RUBiS Jamaica becomes only supplier of Petrochemicals in Carib, Latin regions

Head of commercial operations at RUBiS Troy Thompson said: “Although many persons may recognize RUBiS as one of the dominant petroleum marketing companies in Jamaica, we are also one of the largest petrochemical suppliers in the region. We have remained vigilant and continue to monitor the petrochemical industry's performance, especially during these unprecedented times."

This month, the company commenced regional distribution of its petrochemical products to the international market. Petrochemicals are used as feedstocks in the production of everyday items such as paints, degreasers, solvents, pesticides, bedding, furniture, insulation materials and sanitary products, to name a few.

Thompson continued: "This is a ground-breaking moment for RUBiS and Jamaica's export market as we expand our footprint to Latin America and the Caribbean region with the first shipments of petrochemical products. We are excited about RUBiS' entry in the export market as it positions Jamaica as a commercial-scale supplier within the region – a major accomplishment considering that we are in the middle of a pandemic. We also continue to support the local manufacturing industries, by providing products which are essential to the continued viability of so many industries, something we are very proud of."

According to recent industry reports, in 2018, the global petrochemical industry was valued at approximately US$539 billion; and is anticipated to see a compounded annual growth rate of five per cent over the forecasted period.

Jamaica Manufacturers and Exporters Association (JMEA) President Richard Pandohie, lauded the move, saying: "The impact export has on national development cannot be understated as it plays a key role in sustaining and creating wealth generation opportunities through employment and foreign exchange earnings. COVID-19 has brought to the fore the negative effects of an over-reliance on services exports and the need to strengthen and diversify our export base. As such, manufacturing export must form an intrinsic part of our economy."

"There are a number of free trade agreements under which exporters can trade duty-free, and it is important that we take advantage of these opportunities and begin realizing the benefits for our citizens. Close to home, CARICOM should be viewed and operate as an extension to our domestic market. Jamaica has a relatively small domestic market which means we must always be looking outwards to expand and grow," Pandohie shared.

Pandohie also divulged that during the JMEA's recent COVID-19 Impact Survey, 30 per cent of export clientele indicated an increase in export, whilst 34 per cent indicated a decline. The JMEA President noted the COVID-19 pandemic had presented both challenges and opportunities for manufacturers to make bold moves in diversifying product offerings and markets. In particular, companies in the fresh produce, sauces and spices, chemicals and pharmaceuticals, as well as apparel, have been capitalizing on the increased demand for products in these categories.

RUBiS expects that its consistent supply of petrochemicals to Jamaica and the region will continue to contribute to the development of sectors and support of industries to enhance innovation, productivity, quality, and output.