16 Dec 2009

Cook Islands government reaches agreement to end court proceedings over fuel depot

6:36 am on 16 December 2009

The government has reached an agreement with fuel importers TOA Petroleum and Triad to bring to an end court proceedings related to an agreement to buy 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.

Sir Terepai stressed that government remains committed to the overall objective of rationalising the fuel supply chain to ensure security of supply and prices that are as cheap as possible."