Rubis is giving the thumbs’ up to the Fair Trading Commission’s (FTC) decision to block Simpson Oil Limited (SOL) from purchasing Barbados National Terminal Co Ltd (BNTCL).
In a statement, Rubis chief executive officer Mauricio Nicholls noted the France-based international petroleum company’s satisfaction with the ruling.
“Rubis is very pleased to see that the FTC conducted an independent and detailed review of the transaction and considered all of the possible consequences to the competitive landscape as well as to consumers to reach their decision . . . In Rubis’ view, the decision by the FTC preserves a competitive fuels market place and protects individuals and enterprises that consume fuel,” Nicholls said.
“Furthermore, the decision by the FTC reinforces Rubis’ commitment to remain a strong, innovative, and vibrant fuel supplier in Barbados,” he added.
Rubis’ involvement in the SOL, BNTCL merger goes back to earlier this year in January when Rubis West Indies Limited offered to put half of the US$100 million figure Government was expecting from SOL’s purchase in a bid to have a joint ownership of the state-owned entity.
At the time, Nicholls explained that it would be unfair to hand SOL a monopoly of the oil market.
Then, on March 24, the company filed for a judicial review of the approval, which included a 15-year moratorium clause in the Sale and Purchase Agreement.
That turned out to be one of the issues noted to be addressed by the FTC with SOL’s proposed acquisition along with the vertical alignment of the upstream and downstream markets.
SOL, through general manager Ezra Prescod, also responded to the FTC’s decision against the regional petroleum company’s attempt to acquire the BNTCL.
“Sol has thus far respected the FTC’s investigative process as it relates to the proposed transaction and now that we have received a final ruling, we will issue a further statement upon conclusion of our internal review process,” Prescod said.
“As always, our commitment to Barbados remains steadfast and we will continue to look for ways to respond to the needs of our valued stakeholders – the Barbadian people,” he added. (PR/AD)
