Browne Reflects on Success of WIOC Purchase, Points to $150m Revenue Gain
06 January 2025
Browne Reflects on Success of WIOC Purchase, Points to $150m Revenue Gain
Prime Minister Gaston Browne has hailed the government’s 2015 purchase of the West Indies Oil Company (WIOC), noting that it has contributed over $150 million in revenue through taxes and dividends.
The company, now one of the largest and most profitable entities on the Eastern Caribbean Stock Exchange, has proven to be a major asset for Antigua and Barbuda. Browne also shared that a portion of the company’s shares was made available to local citizens, allowing them to share in its success.
Describing the acquisition as a “remarkable success,” Browne emphasized how the government transitioned from being a “bad debtor” to owning WIOC without incurring debt or utilizing treasury funds.
“Despite concerns over corruption, we executed this process without any wrongdoing,” he asserted.
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