WIOC’s Impact: $150 Million Paid to Government Post-Acquisition
Prime Minister Gaston Browne says the government’s acquisition of the West Indies Oil Company (WIOC) in 2015 has contributed over $150 million to its revenue.
“Through a combination of taxes and dividends, WIOC has provided approximately $150 million to the government so far. It ranks among the largest companies on the Eastern Caribbean Stock Exchange based on market capitalization and stands out as one of the most profitable entities in the region,” Browne said over the weekend.
Browne mentioned that the government was able to sell a portion of its shares to citizens of Antigua and Barbuda, enabling them to have a stake in the company.
He described the acquisition of WIOC as a remarkable success story, noting how the government transitioned from being considered a ‘bad debtor’ to owning the company without incurring any debt or using treasury funds. Browne expressed,
“Despite the ongoing concerns about corruption, we executed this process without a trace of wrongdoing,” he said.
Adding, “we secured private funding for the acquisition, and if corruption were involved, there could have been opportunities to take shares for personal gain, but we prioritized the interests of the people of Antigua and Barbuda. I did not benefit in any way from this deal, and that is how it should be.”
The Prime Minister also mentioned that several private individuals expressed interest in purchasing the company, but the government firmly believed that WIOC should be owned by the people of Antigua and Barbuda.
This story was first published by Antigua News on : antigua.news/2025/01/06/wiocs-impact-150-million-paid-to-government-post-acquisition. © 2025 Antigua News. Republication without permission is not allowed.
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