Sol Petroleum

What Sol Petroleum does

Sol Petroleum, operating as The Sol Group, is the largest supplier of energy solutions in the Caribbean Basin, distributing fuels, lubricants, LPG, bitumen, marine fuels, and aviation fuels across 23 territories in the Caribbean, Central America, and northern South America. Founded in 1979 and headquartered in Grand Cayman, Cayman Islands, the company is a wholly-owned subsidiary of Parkland Corporation (TSX: PKI), a Canadian publicly traded fuel and convenience retailer, and operates as Parkland's international segment. Sol runs an owned-and-operated network of service stations under the Sol brand as well as licensed brands including Mobil (Puerto Rico, Guyana), Texaco with Techron (Jamaica), and Shell (Belize, Guyana, Suriname). The company also operates Sol Aviation Services providing Jet A-1 and Avgas 100LL across regional airport hubs, a marine fuel business for Caribbean shipping, LPG distribution under the Sol Gas brand for domestic cooking, bitumen supply for road construction, and convenience retail attached to service stations.

In October 2021, Sol launched Sol Ecolution as a low-carbon and renewable energy division focused on solar PV project development, financing, EPC, and 20-year asset management for commercial and utility-scale customers, including a pipeline of 220 sites across the network targeted at 19,800 MWh annual generation and 14,032 metric tons of CO2 offset per year. Sol Ecolution's external scale includes a 32MW PV solar farm acquired in Jamaica (2024) and a partnership with Blue Circle Energy to deploy approximately 50 Community Solar Gardens in Barbados totaling up to 30MW of generation capacity. The company is migrating branded retail from Esso to Sol (Barbados 2024) and entering the Mobil brand in Guyana, while introducing its proprietary SolXtend fuel formulation as a retail differentiator.

Sol generates revenue primarily through transactional retail fuel sales at owned service stations, supplemented by commercial/industrial bulk fuel contracts, fleet card programs (Sol Fleet Card) and a consumer loyalty program (More Miles Journie Rewards), aviation and marine fuel margins, LPG cylinder/refill sales, bitumen supply to infrastructure projects, convenience retail, and renewable energy project fees, financing arrangements, and long-term energy contracts managed by Sol Ecolution. Backed by Parkland Corporation, the consolidated business serves millions of customers daily across its territories.

Name

Sol Petroleum

Legal name

The Sol Group

Website

https://solpetroleum.com

Company type

Private

Founded year

1979

Operating status

Operating

Headcount range

251–500 employees

Short description

Sol Petroleum (The Sol Group) is a Caribbean-based energy distributor operating across 23 territories, supplying retail and commercial fuels, LPG, lubricants, marine and aviation fuels, and bitumen through an owned service-station network, with a renewables division (Sol Ecolution) developing utility-scale solar projects and licensed fuel brands including Mobil and Texaco with Techron.

Ownership category

akta.pro rank

Product category

Petroleum Distribution and Fuel Retail

NAICS

Natural Gas Distribution (2212)

SIC

Wholesale-Petroleum & Petroleum Products (No Bulk Stations) (5172), Natural Gas Distribution (4924), Wholesale-Petroleum Bulk Stations & Terminals (5171)

akta.pro primary industry

Branded Fuels Wholesaling & Jobber Distribution (EUALAIAB)

akta.pro secondary industries

Transformer & Dielectric Fluids (IMAEAMAJ), Industrial Gas Infrastructure & Metering (Onsite Storage, PRS, Metering, SCADA) (EUALALAH)

Keywords

• Retail fuel distribution
• Aviation fuel supply
• Marine fuel bunkering
• LPG domestic supply
• Lubricants and bitumen

Headquarters

HQ city

Grand Cayman

HQ country

Cayman Islands

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Retail Fuel Sales: Sale of automotive fuels through owned and operated service station network across 23 Caribbean and South American territories. Revenue generated from high-volume fuel throughput at retail locations, with proprietary Sol-branded fuels (SolXtend) and licensed brand fuels (Mobil, Shell, Texaco with Techron) at various stations.
2. Aviation Fuel Sales: Supply of Jet A-1 and Avgas 100LL fuels to general and commercial aviation customers through a network of airport hubs across the Caribbean.
3. Marine Fuel Sales: Sale of premium marine fuels to vessels navigating Caribbean waters, providing reliable and high-quality fuel supply for marine operations.
4. Lubricants and Specialty Products: Sale of world-renowned heavy-duty engine oils and lubricants that protect against corrosion, extend engine service life, and ensure operational efficiency for commercial and consumer customers.
5. LPG (Sol Gas): Sale of liquefied petroleum gas under the Sol Gas brand for domestic cooking and household use, including cylinder sales and refills.
6. Convenience Retailing: On-site convenience store operations at the majority of service stations, offering food, snacks, and beverages to consumers at the forecourt.
7. Bitumen Sales: Supply of bitumen products for road construction and infrastructure projects across the Caribbean region.
8. Sol Ecolution Renewable Energy Services: Commercial and utility-scale solar PV installation, project financing, engineering, procurement and construction services, and asset management/operations & maintenance for renewable energy projects. Revenue derived from project fees, financing arrangements, and long-term energy contracts.

