Chevron sale an opportunity for Bahamians
The country manager for Texaco Bahamas is calling it too early to sound the alarm over a move by its parent Chevron to put its Bahamas operations up for potential sale–even as local businesses are encouraged to send in bids.
“Everything is premature, we don’t know what’s going to happen yet,”Ryan Bain told Guardian Business recently.”Chevron is soliciting bids for its fuel marketing and aviation business in the Caribbean and select markets in Central America.
“So nothing is concrete at this time, it’s just too early to say what’s going to happen.”
His comments follow Chevron’s announcement this week of the potential sale of its Bahamas business as a part of a new policy to’downstream’its retail and wholesale trades in this country and eight other markets in the region. Jamaica, the Cayman Islands, Suriname, Puerto Rico, Dominican Republic, Saint Maarten, Turk and Caicos and the U.S. Virgin Islands will also be affected.
There are currently more than 20 Texaco locations throughout The Bahamas, said Bain.
Local businessman Tennyson Wells said the sale represents a ripe opportunity for Bahamians, with the opportunity being made available to change another major brand over into Bahamian ownership.
“I don’t know if I’ll buy it, but I think a Bahamian should try,”he toldGuardian Business.”We should buy it because it’s really a national asset that should be owned by Bahamians.
“I think a broad section should come together for the purchase… the pension funds, the co-ops… they should buy it if it goes on the market.”
Chevron currently acts as a franchisor to retailers in the country and any changes in ownership could see things remain exactly the same or slight changes stem from name changes to new operation guidelines. Bain reassures that information on the potential sale will be announced at a later date.