West Indies Oil Company (WIOC) shareholders have approved plans to upgrade the company’s offshore facilities as it positions itself to be a major player in the storage business.
The CEO, Gregory Georges, reported that the shareholders meeting went well as the management team pursued plans to build a company for the future. The company’s vision is to improve its storage and pumping capabilities to make it more competitive in this area of its operations.
Georges stated that they are planning to improve their offshore facilities, jetty, and pipelines to boost their pumping rates, making them a much more competitive storage facility in the Caribbean.
WIOC has to invest significant sums to install bigger pipes, as they record a low pumping rate using the current set of lines that were not designed for what the company does today.
With this investment, WIOC will become a major storage player in the Caribbean, which has become a significant source of revenue for the company over the last several years.