nor shall the final agreements contain any conditions with respect to financing. By signing of the MOU the company confirms ultimately that when the PPA is executed.
While the draft MOU SMN News obtained a source close to GEBE said that is the copy that was signed by parties on February 4th 2015 and the Supervisory Board of Directors were supposed to review and approve the document. The source said the Supervisory Board of Directors cancelled the MOU on March 20th 2015.
Click here to view draft MOU signed by GEBE and Gulfstream Petroleum Dominicana (G. B Energy)
