Office Of The Deputy Prime Minister And MOF

Government Of The Cook Islands

Office Of The Deputy Prime Minister And Minister Of Finance

The government has reached an agreement with fuel importers TOA Petroleum and Triad to bring to an end court proceedings related to the Heads of Agreement for the purchase of the TOA fuel depot at Panama.

It has been agreed that the purchase will not proceed and TOA will continue to own the depot. The parties have agreed on issues of damages and costs.

Deputy Prime Minister Sir Terepai Maoate said all parties were pleased they had resolved the many complex issues associated with the case. He said the settlement agreement had been reached in a spirit of cooperation and goodwill.

Sir Terepai stressed that government “remains steadfast in its commitment to the overall objective of rationalising the fuel supply chain in the best interests of the people of the Cook Islands, to ensure security of supply and prices that are as cheap as possible.”

He welcomed the agreement of Triad and TOA, the commercial parties, to cooperate with the establishment of a committee to consider the development of government’s policy in relation to fuel purchase, transportation, storage and distribution for the Cook Islands.

More information will follow shortly.

ENDS

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