VIP PRESS RELEASE 3/07

April 19, 2007

VIP maintains the policy that "All Belizeans must benefit
equitably from the use of Belize's natural resources". This
policy and Belize's national interest was assaulted in the
most degrading manner when government announced last week
that it intends to sell the People's 10% shares in BNE, the
only viable oil business we have. Belize's national
interest was further violated when the Opposition yesterday
announced that it actually agrees with government's idea of
selling the people's shares.

Our justification for opposing this sale is that:

The people of Belize already own the shares. As it is, all
Belizean will benefit from the profits of these shares.

Selling those shares will take away from the poor, without
any compensation, what is already and naturally theirs.

Such a sale will allow an unfair advantage to those who can
pay for those shares. This will result in a wider gap
between the rich and the poor in Belize.

Selling those shares and saving the proceeds for later use
will effectively cut off the future earning of those shares
from people who cannot afford to pay for them today.

Selling those shares make them vulnerable to foreign
take-over as share buyers may quickly sell to foreigners to
gain profit.

By selling those shares government will have no direct
input in the company's management to ensure that the
interest of Belize is safeguarded.

The national interest of Belize demands that a long term
strategic plan for our petroleum industry be established.
Such a plan must address the training needs of Belizeans
and must contemplate our country's ability to conduct
petroleum exploration and production.

The VIP warns Belizeans that our generations will suffer
for this reckless and callous sale should it materialize.
Here is a repeat of our past mistakes with BEL, BWSL, BTL,
PORTS OF BELIZE, and others. Here is a repeat of the
mistakes of African and South American oil industries where
poor people have not benefitted from this natural wealth.
Belize's misfortune in this matter will fall squarely on
the People's United Party led Administration and its
supporter, the United Democratic Party, and any other who
supports this sale.

Belizean brothers and sisters, let us stand firm and oppose
this sale in any way shape or form.

Hubert Enriquez

Secretary General

Safeguard our Rights and Meet our Responsibilities!

by:
VISION INSPIRED by the PEOPLE

1 Cardinal Ave.
Belmopan
Tel: 802-2926
E-mail: [email protected]
Website: http://www.vip.org.bz

Chairman: Paul Morgan Secretary General: Hubert Enriquez
Campaign Manager: Robert Lopez