Come April 1, the Barbados National Oil Company Limited (BNOCL), Barbados National Terminal Company Limited (BNTCL), and National Petroleum Corporation (NPC) will be amalgamated.
This disclosure came today from Minister of Energy and Business, Senator Lisa Cummins, as she delivered the keynote address at the Barbados Chamber of Commerce and Industry’s Third Green and Renewable Energy Expo, at the Lloyd Erskine Sandiford Centre.
Senator Cummins told her audience: “They are finally under way to completing the amalgamation. We have completed all of the development work that was needed. But what I’m talking about…is not just the administrative or the financial process of amalgamating these companies, but…a holding company that will hold these three companies now.
“We will also have a number of spin offs and special purpose vehicles created, which will allow for investors and businesspeople…to partner with these dedicated companies and to go into specific investments that are able to bring results to Barbados and…to create investment and business opportunities, and with them jobs.”
The Minister proffered the view that the market should be in a position to determine what the dedicated companies would be.
At the end of her address, Senator Cummins told the media that the merger “is in the “final stages of being completed”. She stressed that there would be no job losses as she pointed out that there were none with the recent creation of Business Barbados.
“There were no job losses there…. Officers had the option of staying either with central government or coming over into the company. That process has gone smoothly, and we expect it to be no different with the entities that are being amalgamated under NPC, BNOCL, and the BNTCL,” she stressed. (PR/GIS)
Caption: Minister of Energy and Business, Senator Lisa Cummins; Founder & Chairman of Williams Industries Inc., The Most Honourable Ralph ‘Bizzy ‘Williams; and Jabari Alleyne of Treeternal Barbados, in discussion at the Barbados Chamber of Commerce and Industry’s Third Green and Renewable Energy Expo, at the Lloyd Erskine Sandiford Centre
