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Private company

Caribbean Petroleum Corporation

Oil company in Puerto Rico

Caribbean Petroleum Corporation (CAPECO) is an oil company in Puerto Rico which owned an oil refinery in Bayamón having a capacity of 48 thousand barrels per day (7.6×10^3 m3/d). In addition, it operated 70 service stations in Puerto Rico under the Gulf Oil brand name. On October 23, 2009, an explosion took place in the decommissioned refinery that destroyed most of the facility.2 Wikipedia text CC BY-SA 4.0

Last updated Oct 21, 2026.

Overview

1987Founded1
  • Industrypetroleum industry1

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Caribbean Petroleum Corporation (CAPECO) is an oil company in Puerto Rico which owned an oil refinery in Bayamón having a capacity of 48 thousand barrels per day (7.6×10^3 m3/d). In addition, it operated 70 service stations in Puerto Rico under the Gulf Oil brand name. On October 23, 2009, an explosion took place in the decommissioned refinery that destroyed most of the facility. The company was sold in 2011 to Puma Energy.2

The story

Caribbean Petroleum was incorporated in 1987 through the merger of Caribbean Gulf Refining Corp., Gulf Petroleum S.A., and Compañía Petrolera Chevron, Inc. The partners in the business were Israeli industrialist Gad Zeevi and Swiss businessman Michael Florsheim. On 7 January 1995 the company's Morris J. Berman ship ran aground off Escambrón Beach, San Juan and spilt 800,000 barrels of oil.

The Bayamón refinery began operations in 1955 and was acquired by Gulf

Oil Corporation in 1962 and by Chevron Corporation in 1984 before passing to Caribbean Petroleum Corporation. The Bayamón refinery was shut down in April 1995 due to unprofitable margins, but reopened the next year. It output 48,000 barrels per day until 2000 when it closed.

The company filed for bankruptcy in 2001 and was reorganized in 2003 to operate solely in oil storage and distribution, from 170 service stations (branded as Gulf). The refinery became an oil depot and loading dock.

From Wikipedia’s article on Caribbean Petroleum Corporation, shared under CC BY-SA 4.0.3

Timeline

  1. 2009Dissolved Dissolved1
  2. 1987Founded Founded1

Sources

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