A bid by the SOL Group to purchase outright the Barbados National Terminal Co. Ltd. (BNTCL), owned by the Barbados National Oil Co. Ltd, has been turned down.
The Fair Trading Commission (FTC) rejected the bid in a preliminary ruling dated June 14.
Back in January, BNOCL revealed that it had signed an agreement with the SOL Group for the sale of BNTCL.
Under the agreement, BNOCL would continue to source, import, own and distribute gasoline, diesel and fuel oil to all local marketers.
But the FTC has prohibited the proposed transaction, deeming portions of the January 31 application essentially unlawful, particularly a controversial 15-year moratorium on construction of new terminal facilities or new import depots.
Further, the FTC rejected SOL’s call for a 32 per cent pre-sale increase in throughput fees at the Fairy Valley storage site which costs, it said, would likely be passed on to consumers.
Government first announced plans in 2014 to sell the BNTCL, which was valued at more than $70 million at the time.