31 Mar 2009

Marshall Islands promotes fuel sales to Asian fishing boats and US Navy

10:02 am on 31 March 2009

The Marshall Islands is promoting fuel sales to Asian fishing boats and United States Navy vessels to stabilize its struggling national utility company.

The Marshalls Energy Company has sustained heavy losses since 2005, largely as a result of high world market diesel prices coupled client cutbacks in usage due to increased electricity rates.

The government elimination of import tariffs on utility fuel imports is

making the Marshalls Energy Company's fuel prices competitive with high seas refueling for fishing vessels.

The General Manager, William Roberts, said the company has the largest tank farm in the Micronesian region outside of Guam and is working to develop this into with the U.S. Navy.