The West Indies Oil Company, Limited (WIOC) has invested in excess of $115 million upgrading its infrastructure since the government purchased the majority shares back in April, 2015.
The disclosure comes from WIOC Chief Executive Officer, Gregory Georges, during a brief ceremony on Wednesday when he presented a copy of the company’s 50th anniversary magazine, dubbed 50 Years of Service, to the Prime Minister and the Cabinet. Georges and Chief Financial Officer, Carlton Bramble, were invited to the Cabinet to make the formal presentation of the magazine.
Georges announced that since the government became the majority shareholder, the Company has invested heavily into upgrades of its facility and the expansion of the tank farm over the past three years. He thanked Prime Minister, Hon. Gaston Browne, for being the ‘catalyst’ that led to the government’s purchase of WIOC for US30 million from the Rappaport Group.
The CEO said the magazine chronicles WIOC’s growth and development as well as its contributions to the socio-economic development of the country. He credits former Prime Minister and National Hero, Sir Lester Bird, for urging the company to produce the magazine to mark this milestone.
The Prime Minister congratulated the company’s senior management for continuing the good job of managing the affairs of WIOC and the decision to document the company’s achievements through the medium of the magazine.
PM Browne said it is his desire that WIOC successes go beyond 50 years, but perhaps for centuries as successful companies last for centuries. “WIOC is a very important institution within the landscape of Antigua and Barbuda and we hope that the company continues to make profit and to contribute to the socio-economic development of the country,” he stated.
The 72-page glossy magazine features several articles and photos that tell the story of WIOC from its inception to present day. It also has a feature on its operations in Dominica, the only other island where the company operates. The magazine was produced by a team led by senior journalist, Everton Barnes.