The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

FOCOL’s top executive has confirmed it is assisting Bahamas Power & Light (BPL) with the latter's probe into how contaminated oil rendered one of the latter's North Andros generation engines inoperable for several days.

Dexter Adderley, the BISX-listed petroleum products supplier's president and chief executive, said an investigation is underway to determine how oil contaminated with water was supplier to BPL's facilities in North Andros. “The situation has been normalised and we are back to normal,” Mr Adderley said.

“FOCOL delivers millions of gallons on a monthly and annual basis. We are very confident in our systems and our processes. We have no doubt in our ability and the reliability of our systems and processes. The North Andros model is a very unique model and we are we are assisting BPL with their investigations.”

The BISX-listed firm is also “well on its way” to recovering from COVID-19 and soon hopes to return to pre-pandemic profitability. “We are benefiting from the rebound in the local tourism industry and we're looking forward to ending our year back on track on pre-COVID levels," he added.

Mr Adderley acknowledged that FOCOL, together with other petroleum wholesale suppliers, also wants the Government to grant it a margin increase similar to what the Bahamas Petroleum Retailers Association is seeking. However, he added that the industry understands the timing of any increase may not be appropriate from the Government's perspective despite the last rise in the wholesale segment's 33 cents per gallon margin coming more than 20 years ago.

“FOCOL, we’re a part of the wholesale community. We have been in discussions with government. Government has been very clear in what their position is. I'm really doing our best to co-operate with the Government. We all can do with a margin relief, yes. But we understand the local economic environment and we’re being as patient as we can,” said Mr Adderley.

Meanwhile, FOCOL is “well on its way” to developing its Grand Bahama solar power project. Bahamas Solar and Renewables (BSR), a FOCOL subsidiary, and the Grand Bahama Power Company (GBPC), entered into a power purchase agreement (PPA) for the former to supply 5 Mega Watts (MW) of energy to Grand Bahama’s grid.

“We’re very pleased to be working with the GBPC, and we’re looking forward that, as we committed, within a year to have that project up and in operation and being managed by Bahamian engineers and technicians,” Mr Adderley said.