Interpretation

In this Act, unless the context otherwise requires“Commercial Operations Date” means the date on which the Developer commences commercial operations upon securing written approval from the Government; “Developer” means National Gas Company (Belize) Ltd., a company incorporated under the laws of Belize and its permitted successors and assigns; “Government” means the Government of Belize; “Government’s Shares” means the 5,000 ordinary shares in the capital of the Developer comprising twenty five percent (25%) of the authorized share capital of the Developer issued and allotted to the Government in pursuance of the Definitive Agreement; “Definitive Agreement” means the agreement dated 10th July, 2018 between the Government of Belize and National Gas Company (Belize) Ltd. including any amendment, modification, replacement or restatement thereof; “Liquefied Petroleum Gas” or “LPG” means a by-product from the processing of natural gas or petroleum gas or from petroleum refining, consisting of a mixture of low-boiling hydrocarbons that exist in a liquid state at ambient temperature and includes commercial butane, commercial propane, commercial butane- propane mixtures and special duty propane blends and any other blend or constituent thereof; “Minister” means the Minister responsible for Finance; “Project” means– (a) the design, financing, construction, procurement, commissioning, operations, maintenance of the Project Facility for the term of the Definitive Agreement including the establishment, operation and maintenance of– (i) a landing terminal for receipt, storage, blending, and sale of LPG located at the Port of Big Creek, Stann Creek District, Belize; (ii) a bulk plant for receipt, storage, and sale of LPG located in the vicinity of the City of Belmopan, Cayo District, Belize; and (iii) a bulk plant for the receipt, storage and sale of LPG located in the vicinity of Orange Walk Town, Orange Walk District, Belize; and (b) the transfer of ownership of the Project Facility to the Government of Belize after the expiration of the term of the Definitive Agreement; “Project Facility” means the assets including but not limited to the entirety of the Terminal, bulk substations, the Lease (as defined in the Definitive Agreement) and related assets acquired by the Developer for the purpose of fulfilment of Developer’s obligations under the Definitive Agreement including the entirety of the undertaking of the business connected therewith; “Terminal” means a landing terminal for receipt, storage, blending, and sale of LPG located at the Port of Big Creek, Stann Creek District, Belize; and “Termination Date” means the fifteen year anniversary of the Commercial Operations Date or the date on which the Definitive Agreement is terminated as per the provisions of the Definitive Agreement, whichever is earlier.