As criticism continues to mount from various provincial councils, Fijian Holdings Limited has confirmed that the acquisition of BP South West Pacific is going ahead and settlement is expected to happen in a few weeks once the overseas funding agreement is finalized.

FHL Managing Director Sereana Qoro said the deal is not only the biggest, but one of the most significant investment breakthroughs in FHL's history.

Qoro stressed that the move is in line with FHL's strategic plan to selectively grow its investment portfolio by expanding into the Pacific region.

Qoro said the decision to purchase was made only after the proper due diligence process, involving a detailed review of the legal, technical and financial aspects of the petroleum business, which covered questions on crude oil price movements, future maintainable profit, ability to generate cash and meet financial obligations, including loan repayments, returns on investment and associated payback period.

The Managing Director reiterated that the Hindustan Petroleum Corporation Limited will manage the operations of the company and a team of nine professionals are already in the country.