Jamaica: State-run Petcom sold to Phoenix Fuels for $19M

The sale of Petroleum Company of Jamaica (Petcom), a subsidiary of government-owned Petroleum Corporation of Jamaica (PCJ), to Phoenix Fuels and Accessories Limited has been finalized, announced the Development Bank of Jamaica.

The transaction worth 2.3 billion Jamaican dollars (USD 19 million) involves the transfer of 100 per cent of the shares of Petcom and real estate assets owned by the PCJ but used or operated by Petcom to its new owner. These include 24 Petcom service stations and 14 liquid petroleum gas filling plants, reported Jamaica Observer.

The final negotiated terms were approved by the Cabinet on February 15, 2016.

The sale agreement, meanwhile, was signed on April 29, but will still require three months to close the deal, according to Jamaica’s The Gleaner.

Other companies which participated in the Petcom privatization bidding were Rubis Caribbean Holdings, Sol Investments Limited, and EDJ acquisitions.