The Cabinet has approved the naming of an Enterprise Team to administrate and execute the plan to privatise the Petroleum Company of Jamaica (PETCOM).

This was disclosed by Minister with responsibility for Information, Sandrea Falconer at a press briefing yesterday.

She said the team would be chaired by Professor Edwin Jones, with six other members.

The Enterprise Team has until September to complete the privatization process.

PETCOM was incorporated in 1973 as a subsidiary of the Petroleum Corporation of Jamaica, to market a variety of petroleum products, industrial fuels and lubricants.

The company has a network of 24 service stations, and Liquefied Petroleum Gas filling plants islandwide.

PETCOM owns nine of the stations, while the remaining ones are dealer owned and operated.

The Government says the company made a profit in four of the last six financial years, with revenues of $10.7 billion in 2013/2014.