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Petroleum Corporation of Jamaica

Company Detail

Description

The Petroleum Corporation of Jamaica (PCJ) is a state-owned company that has the exclusive right to explore for oil, to develop Jamaica's petroleum resources and to enter all stages of the petroleum industry. The company, through its subsidiaries, markets gasoline, lubricants, and petrochemicals to industrial consumers and retail outlets through its network of service stations; and refines crude oil and sells petroleum products to local marketing companies. The concept of a state-owned energy company in Jamaica was first promoted in 1975 as a delayed response to the 1973 oil crisis. The Jamaican government in June 1979 created the PCJ. The enabling legislation, the Petroleum Act of 1979, established the PCJ as a statutory corporation, under the ministry of mining and energy. This included the right to negotiate import contracts (e.g. The San Jose Accord), operation of the refinery, transportation and sale of petroleum and petroleum products. The PCJ Group includes subsidiaries Petrojam Ltd. (1982), which operates the oil refinery and Petcom Ltd. (1985), the marketing and retailing company. PCJ is based in Kingston, Jamaica.

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