THE Commonwealth Ports Authority’s board of directors approved on Wednesday an oil firm’s request to lease the agency’s property at Tinian harbor where it could store and sell liquefied petroleum gas.
CPA Executive Director Carlos H. Salas said the port authority’s newest lessee is Tinian Gas, Inc.
He said the firm will lease 5,000 sq. ft. of CPA property on Tinian for $250 a month during the first five years. The lease agreement covers 15 years, and the rate varies every five years.
“We approved their request to lease the land for 15 years. The rate changes every five years,” Salas said.
He said Tinian Gas’s entry will benefit Tinian residents because they currently buy LPG at a higher price since it is not available on their island.
