Americas News
Established Player to Target Jamaican Bunker Market
Following growth in the aviation and motor fuel businesses it acquired from Chevron Caribbean in December 2012, Jamaican fuel marketing company GB Energy Jamaica (GB) says its next target is the bunker fuel segment, local media reports.
CEO Mauricio Pulido says that in the year and a half since its acquisition of Texaco's supply network assets for motor vehicles, it has grown from 52 to 62 service stations, 35 of which it owns and 27 are under a supply agreement.
And within a year since of the takeover of the local Texaco network, Pulido said it has grown its share of the aviation fuel market from 2 percent to 17 percent at the end of 2013.
"For 2014 we are aiming to finish with 25 per cent of the market," he said.
GB Group acquired Chevron Caribbean's fuels marketing and distributing business, and aviation companies in the Dominican Republic, Jamaica, and St Maarten in December 2012.
In November last year, new physical bunker supplier West Indies Petroleum (WIP) started operations in Jamaica, saying at the time that the widening of the Panama Canal should lead to an increase in demand for bunkers in the country.
