Rubis gives economy vote of confidence
The Barbados economy has been given a vote of confidence by the France-based petroleum company Rubis, which is involved in a legal battle with Government over the sale of the island’s only oil terminal facility to the Sol Group.
Chief Executive Officer of Rubis West Indies Limited Mauricio Nicholls told Barbados TODAY his company remained confident in the Barbados economy despite its challenges.
With high debt, dwindling foreign reserves and multiple downgrades, Government has been struggling to bring the economy from the brink.
However, Nicholls suggested Rubis was unperturbed, and had invested about US$100 million here since taking over the Texaco assets owned by Chevron six years ago.
The company is currently constructing an $11 million state-of-the-art headquarters for the Caribbean in Welches, St Thomas, ending years of leasing in Spring Garden.
“I think that Barbados has been going through difficult economic times but I see some signs that there are some investments coming into the country, and it is investments that bring employment and bring in additional level of activities,” Nicholls said.
“I am hopeful that will continue and as it continues the economy will continue to see some growth. Last year the economy saw some growth. Hopefully that growth will continue and if there is more investment and that investment accelerates there will be even more growth in the future. So we are always optimistic about the future and we are seeing some signs that the economy is picking up some speed,” he added.