Pricing tiers

Go-to-market motion1 record

Distribution channels8 records

Marketing channels8 records

Core offering

Sol Petroleum (The Sol Group) supplies and distributes petroleum-based energy products including retail automotive fuels (Sol, Mobil, Shell, Texaco licensed brands and proprietary SolXtend), LPG (Sol Gas) for domestic cooking, lubricants, bitumen, and aviation (Jet A-1, Avgas 100LL) and marine fuels through an owned and operated network of service stations across 23 Caribbean and South American territories. Through its Sol Ecolution division, the company also develops, finances, constructs, and operates commercial and utility-scale solar PV renewable energy projects across the Caribbean region.

Product overview

Sol Petroleum operates as a diversified energy company offering a comprehensive portfolio of petroleum products and services across 23 Caribbean territories. The core product portfolio includes Retail Fuels, LPG (Sol Gas brand), Lubricants, Convenience Retailing, Marine Fuels, Aviation fuels (Sol Aviation), and Bitumen. The company also operates ancillary services including the Sol Fleet Card and More Miles Journie Rewards loyalty program. Through its Sol Ecolution subsidiary, the company offers renewable energy solutions including solar PV installations, project financing, and engineering services. Sol distributes licensed fuel brands including Mobil (Guyana) and Texaco with Techron (Jamaica). The company has introduced its proprietary SolXtend advanced fuel formulation.

Differentiator

Problem solved

Functional benefit

Brands

• Sol Ecolution: Low carbon and renewable energy division of The Sol Group, facilitating development of diverse renewable and low carbon energy solutions including solar PV, wind, geothermal, and energy storage.
• Sol Gas
• Sol Marine Fuels
• Sol Aviation
• SolXtend
• Sol Fleet Card
• More Miles Journie Rewards

Products and services

• Retail Fuels Quality automotive fuels sold through Sol's owned service station network across 23 Caribbean and South American territories, including Sol-branded fuels, SolXtend premium formulation, and licensed brand fuels (Mobil, Shell, Texaco with Techron).
• Sol Gas (LPG) Liquefied petroleum gas sold under the Sol Gas brand for domestic cooking and household use, including cylinder sales, cylinder refills, and bulk deliveries.
• Lubricants World-renowned heavy-duty engine oils and lubricants that protect against corrosion, ensure operational efficiency, and extend service life of equipment for commercial and consumer customers.
• Convenience Retailing Network of convenience store outlets at the majority of Sol's service stations offering on-the-go food, snacks, and beverages to consumers at the forecourt.
• Sol Marine Fuels Premium, high-quality fuels designed to help marine vessels safely and reliably navigate Caribbean waters, supplied to commercial shipping, fishing vessels, and recreational marine operators.
• Sol Aviation Aviation fuel services providing Jet A-1 fuel for commercial and general aviation and Avgas 100LL at regional airport hubs across the Caribbean.
• Bitumen Bitumen products for road construction and industrial infrastructure applications, supplied to government agencies and construction companies across the Caribbean region.
• SolXtend Fuel Advanced fuel formulation designed to remove harmful engine deposits and coat the intake system with a protective film, providing better vehicle performance, reduced fuel consumption, and less engine maintenance.
• Mobil Synergy Fuels (Guyana) Mobil brand fuels with Synergy Technology including Mobil Synergy Extra and Mobil Synergy Supreme+ for the Guyana market, providing better gas mileage and engine protection.
• Texaco with Techron High-quality Texaco branded fuels with Techron additive technology distributed through licensed service stations in Jamaica via Sol's Chevron licensing agreement.
• Sol Ecolution Renewable Energy Services Low carbon and renewable energy services including commercial and utility-scale solar PV installation, project financing, engineering, procurement, construction, and 20-year asset management/operations and maintenance for renewable energy projects across the Caribbean.

