Posts Tagged ‘Gas News’

Petroleum Company of Jamaica sold for J$2.3 Billion

Tuesday, May 3rd, 2016

Petroleum Company of Jamaica (Petcom) has been sold for US$19 million (J$2.3 billion)  to Phoenix Fuels and Accessories

Phoenix signed an agreement with the Development Bank of Jamaica on April 29, 2016 following nearly six months of negotiations.

In November 2015, Phoenix was identified as the preferred bidder, beating out rival bids from Rubis Caribbean Holdings and Sol Investments Ltd. One other bidder, EDJ acquisitions, was late and was disqualified.

Petcom operates  24 branded service stations and 14 liquid petroleum gas-filling plants across Jamaica. Their service stations tend to be at provide gas products as lower prices that other brands.