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OfReg gets $1M injection, work on fuel sector to begin

Local regulator OfReg gets a $1 million cash injection to pursue its work on Cayman’s fuel sector.
According to OfReg chairman JP Morgan after failing to receive the anticipated revenues in 2017 the regulator went directly to Premier Hon. Alden McLaughlin for the resources.
He said the Premier, together with the Cabinet Office, secured the capital injection for OfReg to make up for its operating loss in 2017 caused by the lack of funding.
He said it will still be necessary to come-up with a long-term funding arrangement where the fuels sector pays for the OfReg fuels team’s regulatory costs. Mr. Morgan said the water sector funding is more complicated because of the licensing relationships between Water Authority, Cayman Water, and OfReg.

About the author

Reshma Ragoonath

Reshma Ragoonath

Reshma Ragoonath is a Trinidadian journalist with 18 years media experience with a strong background in print with her most recent stint at The Cayman Reporter. She has a BA in Mass Communications, as well as, an Associate degree in Journalism and Public Relations.

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