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

Click to add a comment

Leave a Reply

Your email address will not be published.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


More in Countries


Former Cayman Football Official Pleads Guilty In Corruption Scandal

May 26, 2017

Brazilian Doctors Use Fish Skin to Treat Burn Victims

May 26, 2017

America’s “Unspoken War” against Africa: US Special Forces Now Carry Out 100 Missions ‘At Any Given Time In Africa’

May 26, 2017

Russia to NATO: Stop Dominating World, Warns of Arms Race

May 26, 2017

US Senators on a Mission to Sink Trump-Saudi Arms Sale

May 26, 2017

Guyana Celebrates 51 Years of Independence

May 26, 2017
Mohammed bin Abdulrahman Al Thani-1

Qatar Target of ‘Hostile Media Campaign’ By Saudi, UAE: FM

May 26, 2017

Philippine President Duterte Fears CIA Assassination, Blames U.S. for ISIS Presence

May 26, 2017

Trinidad and Tobago PM Goes to Chile

May 26, 2017
You Can Advertise Here
"The other side of the news!"
Copyright © 2015 Carib Flame. Follow us on Twitter @caribflame