The West Indies Oil Company (WIOC) has generated more than EC$230 million in profits since the government acquired the state-owned enterprise, according to Antigua News Room, with officials pointing to the figures as evidence of a successful long-term investment.
Director General of Communications Maurice Merchant made the announcement during Thursday's post-Cabinet briefing, attributing the performance to the government's decision to take ownership of the company more than a decade ago.
"Since 2015, the West Indies Oil Company has experienced significant growth and expansion, generating more than 230 million dollars in profits," Merchant said.
Beyond profitability, Merchant said WIOC has invested approximately EC$270 million in capital development and infrastructure. Those investments have strengthened the company's storage capacity and distribution networks, further cementing Antigua and Barbuda's role as a fuel storage and transshipment hub in the Eastern Caribbean.
A landmark development came in 2022, when WIOC became the first publicly listed Antiguan company on the Eastern Caribbean Securities Exchange. The listing opened the door for citizens to purchase shares and benefit directly from dividends and capital growth.
"That was a major step in democratizing wealth and expanding local participation in national assets," Merchant said.
The company is also pursuing regional expansion, with discussions underway to increase its presence in markets such as Guyana and Suriname and broaden its role in supplying fuel products across the region.
Merchant credited the acquisition, led by Prime Minister Gaston Browne in 2015, with positioning WIOC as a "strong, profitable and expanding national asset" that contributes to economic diversification, employment and investment.
Officials indicated that further updates on the company's regional ventures and overall performance are expected in the coming months.
