20 Dec 2008

Fiji company says rivals won't be a problem

10:40 am on 20 December 2008

A major Fiji company which has recently bought out the regional oil company, BP South-West Pacific says its rivals in the oil industry won't affect its progress.

The Fijian Holdings Limited signed over, 109 million US dollars to buy the BP company that operates in the region encompassing Fiji, Tonga, American Samoa, Tuvalu, Vanuatu and the Cook Islands.

Its chairman, Isoa Kaloumaira says its rivals will stand to be no threat to its new enterprise because many local companies are now running the major oil companies operations.

"One of the trends most of these big old companies are undertaking right now, about a year or two ago Shell sold up its operation in the region. BP South-West Pacific is following the same strategic move. So we really don't see any competition in the market that we're going into."

Isoa Kaloumaira says its oil supply contract begins from March the 1st, next year.