On December 1, 2017, Esso Winton OTR hosted the 2017 Sol Petroleum Bahamas Junior Junkanoo Draw. Sol Regional Manager, Keith Glinton delivered remarks on behalf of Sol Bahamas, formerly Esso Bahamas, sponsors of Junior Junkanoo for the past 30 years. Winners of the National Junkanoo Committee & Sol Petroleum Bahamas Limited’s Poetry and Essay Competition were also announced.
The Sol Group, (Sol) has expressed that the company’s proposed purchase of the Barbados National Terminal Company Ltd. (BNTCL) would not only be beneficial to the country, but that competitors would not be disadvantaged by the terminal’s privatisation.
Word of this comes from Regional Manager of The Sol Group, Roger Bryan, who addressed the Fair Trading Commission’s ruling that the proposed acquisition of BNTCL by Sol, could not be approved in its current form.
“From the outset of this bidding process, Sol has strongly advocated for the regulation of the throughput rate. We have pushed and will continue to push for this because we believe it to be in the best interest of the public, as well as any of our competitors,” stated Bryan. “The appointment of a government-appointed regulator would significantly alleviate concerns pertaining to any perceived dominant market position.”
He went on to state, “We completely understand the FTC’s position on the ruling because, simply put, the Barbados Government needs to create the necessary legislative framework that would support the privatisation of BNTCL, which would include, amongst other things, the appointment of a regulating entity or body over BNTCL post-merger.”
Addressing allegations that the acquisition of BNTCL by Sol, could potentially force competitors into foreclosure in the market, Bryan stated, “the acquisition of BNTCL would not place Sol in a position to force any competitor into foreclosure in the market, nor would we desire to.” He continued, “the terminal’s profit affords the minimum acceptable economic return, and it is unlikely that any company would be able to use these profits to force a competitor out of the market, particularly one with significant financial backing.”
He also added that the Government of Barbados, through its continued ownership of Barbados National Oil Company Ltd. (BNOCL), would continue to control importation rights of petroleum products in Barbados, and by extension, continue to regulate the price at the pump. “The BNTCL is a separate entity to the BNOCL, which controls the price, thus eliminating Sol’s ability to benefit from any perceived vertical integration,” Bryan explained.
When asked about the proposed 32% increase in the throughput rate, Bryan stated that even though the terminal’s expenses had continued to increase in line with inflation rates, BNTCL had not changed its throughput rates since its inception in 2006, resulting in sub-optimal economic performance. “The increase in throughput fees at the terminal would be required to satisfy a minimum economic rate of return on investment. This throughput rate has not been increased over the last 10 years, and the existing rates simply do not provide for any future investments necessary to maintain the safe, efficient functioning of the facility.”
“The proposed 32% increase in throughput rate would result in a nominal increase at the pump of about less than $5 more per month than what consumers pay today. In essence, the price at the pump will go up a bit, but so would the quality of the way the terminal is being run today,” asserted Bryan. “We are pursuing the purchase of BNTCL as a business investment and we want to be up front about that. However, we strongly believe that it is in the best interest of the country.”
Bryan further asserted, “Sol is a Barbadian company, first and foremost, and this very modest increase would help us run a state-of-the-art facility, and the proceeds stemming from the sale would help the government fund other much-needed projects and programmes.”
The petroleum company asserts that the sum offered for the purchase of BNTCL would inject some well-needed foreign exchange into the Barbados economy, at a time where the Barbados economy desperately needs the boost. Barbados’ foreign exchange reserves currently lie below the 12-week benchmark recommended by the Central Bank of Barbados.
The Sol Group of companies operates in 22 countries across the Eastern Caribbean, Jamaica, Puerto Rico, Haiti, Dominican Republic, Bermuda, Bahamas, Cayman, Belize Guyana, Suriname, French Guiana, Martinique and Guadeloupe. Sol supplies fuels, lubricants, bitumen and LPG through an extensive service station network, with marine, aviation and commercial operations.
Statement regarding FTC decision re: sale of BNTCL
Barbados: November 28th, 2017 – SOL PETROLEUM (BARBADOS), (Sol) confirms that Sol has received correspondence from the Fair Trading Commission (FTC) regarding the FTC’s decision on the sale of the Barbados National Terminal Company Limited (BNTCL) to The Sol Group of Companies.
Sol has thus far respected the FTC’s investigative process as it relates to the proposed transaction and now that we have received a final ruling, we will issue a further statement upon conclusion of our internal review process.
As always, our commitment to Barbados remains steadfast and we will continue to look for ways to respond to the needs of our valued stakeholders – the Barbadian people.
Sol has received no word from the FTC about its decision regarding the sale of BNTCL.
