Multinational petroleum company Shell yesterday announced the sale of its 56 service stations in Jamaica to Cool Petroleum Holdings Limited, which is jointly owned by the Joe Issa-led Cool Corp. Limited and Trinidad-based Neal & Massy Industrial Gas Holdings Limited.
Under the agreement, to be completed by year-end Cool Petroleum Holdings will purchase Shell’s retail, commercial fuel, lubricants, liquefied petroleum gas and chemical businesses, and the main distribution depot at Rockfort in Kingston, the company disclosed in a press statement yesterday.
“The Shell brand stays in Jamaica. We have got a long-term agreement to keep the Shell brand on our service stations in Jamaica,” Roger Bryan, Shell’s country chairman for Jamaica, told The Gleaner.
Project Manager Lauran Wetemans explained that the Dutch oil company was not totally withdrawing from Jamaica.
“Shell is basically changing its business model … and we will continue to supply products to the Jamaican market,” he explained.
Commenting on the purchase, Cool Corp. Chairman Joe Issa noted that, “as a Jamaican, I am proud to be part of an increasing ownership in our country, which is an integral part of the CSME (CARICOM Single Market and Economy). It is our goal to expand this business, which we all recognize is ‘best of brand’, and we are excited at the opportunity before us. We are pleased to have as our partners, the Neal & Massy Group.”
Added Bernard Dulal-Whiteway, chief executive officer of Neal & Massy Holdings: “In accordance with the principles and goals of the CSME, the Neal & Massy Group is happy to continue investing in the single market. This acquisition is in keeping with our vision to be a major pan-Caribbean enterprise and aligns us with a creative and entrepreneurial partner in Jamaica, the largest market in the CSME.”
Picture caption 1: A motorist enters a Shell service station on Constant Spring Road, St. Andrew, yesterday. Shell yesterday announced the sale of its 56 fuel retail stations to Cool Petroleum Holdings Limited.
Picture caption 2: Roger Bryan (right), country chairman for Shell Company (WI) Limited in Jamaica, and Lauran Wetemans, project manager, tell The Gleaner of the decision to sell the company, at its Windward Road office in Kingston yesterday.
Source: The Gleaner