Petrojam upgrade hits a snag
The political unrest in Venezuela has crippled plans for upgrading the state-owned oil refinery, Petrojam.
Prime Minister Andrew Holness said the plans have hit a snag and now the proposed upgrade is uncertain.
The Governments of Jamaica and Venezuela had signed an agreement in February to execute the Petrojam Refinery Expansion Project, estimated to cost approximately $1 billion.
The agreement was signed in Caracas.
The expansion would have increased Jamaica’s national oil refinery’s crude oil capacity from 36,000 barrels of oil per day to 50,000 barrels per day.
It also involved undertaking further enhancements to the Marcus Garvey Drive-based plant.
Petrojam is 51 per cent owned by the Jamaican Government, while the Venezuelan Government owns the remaining 49 per cent.