Kingston’s premier energy firm, West Indies Petroleum Limited, has announced the creation of WIP Energy Limited, a standalone company dedicated to retail and commercial fuel distribution. This strategic division aims to accelerate the company’s expansion and strengthen its market presence.
Originally established in 2013 as a bunkering specialist, West Indies Petroleum has concentrated on providing fuel solutions for maritime operations and regional markets. With the formation of WIP Energy, the company is now set to focus exclusively on supplying fuel to Jamaica’s petrol stations and large-scale commercial clients.
WIP Energy is poised to leverage existing partnerships, currently serving approximately 80% of Jamaica’s independent gas stations. This network accounts for nearly one-third of the island’s total fuel sales, positioning WIP Energy as a key player in the local fuel distribution landscape.
Charles Chambers, CEO of West Indies Petroleum, explained the rationale behind the spin-off: “Creating WIP Energy as an independent entity allows us to dedicate focused resources and strategies to the retail and commercial sectors, enhancing our ability to grow and operate more efficiently.”
Chambers highlighted that the restructuring process, which has been in the works for nearly a year, is designed to enhance profitability following several years of growth. “Our previous focus was on expanding our operations, and now we are shifting towards optimizing profitability. By segregating the fuel distribution business, we can ensure each entity is managed with the appropriate expertise and governance,” he added.
While West Indies Petroleum remains a private company, Chambers did not dismiss the possibility of a future public offering, though no specific plans have been made public.
The leadership team of WIP Energy will be headed by Patrick Hylton, former CEO of NCB Financial Group, serving as chairman. He will be supported by Dennis Cohen, Winston Watson, Kathryn Lewis Green, Gordon Shirley, and key executives from within WIP, including Danville Walker and Tarik Felix. Wayne Fraser has been appointed as the general manager, overseeing the day-to-day operations of WIP Energy.
Chambers expressed confidence in the new board’s ability to steer WIP Energy towards its growth and profitability goals. “Our board members bring a wealth of experience and expertise, which is crucial for driving WIP Energy to realize its full potential,” he stated.
Looking forward to 2025, Chambers is optimistic about WIP Energy’s prospects, anticipating that the company will exceed its financial targets based on current momentum and strategic initiatives. “We aim to increase our market share within Jamaica’s gas station sector and explore additional growth opportunities both locally and regionally,” he explained.
Chambers concluded by emphasizing the synergistic benefits of the spin-off, asserting that the separation of fuel distribution operations will enhance the overall strength and profitability of West Indies Petroleum. This move positions the company to become a dominant regional force in the energy sector in the coming years.
