{"id":271837,"date":"2026-04-03T09:20:47","date_gmt":"2026-04-03T13:20:47","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=271837"},"modified":"2026-04-03T10:50:31","modified_gmt":"2026-04-03T14:50:31","slug":"wioc-generates-over-230m-in-profits-since-government-acquisition-merchant-says","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/wioc-generates-over-230m-in-profits-since-government-acquisition-merchant-says\/","title":{"rendered":"WIOC Generates Over $230M in Profits Since Government Acquisition"},"content":{"rendered":"
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The West Indies Oil Company (WIOC) has generated more than EC$230 million in profits since its acquisition by the government, officials said, as the state-owned enterprise continues to expand its regional footprint.<\/p>

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Director General of Communications Maurice Merchant said the performance reflects the long-term impact of the government\u2019s decision to take ownership of the company more than a decade ago.<\/p>\n\n\n\n

\u201cSince 2015, the West Indies Oil Company has experienced significant growth and expansion, generating more than 230 million dollars in profits,\u201d Merchant said during Thursday\u2019s post-Cabinet briefing.<\/p>

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He said the company has also invested approximately EC$270 million in capital development and infrastructure, strengthening storage capacity, distribution networks and Antigua and Barbuda\u2019s position as a fuel storage and transshipment hub in the Eastern Caribbean.<\/p>

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Merchant noted that WIOC became the first publicly listed Antiguan company on the Eastern Caribbean Securities Exchange in 2022, allowing citizens to purchase shares and benefit from dividends and capital growth.<\/p>\n\n\n\n

\u201cThat was a major step in democratizing wealth and expanding local participation in national assets,\u201d he said.<\/p>

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The update comes as the company continues to explore expansion opportunities in markets such as Guyana and Suriname, with discussions underway to increase its role in supplying fuel products across the region.<\/p>\n\n\n\n

Merchant said the acquisition, led by Prime Minister Gaston Browne in 2015, has positioned WIOC as a \u201cstrong, profitable and expanding national asset\u201d contributing to economic diversification, employment and investment.<\/p>

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Officials said further updates on the company\u2019s regional ventures and performance are expected in the coming months.<\/p>

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The West Indies Oil Company (WIOC) has generated more than EC$230 million in profits since its acquisition by the government, officials said, as the state-owned enterprise continues to expand its regional footprint. Director General of Communications Maurice Merchant said the performance reflects the long-term impact of the government\u2019s decision to take ownership of the company […]<\/p>\n","protected":false},"author":3,"featured_media":5847,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-271837","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nWIOC Generates Over $230M in Profits Since Government Acquisition - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/wioc-generates-over-230m-in-profits-since-government-acquisition-merchant-says\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WIOC Generates Over $230M in Profits Since Government Acquisition\" \/>\n<meta property=\"og:description\" content=\"The West Indies Oil Company (WIOC) has generated more than EC$230 million in profits since its acquisition by the government, officials said, as the state-owned enterprise continues to expand its regional footprint. 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