The West Indies Oil Company (WIOC) has generated more than EC$230 million in profits since its acquisition by the government, officials said, as the state-owned enterprise continues to expand its regional footprint.

Director General of Communications Maurice Merchant said the performance reflects the long-term impact of the government’s decision to take ownership of the company more than a decade ago.

“Since 2015, the West Indies Oil Company has experienced significant growth and expansion, generating more than 230 million dollars in profits,” Merchant said during Thursday’s post-Cabinet briefing.

He said the company has also invested approximately EC$270 million in capital development and infrastructure, strengthening storage capacity, distribution networks and Antigua and Barbuda’s position as a fuel storage and transshipment hub in the Eastern Caribbean.

Merchant noted that WIOC became the first publicly listed Antiguan company on the Eastern Caribbean Securities Exchange in 2022, allowing citizens to purchase shares and benefit from dividends and capital growth.

“That was a major step in democratizing wealth and expanding local participation in national assets,” he said.

The update comes as the company continues to explore expansion opportunities in markets such as Guyana and Suriname, with discussions underway to increase its role in supplying fuel products across the region.

Merchant said the acquisition, led by Prime Minister Gaston Browne in 2015, has positioned WIOC as a “strong, profitable and expanding national asset” contributing to economic diversification, employment and investment.

Officials said further updates on the company’s regional ventures and performance are expected in the coming months.