A new energy era has begun with the creation of the Barbados National Energy Company Limited (BNECL).

And, the Barbados National Oil Company Limited (BNOCL) and Barbados National Terminal Company Limited (BNTCL) have transitioned to this new entity.

Speaking at the rebranding ceremony today, Minister of Energy and Business, Senator Lisa Cummins, said the National Petroleum Corporation (NPC) would be merged with the new entity later. However, she reiterated that members of staff did not have to fear job losses.

“There are no redundancies as a consequence of this transition. All of our jobs in these companies are secure, all of them. I want to assure you of that…. The reason we have not done NPC today, … is simply because it is easier for BNOCL and BNTCL, who are already companies, to be folded into a new company.

“There are still some things that you and I know we need to get done, and we need to get done smoothly. Those things will continue, and then we will fold the NPC, which is a statutory entity, into the BNECL, with everyone’s rightsbeing preserved and neverdisadvantaging people because people sit at the centre of this transition,” she assured.

Senator Cummins said she was looking forward to the completion of the legislative work, and “people-related work”, so NPC could be amalgamated into BNECL.

“When that happens, I want to be able to see all of the work that I have just described come to fruition over the next year,” she stated.

 The Minister thanked all the stakeholders involved in the process, including the transition team. She noted that the Inter-American Development Bank has assisted the island’s energy sector tremendously, including in the preparatory work for the amalgamation.

“An extensive amount of analysis has gone in to getting us this far; an extensive amount of detailed work has gone into framing the how and the why; [and] an extensive amount of analysis has gone into not only what this company individually has done, but our place in the world,” she stressed.

Chairman of the NPC and interim Chairman of the BNECL, Dr. Asquith Thompson, described today as an exciting new chapter in the country’s energy journey.

“The amalgamation of the Barbados National Oil Group of Companies marks more than just a structural change. It is a bold step toward energy innovation and national progress. While the National Petroleum Corporation is not yet part of the amalgamation, it soon will be, and we celebrate our shared commitment in anticipation of becoming one unified company.

“This transformation reflects our dedication to optimising operations, enhancing efficiency, and delivering reliable, affordable, and sustainable energy solutions for all Barbadians,” Dr. Thompson shared. 

He stressed that BNECL was committed to embracing innovation, and gave the assurance that they would build an energy future that is bright, secure, and sustainable for generations to come. 

The rebranding ceremony was held at the Lloyd Erskine Sandiford Centre, and the unveiling of the new signage occurred simultaneously at Woodbourne, St. Philip, and Fairy Valley, Christ Church, which housed the two entities that BNECL has replaced. (PR/GIS)