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Jamaica offers to buy Venezuela's share of Petrojam

Published:Thursday | March 22, 2018 | 12:00 AMNeville Graham

Jamaica has made a formal offer to purchase Venezuela’s 49 per cent stake in Petrojam, Jamaica's sole oil refinery.

Energy Minister Dr. Andrew Wheatley made the revelation in a twitter post earlier today. The offer was made at a meeting in Caracas, Venezuela's capital.

Word started circulating at about mid-day that a high level team comprising Dr. Wheatley, Minister of Foreign Affairs, Kamina Johnson Smith and technocrats went to Venezuela to make the offer.

Jamaican interests have been sounding off on the idea of the purchase for some time but the matter was met with a cool reception from the Venezuelans. That country owns 49 per cent of Petrojam through the state-owned PDVCaribe, a subsidiary of Petróleos de Venezuela (PDVSA).

Plans to co-operatively upgrade the aging Petrojam refinery have been on the back-burner for many years and came into sharper focus with the economic downturn and political instability in the South American country