Quantifiable outcome

• 19,800 MWh of electricity generated annually from solarized retail network, offsetting 14,032 metric tons of GHG per year
• +3 more outcomes

Named customers10 records

Segments7 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• ExxonMobil (Guyana)coreOEM/ Whitelabel/ Licensing Partner · 1 October 2024Sol signed an agreement with ExxonMobil to become ExxonMobil's licensee for the use of the Mobil brand in its network of 11 service stations in Guyana, effective October 1, 2024. Drivers in Guyana now have access to Mobil Synergy Extra and Mobil Synergy Supreme+ fuels.
• Content Solar (Jamaica)coreStrategic or Co-development Partner · 1 September 2024Sol Ecolution acquired Content Solar in Jamaica, which includes a 32MW PV solar farm. This acquisition expanded Sol Ecolution's renewable energy asset base and supported the sustainable development of the Caribbean renewable energy ecosystem.
• National Cultural Foundation (NCF) - BarbadosminorGTM or Marketing Partner · 1 June 2024Sol partnered with the National Cultural Foundation (NCF) to fuel the Crop Over festival in Barbados. Sol stations serve as activity hubs during the season, with joint promotions, Tuk Band performances, SolXtend fuel vouchers, and branded giveaways.
• Blue Circle Energy (Barbados)coreStrategic or Co-development Partner · 6 July 2022Sol Ecolution and Blue Circle Energy signed an MOU to jointly develop and construct approximately 50 Community Solar Gardens in Barbados with up to 30MW total generation capacity. Blue Circle develops the projects through pre-construction; Sol funds construction, operates, and maintains projects for 20 years. Projects expected to power over 6,000 homes and advance Barbados' 2030 renewable energy objectives.
• GB Energy (Jamaica)coreOthers · 1 July 2022The Sol Group completed its acquisition of GB Energy's subsidiary in Jamaica, including GB's Jamaican Retail, Aviation, LPG/Autogas, Commercial & Lubricants activities. This acquisition strengthened Sol's presence in Jamaica and its strategic growth in the region.
• ExxonMobil (Puerto Rico)coreOEM/ Whitelabel/ Licensing Partner · 29 June 2022Sol confirmed a strategic alliance with ExxonMobil for the distribution of Mobil fuels in the Puerto Rico market. This partnership expanded Sol's Mobil brand presence into Puerto Rico.
• Chevron (Texaco with Techron)coreOEM/ Whitelabel/ Licensing PartnerSol is a Chevron licensee for the Texaco with Techron brand, distributing high-quality Techron fuels through the network of Texaco-branded and licensed service stations in Jamaica.
• Local Caribbean Contractors and Service ProvidersminorImplementation/ SI/ Consulting PartnerSol Ecolution partners with on-the-ground local contractors for the Engineering, Construction and Procurement phase of solar projects. These partnerships support local employment and build renewable energy sector capacity across the Caribbean.

Scale indicators13 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Rubis: Rubis operates a Caribbean and European downstream distribution business (retail, LPG, lubricants, and bitumen) — closely comparable to Sol in product mix, particularly LPG distribution (Sol Gas vs. Rubis' Vinçotte network) and Caribbean retail geography.
• World Fuel Services: World Fuel Services is a global aviation, marine, and land fuel distributor with significant Caribbean and Latin American presence — closely comparable to Sol Aviation and Sol Marine Fuels for jet fuel and marine bunker distribution in the region.
• Puma Energy: Puma Energy is an independent downstream fuel marketer and retailer with a significant Caribbean and Latin American footprint across retail, aviation, marine, lubricants, and bitumen — directly comparable to Sol's broad downstream product portfolio and licensing-driven multi-brand model across emerging markets.

Broad incumbents

• Shell (Caribbean retail operations): Shell licenses its brand to Sol in Belize, Guyana, and Suriname, and operates its own branded retail network across other Caribbean territories — making Shell both a licensor and a peer in service station retail fuel, lubricants, and aviation/marine fuels.
• BP (Caribbean retail operations): BP operates branded retail and lubricants businesses across Caribbean markets as part of its global downstream portfolio — comparable in fuel retail and lubricants categories, but not focused on the small-island markets where Sol is concentrated.
• Parkland Corporation: Sol's publicly-listed parent (TSX: PKI) and the operator of a larger Canadian and US retail/fuel business; comparable to Sol's product mix and operating model, with the convenience-retail and fleet-card playbook Sol is adopting across the Caribbean.
• TotalEnergies Marketing Caribbean: TotalEnergies operates a branded retail and aviation fuel network across the Caribbean and Latin America as part of its broader global downstream marketing business — comparable in retail and aviation fuel distribution but at much greater scale and as part of an integrated oil major.

Regional players

• BMPCL (Belize Marketing and Property Management Co.) / BNE: Regional Caribbean downstream fuel distributors; comparable to Sol in serving the small-market Caribbean fuel-retail landscape though lacking Sol's multi-territory scale.
• Engen Petroleum: Engen operates a downstream fuel retail and lubricants business primarily across sub-Saharan Africa, sharing the regional, multi-country downstream operating model with Sol though geographically distinct — comparable as a regional downstream consolidator with lubricants and convenience retail.

Emerging players

• Blue Circle Energy: Blue Circle Energy is Sol's co-development partner on the Barbados Community Solar Gardens portfolio (~50 sites, 30 MW) and a Caribbean-focused renewable energy developer — comparable through the Sol Ecolution division's renewable energy pipeline rather than the core fuel business.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/solpetroleum

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sol Petroleum