Kingston-based West Indies Petroleum (WIP) has launched an autonomous subsidiary, WIP Energy, dedicated to serving the retail and commercial segments of Jamaica’s fuel industry. The recent spin-off streamlines WIP’s operations and underscores its commitment to broadening its market share, all while maintaining an aggressive push toward greater profitability.
A Strategic Shift
Originally founded in 2013 as a bunkering specialist, West Indies Petroleum has seen steady expansion. To capitalize on emerging opportunities, the company will now devote its core focus to marine bunkering and regional fuel sales, allowing WIP Energy to drive domestic distribution.
According to West Indies Petroleum CEO Charles Chambers, the division of responsibilities will unlock new growth avenues.
“Realigning the structure allows us to concentrate on building a leading bunkering enterprise, while WIP Energy focuses solely on local distribution and commercial client needs,” Chambers explained.
The new entity inherits key relationships established by West Indies Petroleum, including contracts with approximately 80 percent of Jamaica’s independent fuel stations—collectively accounting for about one-third of all fuel sales nationwide.
Growth Meets Profitability
Although WIP has pursued significant expansion in recent years, Chambers noted that transitioning toward profitability has become the next critical step.
“For a long time, our main focus was to grow the business. Now we’re placing a sharper emphasis on profitability. Forming a stand-alone entity with its own governance, board of directors, and operational autonomy facilitates a much stronger financial performance,” he said.
While the company remains privately held and does not disclose detailed financials, Chambers left the door open for the possibility of eventually going public.
“We’re not ruling anything out. When the time is right and the market conditions are favorable, we’ll evaluate those options,” he remarked.
Leadership at the Helm
A notable highlight of this corporate reorganization is the heavyweight lineup on WIP Energy’s board. Patrick Hylton, the former CEO of NCB Financial Group, takes the role of chair, bringing extensive expertise in turning around large organizations and driving profitability. Dennis Cohen, once Hylton’s deputy CEO, also joins as an independent director, alongside Winston Watson, previously a senior manager at Petrojam Limited, and attorney-at-law Kathryn Lewis Green.
Industry experts expect these appointments to elevate both the operational and strategic capabilities of the young subsidiary. According to Chambers,
“We couldn’t ask for a stronger group at the board level. The proven leadership and deep industry insights of Patrick, Dennis, Winston, and Kathryn are pivotal to realizing our vision.”
Meanwhile, longtime WIP executive Wayne Fraser steps into the general manager role at WIP Energy, overseeing day-to-day operations.
A Breakout Year Ahead
For Chambers, 2025 represents a pivotal year in WIP Energy’s timeline.
“We’ve set ambitious targets and believe the current momentum will help us surpass expectations. At this rate, 2025 will mark a transformative milestone for WIP Energy,” he told BusinessWeek.
With around 30 percent of the island’s total fuel supplies already flowing through its distribution network, WIP Energy aims to both deepen its foothold in the local market and explore new possibilities regionally. Chambers added that West Indies Petroleum has leveraged strategic partnerships to bolster each division, laying the groundwork for future expansions.
Ultimately, by separating its bunkering operation from local fuel distribution, West Indies Petroleum is betting on a more agile, profitable framework that could reshape the region’s energy landscape. As Chambers put it,
“We see a path to becoming a regional powerhouse. With WIP Energy focused on Jamaica’s fuel supply and West Indies Petroleum expanding our bunkering footprint, the future looks bright for both entities—and for the Caribbean energy sector as a whole.”
