Friday, Jan 18, 2019

SOL reviewing FTC decision

SOL reviewing FTC decision
29 Dec

Regional petroleum giant SOL is still reviewing the Fair Trading Commission's decision on the proposed sale of the Barbados National Terminal Company.

According to Ezra Prescod, it is only when that full review has been completed, that SOL will be able to make a decision as to the way forward.

He says the regulations allow for either party to appeal if they so desire and SOL must first complete the review process to determine whether there is any merit for appeal.

In a statement, SOL has already dismissed as a non-issue, concerns that the sale of the BNTCL will result in unfair competition, as was determined by the FTC in its findings.

The FTC had stated that it could not approve the proposed acquisition of the BNTCL by SOL, given the present terms of the agreement.

The FTC determined that the proposal, in its present form, would essentially be anti-competitive in terms of its likely impact on other players in the market.