A new business selling propane as a power source for homes in the Cayman Islands could be up and running early next year, after being granted planning permission for a storage facility.
Clean Gas was given permission by the Central Planning Authority last week for 10 tanks capable of holding up to 300,000 gallons of propane fuel at its site in Industrial Park, off Sparkys Drive.
The tanks will be stored partially above ground, but covered with soil, and enclosed within a retaining wall.
The new company was also granted permission for an office, warehouse and storage building at the site.
Marcus Cumber, an investor in the business along with Randy Merren, attorney James Bergstrom and Minister of Financial Services Wayne Panton, said the business would supply private homes and condo complexes.
He said most condo complexes included the basic infrastructure to allow for propane connections and the company hopes to broker deals with stratas to supply the gas.
He said he believed there was room in the market for a second propane gas supplier. Home Gas Ltd. has had a monopoly for the past 25 years.
Mr. Cumber said the competition would likely force down prices and offer consumers a choice. He said propane also represented a cleaner alternative to diesel fuel-generated electricity.
“We are hoping that once we come into the market, prices will go down generally. We believe in fair pricing and we want to bring the cost of living down,” he said.
According to papers from the Central Planning Authority there were no objections to the project, which was approved following consultation with the chief petroleum inspector.