West Indies Petroleum Limited, which controls nearly a third of Jamaica’s fuel market, has spun off its retail and commercial fuel distribution business into a standalone company.

The introduction of the independently operated WIP Energy Limited is part of an aggressive growth strategy aimed at increasing market share while driving lower fuel costs.

WIP Energy’s Executive Director Charles Chambers, who also heads the parent company, says creating a standalone entity will ensure more efficient capital allocation and operational autonomy.

These, he says, are crucial for capturing significant growth opportunities existing in the Jamaican market.

Mr. Chambers says a robust group of top business executives has joined the founding shareholders of West Indies Petroleum to run WIP Energy.

WIP Energy will maintain strong ties with its parent company, ensuring continued access to import capabilities and substantial storage facilities of over 700,000 barrels.