The government is on track to complete the long-awaited merger of three state-owned energy enterprises—Barbados National Oil Company (BNOC), National Petroleum Corporation (NPC), and Barbados National Terminal Company Limited (BNTCL)—by April 1, according to Energy Minister Lisa Cummins.
Amidst fears of job losses, Cummins gave an assurance that the transition has been navigated without layoffs, positioning the move as a strategic step towards creating a more agile and diverse energy industry.
She told the Barbados Chamber of Commerce and Industry’s Third Green and Renewable Expo: “The amalgamation of BNOC, NPC, and BNTCL is in its final stages, and by April 1, we will have a fully integrated company.
“We have not been twiddling our thumbs for the last year. We have done the work, and we are delivering results.”
Senator Cummins explained that the restructuring goes beyond administrative and financial consolidation, highlighting plans to establish several spin-off companies and special-purpose vehicles (SPVs) under a new holding company. These, she said, will create investment opportunities and generate jobs by allowing private-sector partnerships in energy projects.
“We are not being prescriptive about what those companies should be, but we have completed the groundwork to make them a reality,” she said.
The decision to merge and rebrand BNOC and NPC as a “national energy corporation” has been years in the making. Initial plans for consolidation were first proposed as far back as 2017 when the government aimed to streamline operations and eliminate redundancies to improve efficiency. This vision gained momentum in 2019 as discussions about transitioning to renewable energy began.
Addressing concerns over potential job cuts from the consolidation, Senator Cummins said: “We looked at the skills on both sides of the companies. BNTCL has a low staff count, so there’s nothing to worry about there.
“With NPC and BNOC, we identified overlapping skills and put a sharing agreement in place to ensure efficiency without sending anyone home.”
Referring to the recent launch of the state business facilitation agency Business Barbados as proof of a smooth transition, she reaffirmed the administration’s position against layoffs.
“We promised there would be no job losses with Business Barbados, and we delivered. Officers had the option to stay with central government or move into the company, and the transition was seamless. We expect the same with BNOC, NPC, and BNTCL,” she said.
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