The sale of Petroleum Company of Jamaica (PETCOM) has been finalised.
The agreement for the entity's divestment to local petroleum retailing company, Phoenix Fuels and Accessories, was signed on Friday.
The transaction is valued at US$19 million (J$2.3 billion), and involves the transfer of 100 per cent shares of PETCOM and real estate assets to Phoenix.
Cabinet approved the final negotiated sale term for PETCOM's privatisation on February 15 after PETCOM was advertised for sale in April last year. The bid submission deadline was extended twice.
Phoenix was selected as the preferred bidder in November.
The sale is expected to close within 90 days of the agreement.
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