THE Fair Trading Commission (FTC) has rejected the bid by SOL Group to purchase outright the Barbados National Terminal Co. Ltd. (BNTCL), owned by the Barbados National Oil Co. Ltd.
In a preliminary ruling, dated June 14, the regulator prohibited the proposed transaction, deeming portions of the January 31 application essentially unlawful, particularly a controversial 15-year moratorium on construction of new terminal facilities or new import depots.
Further, the FTC rejected SOL’s call for a 32 per cent pre-sale increase in throughput fees at the Fairy Valley storage site which costs, it said, would likely be passed on to consumers. (AB)
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