Jamaica moves to privatize Petcom

Jamaica’s cabinet has decided to divest the state unit responsible for marketing and retailing petroleum products, industrial fuels and lubricants.
The unit, Petroleum Company of Jamaica (Petcom), is a subsidiary of state-run energy company Petroleum Corporation of Jamaica.
“We are currently having a valuation of the company’s assets done and we will announce more as information becomes available.” According to Science, Technology, Energy and Mining Minister Phillip Paulwell, the cabinet has established an enterprise team to prepare for the privatization.
Petcom’s 28 service stations sell unleaded 87 and 90 gasoline, diesel fuel, industrial fuels, LPG and also have convenience stores.
“Petcom has been a strategic asset in the petroleum marketing sector in Jamaica, and we hope that it will remain a strong player in the market. Again, I encourage local investors to participate in the ownership of this important Jamaican asset,” he said.