The West Indies Oil Company Ltd. (WIOC) has sought concessions
from the Government in order to modernize its operations. The
principal managers of the fuel company met with the Cabinet on
June 21 and put forward its proposal to the Government.
WIOC reportedly has two sources of revenue – selling petroleum
distillates and offering storage services.
Since revenues in the storage services sector are greater than in the
sale of distillates, WIOC reportedly is eager to improve on and
expand its storage capabilities. Accordingly, the Cabinet has agreed
to provide the concessions the company seeks.
The Government reportedly will lower the tonnage fees over a
period of 24 months to enable WIOC to retool its storage facilities
and improve its discharge of fuel to the ships that transport
petroleum products, this week’s Cabinet Notes say.