They've shipped out three barges of oil to Houston and tonight 7NEWS has learnt that the oil company Belize Natural Energy is also sending oil by road to El Salvador. 10 trucks loaded with a cargo of 1,914 barrels or 80,391 gallons left Belize's western border today bound for a refinery in El Salvador called Rifineria Petrolera Acajutla. The oil is priced at US$66 per barrel. We could not contact a Belize Natural Energy representative to comment; we were only told a release is being prepared. But while the oil continues to go out, Cabinet yesterday discussed a new tax structure that has not been finalized.
At yesterday's Cabinet meeting, the petroleum industry was the number one topic of discussion. Cabinet appointed a committee to guide government's petroleum policy, including the proposed tax regime. Ministers Francis Fonseca, John Briceno and Eamon Courtenay will see how the government can, "get the maximum royalty and production sharing rates...in new contracts to maximize revenues for government." The committee is also tasked to find out a way to make shares in Belize Natural Energy available to the Belizean public. Based on the committee recommendations, draft legislation for the petroleum industry will be taken to the House, "at an early date."
