Saturday, March 06, 2010

Exploiting Belize, its laws, its natural resources and its people

...Early this week,(click title to entry - thank you) PUP personality Vaughan Gill broke the news on the Vibes Radio morning show – news that Irish investors in BNE had gotten their first ‘significant and massive dividend’ and were ‘laughing all the way to the bank.’ The source was an article in the Irish based Belfast Telegraph, an article which claimed that some investors had received as much as US$750,000 as a return on their investment. The local media picked up the news, and as we go to press tonight, Belizeans are posing some very pertinent questions about this apparent ‘oil bonanza’ which has benefitted ‘hundreds’ of Irish investors but seems to have stopped far short of benefitting Belize and Belizeans....



(Source: Belfast Telegraph)SUSAN Morrice, a geologist, is part of a group of 70 Irish investors who stuck to their convictions that oil could be found in Belize.
Major oil companies had already drilled 50 dry wells in the central American state but Morrice managed to locate oil with her first attempt at exploration back in 2005.

Morrice established Belize Natural Energy with the backing of her husband, the Colorado oil executive Alex Cranberg, and more than 70 small investors from Ireland.
The people who backed the company are not traditional investors. They supported the venture because they wanted to see the development of the country.
Morrice's company was quick to turn the oil discovery into cash by sending 40,000 barrels on a barge to a refinery in Houston. This netted Belize Natural Energy some $2million.
One of their stated aims was to use part of the proceeds from their oil venture to support and promote social development in Belize. The company also said revenues would be used improve health, education and the environment.
(c) 2010 Belfast Telegraph. Provided by ProQuest LLC. All rights Reserved.





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