The Utility Regulation and Competition Office (OfReg) and Sol Petroleum Cayman Limited (Sol) issue the following joint statement in relation to the fuel tank fire which occurred at the Jackson Point Terminal on the 23rd of July 2017 (Incident).
Following an exhaustive investigation, OfReg and Sol would like to inform the public that agreement has been reached in relation to the imposition of an appropriate Administrative Fine by OfReg to be paid by Sol in relation to the Incident. This Administrative Fine, in the sum of CI$200,000 (plus costs of CI$86,700 for the investigation), is intended to reflect the potentially serious nature of the Incident and the concerns raised in the community, but also recognise Sol’s history in the Cayman Islands as a good corporate citizen, noting, in particular, Sol’s transparency and full cooperation with the investigation, acceptance of responsibility and good health and safety record prior to the Incident.
OfReg and Sol are satisfied that they have established and identified the circumstances and contributing factors leading to the Incident and wish to reassure the public of the Cayman Islands, that where applicable, lessons have been learnt, shortcomings addressed and measures put in place to guard against any possibility of a repetition of the Incident in the future, including an agreement that there shall not be any welding conducted on in-service fuel storage tanks.