Phoenix Fuels is continuing to build out its network of service points under the Petcom brand.

The company has sent out invitations for interested persons to operate Petcom owned and branded service stations in Manchester parish.

In the wider market the company is faced by increased competition, especially in home territory in the parishes Kingston and St Andrew. Future Energy Source Company Limited (Fesco) is in the process of expansion in Kingston and St Andrew which is the largest market for the more than ten petrol marketing companies operating on the island. Another company which is expanding is Yaadman Petroleum Marketing Company.

The Fesco initial public offering in 2020, indicates that for the period January-September 2020, the retail transportation fuel market in Jamaica was estimated to be approximately 86.6 million litres monthly with a value of approximately $11-$13 billion. For the same period in 2019, the market was 93.6 million litres monthly with a value of approximately $12-$14 billion.

Petcom, in seeking to improve revenues, appears to be looking to expand in parishes which are less saturated and with less competition.

The company was placed under new ownership five years ago. On May 1, 2016 the Development Bank of Jamaica (DBJ) announced that Phoenix Fuels and Accessories Limited had purchased Petroleum Company of Jamaica Ltd (Petcom) for US$19 million ($2.3 billion). It was a wholly-owned subsidiary of Petroleum Corporation of Jamaica (PCJ). Phoenix is headed by Colin Karjohn.

At the time of purchase, Petcom owned and operated 28 service stations and 14 liquefied petroleum gas filling plants. The company’s sales, according to DBJ data at the time, topped $11 billion in each of the prior two years.

Its industrial contracts included supplying the Caribbean Cement Company with fuel.

Petcom presently serves the transportation and energy sectors with a range of petroleum products that fall under four major product segments; service stations, industrial fuels, liquefied petroleum gas (LPG) and lubricants.

On December 7, the DBJ clarified, “Petcom was sold to Phoenix Fuels & Accessories Limited in June 2016 by the Petroleum Corporation of Jamaica (PCJ) and involved the transfer of 100 per cent of the shares of Petcom to the Purchaser. The ​sale included the brand name Petcom.

The company’s Phoenix Fuels-branded service station at Passage Fort Drive in Portmore, St Catherine is considered a low price leader.

In the company’s recent request for expressions of interest for more service centres in Manchester, the company stated, “Petcom is seeking interested persons to operate Petcom owned and Petcom branded service stations in the parish of Manchester.” It says that service station dealer applications are available from its marketing and sales unit in Kingston. At last report, the operation included 24 Petcom-branded service stations and 14 liquid petroleum gas filling plants across the island. Efforts to get more details from Mr Karjohn failed.

In 2016, at last report, the petroleum marketing company’s net worth was also estimated at just under $750 million, and its assets at $1.9 billion, of which $828 million are fixed assets.

The Petroleum Company of Jamaica Limited (Petcom) was incorporated in 1973 as a wholly owned subsidiary of the Petroleum Corporation of Jamaica (PCJ) to market a variety of petroleum products, industrial fuels and lubricants. The company did not become active until 1984 with its first sale of solvents, and confirmation of a contract to supply fuel to the Caribbean Cement Company.

Following its sale to Phoenix, Petcom continues to market petroleum products, industrial fuels and lubricants. Its main lines of business are service stations supplying unleaded 87 and 90 gasoline, and automotive diesel oil, industrial fuels for local industries, including transportation, construction and manufacturing, liquefied petroleum gas (LPG) for domestic and industrial sectors under “Cookie Gas” brand; and lubricants under the Pace brand.