Friday, Jan 18, 2019

SOL dismisses FTC concerns

SOL dismisses FTC concerns
01 Dec

Petroleum giant, SOL, has dismissed as a non-issue, concerns that the sale of the Barbados National Terminal Company Limited will result in unfair competition.

The Fair Trading Commission recently said it cannot approve the proposed acquisition of the BNTCL by SOL given the present terms of the agreement.

And now in a statement, SOL says the proposed purchase would not only be beneficial to the country, but that competitors would not be disadvantaged by the terminal's privatisation.

Regional manager of the SOL Group, Roger Bryan also addressed allegations that SOL's acquisition could potentially force competitors into foreclosure in the market.

He says the acquisition would not place SOL in a position to force any competitor into foreclosure, nor would the company desire to.

He adds that the government of Barbados, through its continued ownership of the Barbados National Oil Company, would continue to control importation rights of petroleum products and by extension, continue to regulate the price at the pump.

The petroleum company asserts that the sum offered for the purchase of BNTCL would inject some much-needed foreign exchange into the Barbados economy, at a time where the economy desperately needs the boost.

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