PETCOM sale will proceed, says Paulwell

The Jamaican Government is proceeding with the sale of  PETCOM, a state-owned company which operates several petrol stations, despite objections from the Parliamentary Opposition.
   
In a statement last week, Robert Montague, Opposition Spokesman on Energy, said the divestment of  PETCOM should not proceed. He argued that PETCOM brings balance and equilibrium to the petroleum retail trade and is a profitable entity.
   
However, in a response to the Financial Report, Energy Minister Phillip Paulwell said a formal invitation for tenders to purchase the company will be announced soon.
   
He explained that PETCOM has been on the auction block since 2005, and over the past two years there has been renewed effort to complete the sale.
   
Mr. Paulwell said the sale will be done via a competitive and transparent process.