Haitian Group Acquires Chevron Assets in Jamaica, D.R. and St Maarten
- Wednesday, November 02, 2011 10:03 AM
PORT-AU-PRINCE, Haiti (defend.ht) - The Haitian Gilbert Bigio (GB) Group has acquired Chevron Caribbean Corporations energy distribution and sales assets in Jamaica, Dominican Republic and St Maarten, including the Texaco gas brand.
The 115 year old company founded in Haiti in 1896 now takes over 174 service stations with an equity stake in a refinery, fuel terminal, aviation facility and the commercial, industrial fuel business which came at a cost of $300 million [US].
"The company also completed the sale of certain other fuels-marketing and aviation businesses in the Caribbean and South America in the third quarter 2011," stated Chevron chairman and CEO John Watson in its just-released financials reported also in the Jamaica Gleaner .
Chairman of the GB Group, Gilbert Bigio, said the acquisition would further expand the revenue stream of the business.
"This transaction is part of our ongoing efforts to constantly search for new opportunities to expand our downstream fuel business in the Caribbean, keeping our focus to satisfy the needs of our customers in the markets where we operate," he said in a press release.
Texaco currently has a network of 62 gas stations in Jamaica, according to 2011 telephone listings.
However, most of the Jamaican branded Texaco stations are owned by entrepreneurs. The local component of the deal would therefore mainly entail fuel distribution.
Texaco Jamaica previously sold off its lubricants distribution business to Guatemalan company Lucalza, which took possession of the operation in November 2010.
Related 07.28.2011: ElÃ©ctricitÃ© d'HaÃ¯ti Receives $35,000,000 [US] Grant
Related 05.27.2011: Canadian Company Discovers New Gold, Copper Property in Haiti
Source: Gilbert Bigio Group, Jamaica Gleaner