Countries

Jamaica, Venezuela Sign Petrojam Upgrade Agreement

Petrojam, Jamaica/Photo: Web
Jamaica, Venezuela Sign Petrojam Upgrade Agreement

Jamaica and Venezuela last night reached an agreement for the long-awaited upgrade of the Petrojam refinery.

The agreement was signed by Jamaica’s Energy Minister Dr Andrew Wheatley and his Venezuelan counterpart Nelson Martinez in Caracas.

“We finally signed the deal after 10 years,” an upbeat Dr Wheatley told OBSERVER ONLINE a short while ago, after returning home from the Venezuelan capital.

He said the upgrade will meet Jamaica’s requirement of “55,000 barrels per day when the facility is up and running”.

“First of all, we’ll be able to fully satisfy all our domestic demand and have additional supplies to export to other Caribbean countries,” Dr Wheatley said.

The upgrade, he said, will cost an estimated US$850 million to US$1 billion “depending on the technology that is employed”. However, the Jamaican Government is hoping that the cost will not rise above the US$850 million.

The upgrade was part of the agreement when State-owned Petroleos de Venezuela (PDVSA) bought a 49 per cent stake in the local refinery in 2008 for US$63.5 million.

However, a number of factors, including increases in the price of oil on the international market, prevented the partners from going ahead the upgrade.

Source/Jamaica Observer
CF/IC

Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Countries

More in Countries

bennington-cornell-1

Linkin Park’s Singer Was About To Expose The Truth Behind Chris Cornell’s Death

July 21, 2017
skerrit-at-conference-1

Dominica’s PM is Incoming Chair of ECCB Monetary Council

July 21, 2017
israel-1

US Lawmakers Seek to Throw Citizens in Prison for Decades if They Boycott Israel

July 21, 2017
bussa-statue--1

Commemoration of the “Day of National Significance”: What Has Become of Our Social Revolution?

July 21, 2017
palestinian-attacked-1

Al-Aqsa Day of Rage: Three Palestinians Killed as Thousands Clash in Jerusalem

July 21, 2017
tillerson-1

After Exxon Fined for Sanctions Violations, Calls for Rex Tillerson to Resign

July 21, 2017
TSJ-venezuela-1

Venezuela’s Supreme Court Declares Opposition’s Naming of Judges Invalid

July 21, 2017
florida-prison-1

‘Treating Them Like Animals’: Florida Inmates Denied Toilet Paper, Toothbrushes

July 21, 2017
duterte-1

Filipino President Says Will Never Visit ‘Lousy America’

July 21, 2017
You Can Advertise Here
"The other side of the news!"
Copyright © 2015 Carib Flame. Follow us on Twitter @caribflame