Opposition welcomes gov't's plans for Petrojam expansion
The Opposition has welcomed the Government's partnership with Venezuela to undertake the improvement and expansion of Petrojam Refinery.
The agreement was signed in Caracas on Wednesday.
Under the agreement, both countries will execute the Petrojam Refinery Expansion Project at a cost of some $1 billion.
The expansion will increase Jamaica’s crude oil capacity from 36,000 barrels of oil per day to 50,000 barrels per day.
Opposition Spokesman on Energy, Phillip Paulwell says the planned expansion will ensure the longevity of the state-owned refinery.
Paulwell says the Government should ensure that the project is completed on time and within budget.
The Jamaican Government, through Petrojam, owns 51 per cent of the refinery while Venezuela owns 49 per cent.
The project will be executed by SINOHYDRO Corporation Limited which will undertake the financing, engineering, procurement and construction.
The next steps will involve the establishment of a task force comprised of five representatives from either country within the next month.
The team will have responsibility for finalising contractual arrangements with SINOHYDRO for project execution.