CABINET NOTES: Cabinet on Wednesday, April 1, observed the historical moment, eleven years ago, since Prime Minister Gaston Browne signed the agreement transferring ownership of the West Indies Oil Company Limited to the people of Antigua and Barbuda — an historic decision that has since proven to be one of the most transformative economic policy initiatives in the country’s modern history and a demonstration of the visionary leadership abilities of Prime Minister Gaston Browne.
Since 2015, the West Indies Oil Company (WIOC) has experienced significant growth and expansion, generating more than EC$230 million in profits while investing approximately EC$270 million in capital development and infrastructure.
These investments have strengthened the country’s energy infrastructure, expanded storage capacity, improved distribution networks, and positioned Antigua and Barbuda as an increasingly important fuel transshipment and storage hub in the Eastern Caribbean.
Importantly, WIOC became the first publicly listed Antiguan company on the Eastern Caribbean Securities Exchange in 2022, allowing Antiguans and Barbudans to directly own shares in the company and benefit from dividends and capital growth. This move represented a major step in democratizing wealth and expanding local participation in national assets.
Over the years, WIOC has undertaken and continues to undertake major infrastructure upgrades, including rehabilitation of its Sea Island Jetty, installation of new pipelines, expansion of tank storage capacity, and improvements to its retail service station network.
These investments are expected to improve efficiency, increase tanker traffic, reduce fuel import costs per unit, and generate additional revenue through increased port and ancillary services.
The company is also expanding its footprint beyond Antigua and Barbuda, with business development opportunities being explored across the Caribbean, including markets such as Guyana and Suriname.
At the same time, WIOC continues to grow its local operations through increased fuel sales to new hotels, restaurants, housing developments, and marina projects, supporting the country’s broader economic expansion.
In addition to traditional energy services, WIOC is positioning itself to invest in the renewable energy sector, helping Antigua and Barbuda transition toward a more sustainable energy future while maintaining energy security.
The decision taken eleven years ago to transfer ownership of WIOC to the people of Antigua and Barbuda has not only strengthened the company but has also created opportunities for national wealth creation, employment, local investment, and economic diversification.
Today, WIOC stands as a strong, profitable, and expanding national asset — truly owned by the people and working for the people.
The Government of Antigua and Barbuda reaffirms its commitment to policies that empower citizens, expand local ownership of national assets, and build long-term economic resilience for present and future generations.
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Most shareholders only get $200 and likkle bit yearly. Doesn’t sound so wonderful to me
And the people see no benefit of this WIOC ownership, monopolize oil products with high prices and not like before the gas station could have brought in cheaper price oil products they can’t do that now so drivers suffer on the pocket, coupled with these fictitious names Gaston put forward as share holders that no one ever see, scamps like hilroy Humphreys and Gaston wife is on the WIOC board to keep the secret of where the shares payments are really going, look Gaston learn from the Russian mafias at swiss bank and he applied it government, we may find out when Gaston is finally removed from office he is a bigger fraudster than Allen Stanford, he legitimize himself by calling snap election to appear as though he is not hugging power, but Gaston power is ice in the sun. Whenever the day UPP win an election it will be like 2004 when the people celebrate the eradication of evil and the millstone around Antigua and Barbuda neck that is preventing us from getting visa and other suffering because the hospital is run down and no money is there to take care of government infrastructure but to buy people loyalty and pay Ron saunders.