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Oil Co. Acquired.

Antigua & Barbuda Prime Minister Gaston Browne and Venezuela's Foreign Minister Delcy Rodriguez on hammered out an agreement covering the acquisition of the West Indies Oil Co. (WIOC), reports Caribbean News Now (Feb. 22, 2015). Rodriguez and her team of ambassadors and technicians flew into Antigua on the instructions of Venezuela's President Nicolas Maduro, fulfilling a promise made to Browne in Costa Rica to collaborate on the acquisition of one of the most significant business enterprises in Antigua & Barbuda. "Our plan is to turn WIOC into a major petrol distribution hub in the northern Caribbean. We have sold them the idea and they have agreed to support us. They will be providing US$24 million in funding," Browne stated, adding that his government has secured US$30 million from a Chinese investor who will partner in the acquisition. The Antigua & Barbuda government owns 25% of the shares in WIOC. The remaining 75%t are being offered at US$30 million.

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Title Annotation:ANTIGUA & BARBUDA; West Indies Oil Company Ltd
Publication:Caribbean Update
Article Type:Brief article
Date:Apr 1, 2015
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