Antigua and Barbuda Celebrates 11 Years of WIOC Public Ownership

CABINET NOTES: Cabinet on Wednesday, April 1, observed the historical moment,  eleven years ago,  since Prime Minister Gaston Browne signed the agreement transferring ownership of the West Indies Oil Company Limited to the people of Antigua and Barbuda — an historic decision that has since proven to be one of the most transformative economic policy initiatives in the country’s modern history and a demonstration of the visionary leadership abilities of Prime Minister Gaston Browne.

Since 2015, the West Indies Oil Company (WIOC) has experienced significant growth and expansion, generating more than EC$230 million in profits while investing approximately EC$270 million in capital development and infrastructure.

These investments have strengthened the country’s energy infrastructure, expanded storage capacity, improved distribution networks, and positioned Antigua and Barbuda as an increasingly important fuel transshipment and storage hub in the Eastern Caribbean.

Importantly, WIOC became the first publicly listed Antiguan company on the Eastern Caribbean Securities Exchange in 2022, allowing Antiguans and Barbudans to directly own shares in the company and benefit from dividends and capital growth. This move represented a major step in democratizing wealth and expanding local participation in national assets.

Over the years, WIOC has undertaken and continues to undertake major infrastructure upgrades, including rehabilitation of its Sea Island Jetty, installation of new pipelines, expansion of tank storage capacity, and improvements to its retail service station network.

These investments are expected to improve efficiency, increase tanker traffic, reduce fuel import costs per unit, and generate additional revenue through increased port and ancillary services.

The company is also expanding its footprint beyond Antigua and Barbuda, with business development opportunities being explored across the Caribbean, including markets such as Guyana and Suriname.

At the same time, WIOC continues to grow its local operations through increased fuel sales to new hotels, restaurants, housing developments, and marina projects, supporting the country’s broader economic expansion.

In addition to traditional energy services, WIOC is positioning itself to invest in the renewable energy sector, helping Antigua and Barbuda transition toward a more sustainable energy future while maintaining energy security.

The decision taken eleven years ago to transfer ownership of WIOC to the people of Antigua and Barbuda has not only strengthened the company but has also created opportunities for national wealth creation, employment, local investment, and economic diversification.

Today, WIOC stands as a strong, profitable, and expanding national asset — truly owned by the people and working for the people.

The Government of Antigua and Barbuda reaffirms its commitment to policies that empower citizens, expand local ownership of national assets, and build long-term economic resilience for present and future generations.

Advertise with the mоѕt vіѕіtеd nеwѕ ѕіtе іn Antigua!
We offer fully customizable and flexible digital marketing packages.
Contact us at [email protected]