PETCOM To Be Privatised
By: , April 2, 2015The Key Point:
The Facts
- The team will be chaired by Professor Edwin Jones, with six other members.
- PETCOM was incorporated in 1973 as a subsidiary of the Petroleum Corporation of Jamaica (PCJ), to market a variety of petroleum products, industrial fuels and lubricants.
The Full Story
The Petroleum Company of Jamaica (PETCOM), is now set for privatisation, following Cabinet’s approval of an Enterprise Team to administrate and execute the plan.
Making the disclosure at today’s (April 1), Post Cabinet press briefing, held at the Office of the Prime Minister, Minister with responsibility for Information, Senator the Hon. Sandrea Falconer, said the team will be chaired by Professor Edwin Jones, with six other members.
PETCOM was incorporated in 1973 as a subsidiary of the Petroleum Corporation of Jamaica (PCJ), to market a variety of petroleum products, industrial fuels and lubricants.
The company has a network of 24 service stations, and Liquefied Petroleum Gas (LPG) filling plants islandwide. PETCOM owns nine of the stations, while the remaining ones are dealer owned and operated.
During the last six financial years, the company has been profitable in four of those years, with revenues of $10.7 billion in 2013/2014. Â The Enterprise Team has until September to complete the privatization process.