Submitted by Barbados Integrity Movement (BIM) BU must congratulate Niel Holder of the political party BIM for keeping the proposed sale of BNTCL SOL in the public space. Unfortunately the average Bajan can care less and for some of us who have concerns we will have to pray that the FTC Commissioners find reason to…
BU must congratulate Niel Holder of the political party BIM for keeping the proposed sale of BNTCL SOL in the public space. Unfortunately the average Bajan can care less and for some of us who have concerns we will have to pray that the FTC Commissioners find reason to explore the sale on behalf of Barbadian consumers as to the fairness of the transaction.
See a petition document sent to the Fair Trading Commission (FTC) by Niel Holder of BIM.
Never Sell what you own at this point it will not help and cost Bajans even more later,It can not stop the down grades,it can not stop Land fraud, it can not stop PONZI,it cant stop crooks, it can not stop nothing or pay nothing by selling out nor off, Another crook move with some side deal in the making again, A retirement check for the DLP and longer pocket pain for the People,
What is your solution?
@Alvin
The solution is not to sell the effing entity. Did you read Tony Gibbs submission?
Here is the link in case you missed it.
https://barbadosunderground.wordpress.com/2017/03/07/justifying-bntcl-sale-to-sol/
It will be very interesting to see how the FTC will totally reject this petition. They simply don’t have the ball “S” to fly in the face of this government.
@abajanhowe
An unfair statement if you accept that Jeff Cumberbatch who is the chairman of the FTC has accrued enormous respect from the BU community. As you know doing such is very difficult.
This comment was shared on FB -“what we need to see is the actual sale contract. Does it have anything to do with Sir KS loaning money to the government to pay civil servants.”
One of Germany’s legislative bodies has moved to ban petrol-powered cars in favour of electric vehicles by 2030.
The country’s Bundesrat, or Federal Council, passed a resolution late last week to only approve emission-free cars for use on the roads by 2030.
This would effectively phase out vehicles with internal combustion engines – which generate power through the hot gases produced by the burning of fossil fuels – from sale in 14 years’ time.
While the proposed ban would apply in Germany, the Bundesrat – which is similar to upper house bodies like the UK’s House of Lords – has called for the European Commission in Brussels to consider implementing it across the entire European Union.
All new cars by 2030 will be electric.
BNTCL is a sinking ship you can go down with it or jump now.
@David March 12, at 9:44 AM , Remarks like this gives the deal an unsavory ‘taste’. For all practical purposes I didn’t interpret Tony Gibbs well presented analysis as a rejection of the sale to SOL.
Hie said that it would be difficult or impossible to justify the deal with operations constituted as they are as then SOL would enjoy a monopoly control of the entire oil/energy distribution network; and that it would be imperative to ensure that parts of their (SOL) combined companies be mandated for sale to a competing entity if this deal is to proceed.
When the total industry and world market conditions are considered further consolidation is not such an obtuse idea. But as you and others have said there must be total transparency to the deal.
There is merit in the privatization under those types of mandates.
Regardless of the dean’s gravitas and integrity the type remarks at 9:44 would completely cast ANY decision made by the FTC into doubt if there was even one scintilla of truth. It sounds utterly nonsensical but I imagine in a heated political climate anything becomes news…particularly when it can’t ever be proven.
Ideally the dean and his FTC members will do an excellent job and maintain a competitive landscape as best as is possible in a very small economic environment and in an industry where size has always been and even now has become more crucial.
I am sure you and all practical people know that the aggregation of the local market which has seen the withdrawal of the Dutch Shell and the other players of our youth is not some diabolical government plan to develop monopolistic conditions.
This is a reality of business.
We need transparency and sensibility on the deal so we can wash away the innuendos and ill-will.
Your point that the gov’t needs to explain properly what is being done was previously well made.
@ ra1March 13, 2017 at 8:48 PM
“All new cars by 2030 will be electric.
BNTCL is a sinking ship you can go down with it or jump now.”
Very insightful comments there, ra1!
Importation and storage of petroleum ground products for retailing to ‘motorized’ road users should be considered a contracting business in a sunset industry.
There would still be a niche market for the importation and storage of ‘special’ kerosene (Jet A1) to meet the demand of the aviation sector and some fuel oil to supply the requirements of the electricity generating plant whose diesel engines are not going out of service in a hurry even in the face of a growing alternative energy sector in an imaginary 24 hour sunshine environment.
What you need to consider at the helicopter level are the implications of the move away from petroleum-based energy would have on any planned programme for oil exploration offshore Barbados.
Oil exploration companies tend to go for deposits with estimated good recovery rates of high quality hydrocarbons where the added value (downstream profits) from refined products are highest e.g. gasoline, light fuel oils, kerosene.
Barbados does not seem to have that kind of light crude in its heavy offshore waters which would entail costly drilling and recovery operations making investment in a sunset industry woefully unattractive.
“RUBIS CARIBBEAN simply wants a fair share of the oil pie in Barbados, which led the French company to seek injunctive relief from the Supreme Court to halt the sale of the Barbados National Terminal Company Limited (BNTCL) to its main competitor, Sol.
http://www.nationnews.com/nationnews/news/95153/rubis-action-timely#sthash.dZNBd0Or.dpuf
How come a FRENCH COMPANY has “rights” in a Barbados court ?
Does BARBADOS COMPANIES have the same “rights” in France ?
@Hants
A Bajan company approved to operate in Franch would obviously be protected under the laws of France.
David,
You mean laws of the EU.
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