The Leader of Opposition, Hon McKeeva Bush to ask the Hon D Kurt Tibbeetts, the Minister of Planning, Agriculture, Lands, Housing and Infrastructure.
Answer.
Madame Speaker, after hearing a rumor that ESSO Grand Cayman was sold, the Government contacted the ESSO Country Manager (Alan Neesome) to learn that Simpson Oil Limited ISOLJ was in negotiations with ExxonMobil (ESSO) to purchase its remaining assets in the region. A subsequent announcement by ESSO on June 28th 2073 stated that ESSO’s Management signed the Sale/Purchase Agreement in the United Kingdom with SOL Investment Limited (based out of Barbados) for the sale of its business.
Again, the Government was not informed that deal between ESSO and SOL was finalized and learned of this via rumors. Through the Government’s own investigation it learnt that in the deal completed in January 2014 SOL acquired the assets of Grand Cayman, along with Bahamas, Barbados, Bermuda and the Dominican Republic. However, before this information was released publicly neither the Ministry of PLAHI nor the Chief Petroleum Inspectorate was formally advised by ESSO/SOL (Grand Cayman) of this transaction.
In fact the Chief Petroleum Inspector, read the news of the recent sale via the SOL’s website and subsequently contacted ESSO regarding the matter, ESSO confirmed that the negotiations are now completed. The Country Manager apprised the Chief Petroleum lnspector that an application has been made for changes to the legal structure of the company here in Grand Cayman (name change, bank accounts, letter heads, etc.), Other formalities that need to be completed locally are the rebranding of fuel trucks, the aviation fleet and terminal offices by the end of January.
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