Browne Credits Private Capital for WIOC Acquisition, Claims $150M in Returns
Prime Minister Gaston Browne says the acquisition of the West Indies Oil Company (WIOC) was financed entirely through private capital—without any drawdown from the public treasury—and has generated over EC$150 million in returns for the state over the past decade.
Addressing supporters at a political rally on Friday night, Mr Browne described the transaction as one of the most innovative public-private investments in the region, and a model of how governments can create value without incurring debt.
“We didn’t borrow a cent. We didn’t spend a dollar from the Treasury,” he said. “And yet, we were able to acquire West Indies Oil Company for the benefit of the people of Antigua and Barbuda.”
WIOC is one of the country’s most strategically important energy assets, serving as a major supplier of fuel to the public and private sectors. The government increased its stake in the company in 2015, ultimately acquiring majority control.
According to Mr Browne, the acquisition was facilitated through financing arrangements with private investors and institutions, rather than through state loans or direct budgetary allocations.
Since the acquisition, he said the company has contributed more than EC$150 million in taxes and dividends to the government.
“Which other country has pulled off something like this?” he asked. “This is the kind of leadership that uses intellect and creativity to bring real value to the people.”
The Prime Minister also used the opportunity to refute ongoing allegations that he personally owns shares in WIOC. He said the company is publicly listed on the Eastern Caribbean Securities Exchange (ECSE), which requires full disclosure of ownership, and insisted neither he nor his family or associates have ever held a single share.
“These morons are telling the international community that I own WIOC,” he said. “I do not. The company is owned by the government and people of Antigua and Barbuda.”
Mr Browne accused opposition figures of spreading “fabrications” to undermine his administration and damage the country’s reputation abroad.
While the Prime Minister’s claims about the private financing model have been made in previous public statements, detailed documentation of the funding structure has not been released. Opposition figures and transparency advocates have previously called for greater public disclosure of the terms of the deal, including the identities of private financiers and the structure of dividends.
WIOC continues to operate as a key revenue generator, and the government has maintained that public ownership of the company helps safeguard national energy security while generating consistent returns.
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Yea!
Private capital.
Good to hear and know.
Who is collecting the dividends on behalf ot the jailed share holder?
Who in our government has shares in WIOC?
That’s private investment to.
Which family member of government officials are share holders?
That’s private investment to.
Is the PM going ahead early because he has a sore foot????????
Anyone can invest in WIOC…dont be ignorant because even you can become a shareholder of WIOC..in the last 10 years i heard about opotunities to purchase shares in WIOC..You didnt hear it because you are not for that..But many people took part..Regardless if it goverment emplyer or not..If you have some saving in your bank..you can invest in WIOC…is up to you..stop
The MAN is fighting like a cornered cat. He has many concerns and one of them besides the ten million dollars is the number of shell companies that he possesses. That’s why NAMCO was formed. Asked one of his TRUSTED party members.