In a matter of hours, the Government will proceed to break ground in its multi-million dollar expansion of the Tank Farm at the West Indies Oil Company.
Last year, after the Gaston Browne Administration succeeded in becoming the owners of the Oil Company, the Nation’s Leader announced his intentions of the company becoming a major petroleum distributor to the region.
A $15 million dollar overage is being utilized to construct the tanks, monies which were secured through the sale of a 25% stake in WIOC to the Venezuelan Government.
It was disclosed that the additional storage will be used for bunkering of petroleum products that will be sold to other islands in the Northern Leeward Islands, in an effort to realize the Prime Ministers goal for the company.
According to the Chief of Staff, the expansion will ensure that profits will exceed $10 million dollars annually, and that Antigua and Barbuda’s share of the dividends will be at least $5 million dollars annually.
Through the expansion project, a number of persons will also be able to find employment.
As a part of the entire expansion process, the pipes used to transport the oil to tankers will also be assessed to see what upgrades and repairs are necessary.