Future Energy Source Company Limited (FESCO) is to focus on expanding its fuel network over the next 15 months.

The company says it will be launching new products, opening new gas stations and preparing for its entrance into the green energy market. 

FESCO currently has 16 gas stations across the country after adding one new location on Beechwood Avenue, Kingston and another in Ferry, St Catherine last year.

Jeremy Barnes, managing director at FESCO, speaking at the Mayberry’s Investor Forum on Wednesday (February 16), indicated that, over the next few months, the company will be working to add even more locations across the country.

“We do see a lot of opportunities in Jamaica to grow. In fact, within the next 15 to 24 months we aim to have about 20 to 22 stations. We’re confident we can grow given the vast amount of geographic spaces in Jamaica that we currently don’t have a presence in,” he said.

Barnes said FESCO wa also preparing to penetrate the LPG clean energy market. The company aims to become a supplier to LPG (Liquefied Petroleum Gas) energy within the next 24 months but remains cautious about it’s investments into LNG (liquefied natural gas) energy.

“We are diversifying which energy spaces we dabble in and that’s part of how we plan to navigate the future. At some point in time, the business model will have to change and adapt, so we’re just making the necessary preparations for that move,” he said.

“However, we have to be mindful about the national pace towards clean energy. While we may have a growing demand for LPG, it isn’t the same for LNG.”

In the meantime, Dan Theoc, Mayberry’s senior vice president of Investment Banking, is urging the Government to increase its efforts in promoting the use of clean energy.

“I would like to see the country pushing the renewable energy agenda. I am disappointed in how slow the Government has moved in its bid to bring clean energy to Jamaicans. We have had nothing in the last four years but I hope that changes as we move forward,” he said.

FESCO is not only set to ‘Go Green’ for its own energy usage, but is also positioning itself to take advantage of opportunities in the electric car market when it becomes viable. Currently, a few  FESCO locations facilitate charging for electric vehicles but it is not a profitable aspect of their business model or a profitable endeavor internationally.

The company continues to monitor developments as the country moves toward more clean energy.

The energy company recorded $171 million in net profit at the end of December 2021, a 141 per cent increase when compared to the same period in 2020. 

FESCO also recorded a gross profit of $246 million at the end of 2021.