Following the acquisition of the Jamaica Broilers Ethanol Plant, local bunkering company West Indies Petroleum (WIP) is eyeing distribution of its fuel across the Caribbean.
WIP has signed an agreement with a multi billion-dollar global fuel supplier that will allow the company to meet the demands to trans-ship fuel regionally.
The partnership will also allow WIP to offer low-cost fuel to cruise and container shipping customers in Jamaica.
WIP has completely retrofitted the acquired ethanol plant to store gasoline, diesel and heavy fuel oil and has renamed the facility the West Indies Petroleum South Terminal.
“We are very excited about what we have done so far. We truly believe in our vision and feel it’s all now just within our reach. The entire team has put our hearts and souls into this company but still feel amazed, blessed and humbled by how much we have been able to achieve in such a short space of time,” CEO of West Indies Petroleum, Charles Chambers said in a release from the company.
Last week, WIP imported into its fleet a third fuel barge with storage capacity of 96,000 barrels. The company has also invested in a 65,000-barrel storage facility at the Ocho Rios Cruise Ship Terminal.
According to the company, the upgraded assets have positioned it to close large contracts with major cruise and container shipping lines as well as bauxite companies, energy companies and local manufacturers.
Overall, WIP sees itself as an important player in the Government’s logistic hub initiative.
“WIP has made a very bold step which has signalled a move to diversify Jamaica’s industrial base while attracting large-scale commodity traders. Having toured the WIP facilities, it is evident that the company adheres to very high standards of operation and it is impressive what they have done and will continue to do,” Head of the Jamaica Special Economic Zone Authority and architect of the logistics hub, Eric Deans, said.
According to WIP, the company now has more than 830,000 barrels of storage, making it the second largest owner of fuel storage on the island, behind Petrojam.
WIP expects its first shipment of approximately 400,000 barrels of fuel to arrive in Jamaica shortly. A host of dignitaries from Jamaica Customs, the JSEZA and various ministries will be present to witness the arrival.