Ezine Business 2004
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- Ezine Simpson Oil Limited
November-2004 by Roy R. Morris
Compliments of Nation News
This morning Barbadians will be informed of the biggest buy-out in local corporate history.
Simpson Oil Limited (SOC), a local company headed by automobile magnate, Kyffin Simpson, is buying the operations of Shell Antilles and Guianas Limited in more than a dozen Caribbean countries for approximately US$200 million.
SOL reportedly out-negotiated National Petroleum (NP) of Trinidad, and Total, a French company operating a major refinery in Martinique, to achieve the coup.
Yesterday afternoon Shell staff were informed via a memo from management that the multi-national corporation would be holding simultaneous staff meetings at 9 a.m. today, and while the purpose was not disclosed, there was wide speculation that they would be officially informed for the first time of the sale.
However, WEEKEND NATION investigations revealed that the staff will be told that the parent company Royal Dutch/Shell Group, had earlier today signed a “sale and purchase agreement” that would give SOL possession of Shell’s retail and commercial fuels business in Barbados, St Lucia, Antigua, Anguilla, Guyana, Suriname, Belize, St Kitts/Nevis, St Vincent, Grenada, British Virgin Islands, Netherlands Antilles and Dominica.
That’s what’s in store for employees of Simpson Oil Ltd. (SOL), the Barbados company that’s taking over Shell’s Caribbean assets and marketing system next month.
Stewart Gill, SOL’s regional director for the South Caribbean and Belize, said the company’s bold move would keep jobs in Barbados that otherwise would have left; result in a return of managerial autonomy from Barbados to the other Caribbean islands and allow firms in Barbados that currently do business with Shell to maintain those ties.
However, the streamlining would cause “a net loss” of jobs in Barbados, while creating a fresh career path for those interested in working with the company.
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