Caribbean Petroleum Corporation
Caribbean Petroleum Corporation was a Puerto Rican oil company that operated fuel storage, distribution, service stations, and the Bayamón refinery before its assets were acquired by Puma Energy in 2011.
Last updated August 31, 2026
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Overview
Caribbean Petroleum Corporation, commonly known as CAPECO, was a Puerto Rican oil company active in refining, petroleum storage, fuel distribution, and retail service stations. The company was formed in 1987 through the combination of Caribbean Gulf Refining Corp., Gulf Petroleum S.A., and Compañía Petrolera Chevron, Inc. Its business was built around the Bayamón refinery and related petroleum infrastructure, as well as a network of service stations operating under the Gulf brand in Puerto Rico. The Bayamón refinery had originally begun operating in 1955. It was acquired by Gulf Oil Corporation in 1962 and later by Chevron Corporation in 1984, before becoming part of Caribbean Petroleum. At full operating capability, the refinery processed approximately 48,000 barrels of crude oil per day. However, changing market conditions and unprofitable refining margins led to a shutdown in April 1995. The facility reopened the following year but ultimately ceased refining operations in 2000. Thereafter, the site was used primarily as an oil depot, storage facility, and loading dock rather than as an active refinery. CAPECO also experienced significant environmental and operational incidents. On January 7, 1995, the tanker Morris J. Berman ran aground near Escambrón Beach in San Juan and released approximately 800,000 barrels of oil, according to the cited reference material. The company later entered bankruptcy proceedings in 2001 and was reorganized in 2003 around storage and distribution activities. Its retail network, which had previously comprised approximately 170 Gulf-branded stations, remained an important part of the reorganized business; the number of stations associated with the later asset sale was reported as 147. The company's most consequential event occurred on October 23, 2009, when an explosion at the decommissioned Bayamón refinery triggered a large fire and destroyed most of the facility. The incident was attributed in the reference material to a faulty gauge on one of the tanks. The disaster severely affected the company's operations and was followed by another bankruptcy filing, this time for Chapter 11 protection in August 2010. In 2011, Puma Energy Caribe, a subsidiary of Puma Energy, purchased CAPECO's assets in a transaction reported at approximately $82 million. The deal, completed in May 2011, included service stations, fuel-storage infrastructure, land, and marine facilities at Bayamón and Cataño. Puma also undertook commitments to remediate land around the service stations and the Bayamón site. Following the sale, Caribbean Petroleum Corporation ceased to function as an independent operating oil company. Its historical importance lies in its role in Puerto Rico's fuel infrastructure and in the industrial, environmental, and commercial consequences associated with the Bayamón petroleum complex.
History
The industrial history behind Caribbean Petroleum Corporation predates the company itself. The Bayamón refinery began operations in 1955 and became part of the Gulf Oil system in 1962. Chevron Corporation acquired the facility in 1984. In 1987, Caribbean Petroleum was incorporated through the merger of Caribbean Gulf Refining Corp., Gulf Petroleum S.A., and Compañía Petrolera Chevron, Inc. The reported business partners were Israeli industrialist Gad Zeevi and Swiss businessman Michael Florsheim. CAPECO initially combined petroleum refining with retail and distribution activities. The Bayamón refinery had a stated capacity of approximately 48,000 barrels per day, making it an important component of Puerto Rico's petroleum infrastructure. The company also operated service stations under the Gulf brand. The refinery was shut down in April 1995 because operating economics were unfavorable, then reopened in 1996. Refining operations ended in 2000, after which the property was used as a petroleum depot, storage site, and loading facility. The company's history included a major marine oil-spill event. On January 7, 1995, the Morris J. Berman tanker ran aground off Escambrón Beach in San Juan. The cited account estimates the resulting release at 800,000 barrels of oil. This event formed part of the environmental and operational context surrounding the company's petroleum activities in Puerto Rico. Caribbean Petroleum filed for bankruptcy in 2001. A reorganization completed in 2003 shifted the company away from refining and toward oil storage and distribution. Its retail presence remained substantial: the company had operated a network reported at about 170 Gulf-branded stations, while the later sale documentation referred to 147 stations. The restructured business therefore relied on imported or externally sourced fuel, terminal infrastructure, storage, marine access, and retail distribution rather than on domestic refining. On October 23, 2009, a tank at the decommissioned Bayamón refinery exploded. The reference account identifies a faulty gauge as the cause. The explosion led to a large fire and destroyed most of the former refinery complex. The incident materially impaired the company's assets and operations and was followed by a Chapter 11 bankruptcy filing in August 2010. Puma Energy Caribe, a subsidiary of Puma Energy, acquired the company's assets in a transaction completed in May 2011. The reported $82 million deal covered 147 service stations, fuel-storage facilities, land, and docks at Bayamón and Cataño. Puma also agreed to remediate land around the service stations and at the Bayamón property. The acquisition marked the end of Caribbean Petroleum Corporation as an independent operating company. Its legacy is consequently tied to Puerto Rico's downstream fuel network, the former Bayamón refinery, Gulf-branded retail distribution, bankruptcy reorganizations, and the environmental and industrial events associated with its infrastructure.
