Local Consortium Misses Deadline for the Divestment of PETCOM

The Development Bank of Jamaica, DBJ, has rejected a bid by local consortium of gasoline retailers, Existing Dealers of Jamaica Limited, EDJ, for the divestment of the Petroleum Company of Jamaica Limited, PETCOM.

DBJ announced today that it has received three bids for the divestment of the Petroleum Company of Jamaica Limited, PETCOM.

The companies which met today’s submission deadline are Rubis Caribbean Holdings, Sol Investments Limited and Phoenix Fuels Limited.

But the bid by EDJ was rejected by the DBJ because it was submitted late.

Speaking today with Nationwide News, former President of the Jamaica Gasoline Retailers Association, Trevor Heaven, who is a Directors at EDJ says the bid was late due to circumstances beyond their control.

The DBJ, which is overseeing the privatization process on behalf of the Government, says the next step will be evaluating the bids to select a preferred bidder,

A recommendation will then be made by the PETCOM enterprise team, through the Ministry of Science, Technology, Energy and Mining, to Cabinet for approval.

The enterprise team is chaired by Erwin Jones and includes representatives of the Attorney-General’s Chambers, Ministry of Finance, MSTEM and the PCJ.

PETCOM is a wholly-owned subsidiary of the Petroleum Corporation of Jamaica, PCJ.

It operates 24 branded service stations and 14 Liquid Petroleum Gas filling plants island wide.