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Your email address will not be published.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

evo-y mentirosa-1

Scripted Lies: Evo Morales’ Ex-Lover Admits Decade-Old Plot Against Him

February 20, 2017
haiti-ap-1

Malnutrition Killing Inmates in Haiti Jails

February 20, 2017
turkey-justice-1

Turkey Fires Over 200 Judges, Prosecutors Over Alleged Links to Gulen

February 20, 2017
terrorists-1

Saudi Arabia Continues Arms Aid to ISIL in Syria

February 20, 2017
Leoncio-Almánzar-1

Dominican Republic Govt. Corruption A Key Role in Journalists’ Murder

February 20, 2017
lendman-1

CIA World’s Leading Illicit Drug Trafficker: Analyst

February 20, 2017
new-world-order-deep-state-1

Forget the New World Order, Here’s Who Really Runs the World

February 20, 2017
michel-aoun-1

Lebanon President Issues Warning to Israel in Spat Over Hezbollah

February 20, 2017
bernie-1

Bernie Sanders Calls Trump ‘Pathological Liar’ Again

February 20, 2017
You Can Advertise Here
"The other side of the news!"
Copyright © 2015 Carib Flame. Follow us on Twitter @caribflame