THE state-run Petroleum Company of Jamaica (Petcom) revealed for the first time how its 12 per cent market share stakes up against each of its major competitors — amid plans to divest the operation.

Petcom, which operates an islandwide network of gas stations and LPG cooking gas-filling plants states that it holds the largest market share of a locally incorporated entity. But adds that three-quarters of the gas-retail market is controlled by multinationals.

“Petcom remains dominant among locally owned and operated marketing companies/distributors in the petroleum industry, retaining a market share of approximately 12 per cent,” according to statements prefacing the PETCOM financial projections in the Public Bodies Fiscal year 2015/16.

“The three major marketing companies are owned by multinational corporations with a combined market share of 72 per cent – Rubis (formerly Shell) 36 per cent; Total 19 per cent; and Chevron Texaco 17 per cent.”

Locally owned competitors including Michael’s, Cool Oasis, Johnson’s, Unipet, and Epping control the remaining 16 per cent of the industry, stated the Public Bodies document published by the Ministry of Finance last month. Previous Public Bodies documents going back to 2012/13 revealed the market share of Petcom but did not disaggregate the market-share held by each multinational.

Petcom, a subsidiary of the Petroleum Corporation of Jamaica employs 91 people. It aims to make its first profit in three years at $63 million ending March 2016 from some $12.6 billion in sales. If achieved, that would reverse the $55 million loss recorded a year earlier, latest financials indicate.

“To maintain its market share Petcom plans to enhance its company image through improved service delivery, increased product promotions, staff training, and the strengthening of relationships with dealers. Expansion of the LPG segment will also continue,” stated the document.

Over 15 companies are reportedly interested in acquiring Petcom. Additionally, a source previously told the Jamaica Observer that a formal request proposal to acquire the company is slated for release in a month. Petcom operates some 28 stations across the island and provides LPG from 14 filling plants.

The company holds some $576 million in shareholder’s equity with its largest asset being its plant, property and equipment valued at $610 million on its balance sheet.

Petcom was incorporated in 1973 but did not become active until 1984 with its first sale of solvents and contract confirmation to supply fuel to the Caribbean Cement Company. In 1989 Petcom opened its first service station in Portmore, St Catherine.