- 2011
Puma Energy acquires the assets
[1]Puma Energy Caribe completed its acquisition of Caribbean Petroleum's principal assets, ending the company's independent operations.
- 2010
Chapter 11 bankruptcy protection
[1]The company filed for Chapter 11 protection in August after the refinery explosion and resulting business disruption.
- 2009
Bayamón tank explosion
[1]An explosion at the decommissioned refinery on October 23 caused a fire that destroyed most of the facility.
- 2003
Business reorganized around storage and distribution
[1]The company emerged with a focus on oil storage, fuel distribution, and Gulf-branded service stations rather than refining.
- 2001
First bankruptcy filing
[1]Caribbean Petroleum entered bankruptcy proceedings.
- 2000
Refining operations end
[1]The Bayamón facility ceased operating as a refinery and was subsequently used for storage and petroleum loading.
- 1996
Bayamón refinery reopens
[1]The refinery resumed operations after its 1995 shutdown.
- 1995
Refinery shutdown and tanker spill
[1]The Bayamón refinery was shut down in April because of unprofitable margins. In January, the Morris J. Berman tanker had run aground near San Juan and caused a major oil release.
- 1987
Caribbean Petroleum Corporation is incorporated
[1]The company was formed by merging Caribbean Gulf Refining Corp., Gulf Petroleum S.A., and Compañía Petrolera Chevron, Inc.
- 1984
Chevron acquires the refinery
[1]Chevron Corporation acquired the refinery before it later passed to Caribbean Petroleum.
Products and positioning
A Puerto Rican downstream petroleum company combining refinery operations, bulk fuel storage, distribution infrastructure, and Gulf-branded retail stations. After refining ceased, the business was repositioned primarily as a fuel-storage and distribution operator.
Oil refining · 1987
Refined petroleum products
Before the Bayamón refinery closed permanently in 2000, Caribbean Petroleum produced petroleum products through a refinery with reported capacity of approximately 48,000 barrels per day. Refining was the company's original industrial role, but adverse margins led to the 1995 shutdown and the subsequent end of refining operations.
Petroleum logistics · 2000
Bulk fuel storage and terminal services
After refining ceased, the Bayamón site operated as an oil depot with storage infrastructure and a loading dock. Storage and terminal activities became central to the reorganized company's business and supported the movement of petroleum products through Puerto Rico.
Fuel retail · 1987
Gulf-branded service stations
Caribbean Petroleum operated a substantial Puerto Rican network of service stations under the Gulf brand name. The network was reported at approximately 170 stations during the company's history, with 147 stations included in the assets later acquired by Puma Energy Caribe.
Fuel distribution · 2003
Petroleum distribution
Following its 2003 reorganization, the company concentrated on distributing petroleum products through its storage facilities, marine infrastructure, and retail network. This distribution-focused model replaced the former refinery-centered operating model.
Brand decisions
2011
Sell Caribbean Petroleum assets to Puma Energy CaribeM&ABackground
Caribbean Petroleum entered Chapter 11 protection in August 2010 after the destruction of much of the Bayamón facility.
Action taken
Puma Energy Caribe acquired the company's assets, including 147 service stations, storage facilities, land, and docks at Bayamón and Cataño.
Aftermath
The transaction completed in May 2011 and ended Caribbean Petroleum's operation as an independent company. Puma also undertook land-remediation commitments.
Reported transaction value. $82 million (Transaction completed May 2011)
2003
Reorganize as a storage and distribution companyStrategyBackground
After bankruptcy proceedings beginning in 2001 and the end of refining operations, the company needed a more focused operating model.
Action taken
The reorganized company concentrated on oil storage, petroleum distribution, and Gulf-branded service stations.
Aftermath
The business continued as a downstream logistics and retail operator until the 2009 explosion and subsequent Chapter 11 proceedings.
1995
Shut down the Bayamón refineryStrategyBackground
The refinery was operating in an unfavorable economic environment, with refining margins described as unprofitable.
Action taken
Caribbean Petroleum halted refinery operations in April 1995, although the facility reopened in 1996 before closing permanently as a refinery in 2000.
Aftermath
The Bayamón property was ultimately converted to depot, storage, and loading uses, making downstream logistics more important than refining.
Sources1 sources
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