Neal and Massy splits Shell operation with Joey Issa
Neal and Massy splits Shell operation with Joey Issa
Following the change of ownership of Shell Company (wi) Limited’s operations in Jamaica last November, the company’s retail liquefied petroleum gas (LPG) business have been re-branded as ‘Gas Pro’.
Shell sold its 56 service stations along with its LPG business to Cool Petroleum Holdings Limited which is jointly owned by Joey Issa’s Cool Corporation and the Trinidad- based Neal & Massy Industrial Gas Holdings.
Following the change of ownership of Shell Company (wi) Limited’s operations in Jamaica last November, the company’s retail liquefied petroleum gas (LPG) business have been re-branded as ‘Gas Pro’.
Shell sold its 56 service stations along with its LPG business to Cool Petroleum Holdings Limited which is jointly owned by Joey Issa’s Cool Corporation and the Trinidad- based Neal & Massy Industrial Gas Holdings.
Cool Petroleum Holdings has divided its operations, giving Neal & Massy full ownership of the LPG side of the business while Cool Corporation has a majority stake in the retail service station business with Neal & Massy taking a minority interest.
The re-branding commenced earlier this year after the transfer of the LPG business to Gas Products was completed on February 24.
Doon Beepath, chief executive officer for Gas Products Limited declined to disclose the purchase price of the LPG business in an interview yesterday. He is also the chief financial officer for the Cool petroleum Holdings Limited.
KEEPING ITS BRAND ALIVE
Cool Petroleum Holdings agreed to purchase Shell operations while Shell committed to keeping its brand alive. Mr. Beepath explained that because Shell has a license to operate the service stations, that brand could not be changed so easily.
However, with respect to the LPG business, Mr. Beepath told Wednesday Business that based on the sale agreement, “We were required to change the brand.” He said nothing else has changed in the operation.
“We continue to buy products from Shell. We have the cylinders, we have retained the colour but we have only painted the top in reed,” explained Mr. Beepath. “All the existing staff has been retained.”
He said the Jamaican public will not encounter a price change. Noting that Gas Products Limited has inherited at least 44 percent of Jamaica’s LPG market, Mr. Beepath said his company plans to expand that market share.
With adequate marketing he is confident that the new brand will become a household name in the cooking gas market.