CEO of Petroleum Company of Jamaica (Petcom) Godfrey Boyd says the company will be adding new service stations in its network even while it engages in the refurbishing of existing stations.

However, he did not provide a timeline for the introduction of the new service stations neither did he indicate a capital budget for the expansion.

Boyd was speaking to Jamaica Observer on Tuesday during the signing of a partnership agreement with Evergo Jamaica that will see the fuel marketing company add Level III Evergo electric vehicle (EV) charging ports at its service station. Petcom’s Portmore Parkway location is the first to install an EV charging port.

“We have offered to [Jamaica Energy Partners] and Evergo all our locations. So whichever locations they deem fit based on their assessment, it is certainly available for them,” he stated.

“We are also in the expanding mode. We have been doing a number of refurbishing of existing service stations and there are a number of other locations that will be rolled out, but based on confidentiality and competitiveness in the market, I would rather not get into that,” the Petcom CEO added.

Petcom’s expansion of its service station network and the introduction of EV charging stations come at a time when the company is seeking to transform its image and business model from a gas station company to a network of service stations. Boyd noted that while the industry classifies Petcom as fuel marketing company, it is in fact an engineering company offering after-sales and support to drivers.

Moreover, he points out that the company’s move into renewable energy is expanding its offerings while reducing the demand for US dollars.

“So the question has been asked, if you are in the business of selling derivatives of hydrocarbon compounds, why would you want to go into renewables? But I think what persons have not realised is that having gone through COVID and seeing oil prices go up, our oil prices they are dictated by PetroJam, but even more so on the micro level it’s dictated by the inflation rate. So the more there is a demand for the US [dollar], it means that price for fuel is going to go up. So the fact of the matter is that if we are using renewable energy, then it lessens the demand [for US dollars],” he explained.

As part of Petcom’s expansion and refurbishing, the company has rebranded its convenience store, Sun Mart, which will allow customers to purchase groceries while filling up on fuel. By adding EV service stations it will further enhance its offering and diversify its revenue streams.

“…On the revenue side, I think that a lot of people don’t realise that we’re not a gas station — that was years ago. We are a service station and through our Sun Mart, that is our convenience store, we sell from a pin to an anchor,” he stated.

“So for us where growth strategy is concerned in terms of revenue, most persons don’t realise that a service station, where fuel sales are concerned, is a margin gathering businesses, where you make money based on service both at the pumps and in the store. So for us it helps to increase our revenues by bringing more footprints to our location and for that we are very happy,” Boyd said.