Friday, April 19, 2024

FTC oil probe


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BARBADIAN MULTIMILLIONAIRE Sir Kyffin Simpson’s oil empire Sol will not be able to count the Barbados National Terminal Company Ltd (BNTCL) among its assets just yet.

The Fair Trading Commission’s (FTC) chief executive officer Sandra Sealy yesterday confirmed that an investigation of the planned sale of Barbados National Oil Company (BNOC) shares in the BNTCL was coming.

The head of the quasi-judicial watchdog agency told the MIDWEEK NATION that Sol (Simpson Oil Limited), a Barbados-headquartered regional oil business, and the state-owned BNOCL were bound by law to “provide relevant information” about the sale/merger and seek the FTC’s approval.

Government is expected to rake in $70 million from the deal if it is approved, but there has been some resistance to the transaction, particularly from Sol’s main competitor in the region, Rubis. (GE)

Please read the full story in today’s Midweek Nation, or in the eNATION edition.



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