Barbados: November 24th, 2017 – SOL PETROLEUM (BARBADOS), (Sol) confirms that Sol has received no word from the Fair Trading Commission (FTC) about its decision regarding the sale of the Barbados National Terminal Company Limited (BNTCL). We are committed to respecting the FTC’s review process and we will issue a further statement once the FTC has completed its review process and a decision has been communicated to Sol.
We are confident that our proposal is the best deal for Barbados and we remain positive that the FTC will make a final determination regarding the sale that is in the country’s best interest. Regardless of the final FTC ruling regarding the transaction, our commitment to Barbados remains steadfast and we will continue to look for ways to respond to the needs of our valued stakeholders – the Barbadian people.
Sol Grenada recently supported the annual Hope-Pals Foundation summer camp for children infected and affected by HIV/AIDS, through the provision of financial support for meals and cooking gas. The camp was geared toward providing psycho-social support and fulfillment activities for the children. The presentation was made at the Grenada Red Cross to Ms. Christel Charles, the community outreach officer; who expressed her gratitude for Sol’s support on this activity.
The Hope-Pals Foundation is a non-profitable organisation and serves the authentic voice of people living with and affected by HIV/AIDS in the state of Grenada. The event was a success as Sol’s continued support re-iterated our company’s commitment to giving back to vulnerable groups.
Player Development is an organisation in St. Maarten that works with at-risk youth, under the guardianship of Coach Tom Burnett. After the passing of Hurricane Irma, the Centre which houses this organization was destroyed. Each month, members of The Rotary Club of St. Maarten-Mid Isle volunteer at Player Development, helping out with homework, reading, maths and sports.
When the members of the Mid Isle Rotary Club learned of Player Development’s misfortune, they felt compelled to help in any way possible. They were informed that the group needed reading books, as well as backpacks with school supplies. Mid Isle was able to source the books, and then reached out to Mr. David Antrobus of Sol St. Maarten to assist with the backpacks and school supplies. Together, they were able to provide the members of Player Development with desperately needed school supplies.
The Sol Guyana team participated in the breast cancer awareness 5K/10K Walk Run on Saturday October 21st, to show their support for Guyanese living with the illness, as well as breast cancer survivors.
The walk, which was a theme of “Together we can make a difference”, was the featured event under the ‘Pinktober’ initiative, which is aimed at increasing breast cancer awareness and encouraging greater action to be taken in the fight against the chronic disease.
The inaugural Breast Cancer Awareness 5K/10K walk and run, saw a turnout of over two thousand participants.
Sol Guyana ready to take on the 5K Walk
Sol Team showing off their medals
As part of its annual calendar of activities, the Central Corentyne Chamber of Commerce, hosted the Berbice Expo and Trade Fair at the Albion Sports Complex, Corentyne under the theme “Promoting Entrepreneurship for a Diversified Economy”. The expo was held October 6-9, 2017 and has been dubbed the single largest event in the Berbice region that allows for both large and small businesses to gain exposure through sales and promotions.
Sol Guyana took the opportunity to participate by sending a team of representatives who showcased, promoted and marketed the Sol Gas and Shell Lubricants brands. The team was able to vigorously gain new customers and recommit existing customers by using exciting games, prizes, safety tips and special sales discounts. The Sol Guyana team saw high booth traffic as well as overwhelming sales on all products offered, making this event a huge success.
Patrons of the Berbice Expo learning about Shell Lubricants
Satisfied Sol Gas Customers
English
After the devastating effects of Hurricanes Irma and Maria, Sol teams have been working around the clock to restore supply and to help those affected in any way we could. We have restored the majority of our networks in the impacted territories and, as we continue our efforts to rebuild this region we all call home, The Sol Group would like to take a moment to reflect, and reaffirm our commitment to our communities. Here is a message from our CEO, Gerard Cox.
Spanish
Tras los efectos devastadores de los huracanes Irma y María, equipos de Sol han trabajado contra el reloj para restablecer suministros y ayudar a los afectados de cualquier manera posible. Hemos restablecido la mayor parte de nuestras redes en los territorios afectados, y, mientras continuamos con nuestros esfuerzos para reconstruir esta región que todos llamamos hogar, The Sol Group quiere aprovechar este momento para reflexionar y reafirmar nuestro compromiso con nuestras comunidades. El siguiente es un mensaje de nuestro CEO, Gerard Cox.
El equipo de Sol Puerto Rico, en conjunto con un grupo de contratistas y detallistas cumplieron con su necesidad de servir con amor, estrechar las manos y estar cerca de los residentes en las comunidades de Utuado a las que entregaron suministros, agua potable y artículos de primera necesidad.
Nos enorgullecen nuestro equipo de Sol Puerto Rico, detallistas, contratistas y al equipo de San Benito Basketball por ser parte de este gran esfuerzo.
Reiteramos nuestro compromiso con Puerto Rico. Esta vez visitamos el Barrio Paraíso de Fajardo.