Euphoria: Valero Reopens
Topic: EnergyValero Energy Group just announced plans to reopen the facilities in St. Nicolas. Wide spread euphoria within ranks of the government, workers, Valero and financial commentators was the result.
Is this euphoria merited really? Not so fast. Don’t get me wrong, there’s certainly something to say about workers getting their jobs back, without question. This new legislation, seems to be much more favorable to Valero than it is to local taxpayers though. It certainly is not a win-win deal. Yes, the government delivered on a campaign promise, and yes people will have jobs again but let’s take a look beyond that.
Thus far I’ve tried to get a hold of the legislation called “Settlement Agreement”, but couldn’t, which is unacceptable. I litterally have to go down there to get a copy. Thus far the only details I’ve learned about the deal is through the opposition party, which voted against it. With all due respect for them I don’t trust their objections as I certainly have NO political agenda and I would like to read the complete legislation myself and form my own opinions.
In the past Valero has shown to a very untrustworthy partner thus caution is merited.
June 6th, 2010 Read more » valero