SOL it is!

It’s almost a done deal.

Nine months after Minister of Finance Chris Sinckler announced the sale of this island’s lone oil terminal to a private entity, the name of the potential buyer has been formally announced.

In a statement today, the state-owned Barbados National Oil Company Ltd. (BNOCL) revealed that it had signed an agreement with the SOL Group for the sale of its subsidiary, the Barbados National Terminal Company Limited (BNTCL).

Under the agreement, BNOCL will continue to source, import, own and distribute gasoline, diesel and fuel oil to all local marketers, and it is assuring local consumers that they will be able to access their products as before.

“Prices at the pumps will only change in accordance with the price of imported products as is currently done,” the oil company’s added in its statement.

However, the deal is still awaiting regulatory approval, and is therefore not due to be completed before the first quarter of 2017.

 

So far no sale price has been given. However, back in April, 2016, Sinckler had reported that the sale of the oil terminal was almost complete with Government simply “waiting on the cheque” to finalize the deal.

At the time Sinckler would neither name the buyer nor give details of the sale.  However, the local Fair Trading Commission had said that even though it did not regulate BNTCL,  it intended to look into the proposed oil deal, since it had the potential to put the buyer in a dominant market position.

“We are doing the initial investigation on the matter, but we realize that negotiations are still ongoing at this stage,” the FTC’s Chief Executive Officer Sandra Sealy told Barbados TODAY last July. However, since then nothing further has been forthcoming from either Sinckler or the FTC on the matter.

 

13 Responses to SOL it is!

  1. Tony Webster January 11, 2017 at 2:07 pm

    Willing buyer….willing seller…and it take nine months to sharpen a pencil? Hmmm…perhaps, it’s “son-of-pencil”?
    Stay tuned….for more birth announcements.

    Reply
  2. Carson C Cadogan January 11, 2017 at 2:27 pm

    White Bajans are Bajans too.

    Reply
  3. Sebastian Da Costa
    Sebastian Da Costa January 11, 2017 at 2:34 pm

    If government selling this hope it will use the money to reduce the money the island owes.

    Reply
  4. Robin Catwell
    Robin Catwell January 11, 2017 at 2:41 pm

    This is just payback!

    Reply
  5. Alex Alleyne January 11, 2017 at 3:10 pm

    Let me buy some shares in SOL, I also want to enjoy the sweets.

    Reply
  6. Peter January 11, 2017 at 3:17 pm

    This is no surpise. However Sir Kiffin is an upright, respectable and successful oil trader. I am certain that these negotiations were clear and transparent. No underhand deals. Congrats are in order for this Barbadian businessman.

    Reply
  7. Peter January 11, 2017 at 3:18 pm

    surprise

    Reply
  8. Bupps January 11, 2017 at 3:57 pm

    Why was the sale of BNTCL not offered to the general public via an IPO?

    On what basis was SOL selected to enjoy a monopoly situation in perpetuity?

    Why has there not been any national outrage at the only profitable SOE( state owned enterprise) being divested in a opaque manner?

    Reply
  9. Tony Webster January 11, 2017 at 4:12 pm

    @Peter: might I please join you in applauding….both buyer…and seller. As @Sebastien alludes, my inclusion of the seller is conditional and on the hope that the proceeds are IMMEDIATELY utilized to reduce some F/X-denominated debt, as if otherwise used, it will merely be a fleeting blip as it is subsumed into the “Other Consolidated Fund”…namely, C.B.B.’s working F/X balances.

    Reply
  10. Jennifer January 11, 2017 at 8:34 pm

    The more things change the more they remain the same.

    Reply
    • Peter January 12, 2017 at 8:45 am

      Jennifer, what ever that means, You speak for yourself. Can you or any one Bajan entity come up with half of one percent of the price it is up for? Now you behave like one of the crabs in the barrel.

      Reply
      • David G. Brooks January 14, 2017 at 1:07 pm

        With that sort of insult I can guess who you are.

        Tony, you know who you agreeing with.

        And why is no one concerned with the FTC’s take that it make ‘the buyer in a dominant market position’ – i.e. near monopoly – oh, right we are not to dare ask questions as we all just boys & girls to some. As SOL is a private company know one will have a clue as to what goes on or will go on, at least with BS&T et al we had some idea even though many were powerless to effect what they wanted. Some people seem to think we have forgotten about the shenanigans that went on back in the 70’s that were not all that upright. But time – it makes such a change, especially how to operate more clandestinely.

        So I suppose that is how we are viewed by certain contemptuous individuals who only know how to surf brown channels or streams, as being ‘one of the crabs in the barrel’.

        Reply

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