Chevron - Haiti Observer Blog

The Haiti PetroCaribe oil deal was signed just moments following the inauguration of René Préval; one mile away, in the Port-au-Prince bay, was the first shipment of diesel and unleaded fuel from Venezuela. Such decisive movements showed plainly that, while allaying US fears of a Haiti alliance with Venezuela, President Préval had already intended to join the Caribbean oil alliance.

The benefits were immediate, though it would take a few more years before regular deliveries of oil would be possible and construction on the promised oil refinery, an additional gift in the deal, would be complete. But Haiti's new fortune, while it came cheaply, was not without considerable price. The estimated $100 million US that the GOH would save from the delayed payment plan (with 60% up front and the remainder payable over 25 years at 1% interest) was paid for by the anger of the US Government and the US oil companies Chevron and ExxonMobil. Not only was PetroCaribe the project of Ugo Chavez, but it would mean significant losses to US investors.

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GB Group has become the first multinational company in Haiti to have over 360 service stations. This happened when the Haiti-based company's Energy division acquired Chevron's fuels marketing and aviation businesses. The acquisition involves the businesses in the Dominican Republic and Jamaica's St. Maarten.

Under the acquisition deal, the GB Group now has control over some 220 retail service stations that Texaco Brand operates. The deal also involves airport refueling operations and fuel terminals.

GB Group chairman Gilbert Bigio welcomed the deal, calling it an "important milestone." He added that the acquisition is a huge part of the company's plans to develop the local market, as well as grow globally. The transaction really goes well with GB Group's goals and vision, Bigio said. The chairman also shared that the acquisition is a golden opportunity that everyone in the company has been awaiting. It is known that since its establishment in Haiti in 1896, GB Group has been taking measures and initiatives to expand not only in Haiti but also in the international market. And the company's takeover of Chevron's divisions is a testament that GB Group's efforts are not going down the drain.

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