CPC owns a 48,000 barrels per day petroleum refining facility in Bayamón, Puerto Rico. The refinery’s operation commenced in 1955 under the name of Caribbean Refining Corporation. The main reason for the refinery’s operation was to supply fuel to the Puerto Rico Electric Power Authority (PREPA’s) Palo Seco and San Juan Steam Plant. The facility was purchased in 1962 by the Gulf Oil Corporation at which time the name was changed to Caribbean Gulf Refining Corporation. Chevron Corporation acquired ownership of the site when it merged with Gulf Oil-Corporation in 1984.
 

Caribbean Petroleum Corporation (CPC) was formed in 1987 through the acquisition by new ownership, and merger of (1) Caribbean Gulf Refining Corp., (2) Gulf Petroleum S.A., and (3) Compañía Petrolera Chevron, Inc. Since then the company’s marketing division has supplied products to Puerto Rico market continuously and the refinery facility has operated intermittently.

Total petroleum products consumption is approximately 185,000 BPD, including 75,000 BPD motor gasoline, 15,000 BPD jet fuel and kerosene, 25,000 BPD diesel fuel and 80,000 BPD heavy fuel oil. Historically, consumption has experienced an annual growth rate of about 2.5%, despite periodical declines attributable to hikes in global gasoline price increases.