The West Indies Oil Company Limited, WIOC, has inaugurated a new oil tank yard in St. John’s, Antigua and Barbuda, improving the country’s energy infrastructure.
Roughly 51 percent of the project is owned by the government of Antigua and Barbuda, while 25 percent is owned by Venezuela’s state-owned Petroleos de Venezuela, PDVSA, and another 24 percent is owned by a Chinese company, according to a report in Latin American network, Telesur.
The yard, which features three new tanks, was inaugurated in the presence of Antigua and Barbuda Prime Minister Gaston Browne and Petrocaribe President Raul la Causi. Petrocaribe, launched in 2005 with help from former Venezuelan President Hugo Chavez, promotes oil-centered economic cooperation between the South American country and Caribbean nations.
The three tanks will produce an increase of 400,000 barrels in the country’s fuel storage power. Overall, they are expected to increase the supply of fuels for the Caribbean region as a whole while reducing costs.
Browne thanked Venezuelan President Nicolas Maduro for cooperation and solidarity with the Caribbean, especially with his country.
He also said that he advocates that countries should respect the principle of self-determination and sovereignty, referring to the sanctions imposed by the United States on Venezuela last month.