WIP Completes Strategic Reorganisation of Company

One of Jamaica’s leading energy companies, West Indies Petroleum Limited, WIP, says it has completed a strategic reorganisation exercise of the company.

WIP says this has resulted in the creation of a vertically integrated operation that positions the entity and its subsidiaries for their next phase of growth.

It says the reorganisation establishes a streamlined corporate structure where WIP Terminal, which houses the company’s substantial storage assets, now operates as a subsidiary under WIP Energy. The company says this change creates a clear flow of operations from top to bottom.

Chief executive officer of West Indies Petroleum, Charles Chambers, says by establishing this vertically integrated structure, they’re creating greater operational efficiency, enhancing transparency for stakeholders, and positioning WIP for stronger growth across all segments of the business.

The reorganisation integrates two of the company’s primary business segments: storage with WIP Terminal and distribution with WIP Energy.

WIP Terminal manages the company’s storage infrastructure which has an approximately 750,000 barrels of capacity across facilities in Port Esquivel and Ocho Rios.

WIP Energy currently distributes products to approximately 80 per cent of Jamaica’s independent gas stations.

And, the energy executive also announced the addition of Karl Townsend to the WIP Terminal board of directors.

Townsend, who currently serves as chief country officer for Jamaica in the Group Capital Markets Unit at JMMB Group Limited, brings over 30 years of banking, corporate finance, and investment banking experience to the board.

Chambers also thanked outgoing Director Demetrie Adams, attorney-at-law for his service to the board as an independent director.

In addition to his new role at WIP Terminal, Townsend also serves as a Director of Gwest Corporation Limited and Image Plus Consultants Limited, both listed on the Jamaica Stock Exchange.