Cabinet on Wednesday, April 1, marked eleven years since the transfer of the West Indies Oil Company Limited (WIOC) to public ownership — a milestone the government described as one of the most transformative economic policy decisions in the country's modern history.
Since the transfer in 2015, WIOC has generated more than EC$230 million in profits while investing approximately EC$270 million in capital development and infrastructure. Those investments have strengthened the country's energy infrastructure, expanded storage capacity, improved distribution networks, and positioned Antigua and Barbuda as a growing fuel transshipment and storage hub in the Eastern Caribbean.
A significant milestone came in 2022, when WIOC became the first publicly listed Antiguan company on the Eastern Caribbean Securities Exchange. The listing allowed Antiguans and Barbudans to directly own shares in the company and benefit from dividends and capital growth — a move the government says represented a major step in democratising wealth and broadening local participation in national assets.
The company has undertaken and continues to pursue 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 operational efficiency, increase tanker traffic, reduce fuel import costs per unit, and generate additional revenue through expanded port and ancillary services.
WIOC is also extending its reach beyond Antigua and Barbuda. The company is exploring business development opportunities across the Caribbean, including in markets such as Guyana and Suriname. Locally, it continues to grow operations through increased fuel sales to new hotels, restaurants, housing developments, and marina projects.
In addition to its traditional energy services, WIOC is positioning itself to invest in the renewable energy sector, supporting Antigua and Barbuda's transition toward a more sustainable energy future while maintaining energy security.
The Government of Antigua and Barbuda reaffirmed its commitment to policies that expand local ownership of national assets and build long-term economic resilience for present and future generations.
