Inniss supports BNTCL sale

Minister Donville Inniss has signalled his support for the sale of the Barbados National Terminal Company Limited (BNTCL).

 

In fact, he disclosed that members of Cabinet, including the Prime Minister have all received and reviewed matters pertinent to the sale of the company, which manages the importation and supply of gasoline, diesel and fuel oil,  to the SOL Group.

 

“We have determined that it is in the best interest of the state that it should be divested at this time,” he shared during grand opening of Barbados’ authorised Honda dealership, Platinum Motors.

 

 “We have also pronounced on the broad terms and conditions of the sale.”

 

Recognising the role of the Fair Trading Commission (FTC), Inniss indicated, “Of particular interest to my Ministry is that the FTC shall without fear or favour review the proposed sale and in their usual professional and timely manner, make the necessary decision to approve, disapprove, either way with conditions or explanations.”

 

He also indicated that the other areas of concern from a consumer perspective is that the state shall remain the sole importer of fuel into Barbados.

 

“If conditions change that merits a change in that policy, then we must be bold enough to give effect to such as well. But that part is futuristic,” he pointed out, also assuring that the authority to determine fuel prices remains the same regardless of who purchases the Barbados National Oil Terminal.

However, Inniss made it clear that any further comments with respect to the sale of BNTCL should come from the Ministry of Energy, the BNOCL as shareholder and the proposed buyer. He said that with the Prime Minister and Minister of Energy having outlined their views on the matter, others involved in the process would be well advised to await the decision of the FTC.

 

The outspoken Minister also kept it no secret that he sometimes suspects that there are some who would be pleased to see this sale fall through.

 

 “I have constituents and family who I will not fail in my resolve to help strengthen this economy,” he stressed.

 

“Issues such as the colour of the skin of buyers and their nationality is of no substantive value here. Nor must you feel that the state has engaged in any desperate act. I remind you that the oil terminal was once entirely owned and operated by private enterprise and due to the failings of private sector parties to agree on a new terminal the state saw it fit to become involved in the ownership and operations. Today we have arrived at the point where there are willing and experienced buyers from private enterprise and as such we are pleased to dispose of the asset for a fair value”.

Inniss also believes that this is an opportunity now to refashion the role of the private sector vs the public sector in the economic development of Barbados.

 

“Let us not constantly complain about challenging times.”

 

“Let us roll up our sleeves, become more innovative and work together to build a more resilient economy. I know of no other way to put it than that there are bright men and women in our society who want meaningful employment, who want to own a piece of this rock, who want a brighter and safer future and who may wish to drive a Honda,” he said.