Zacca report still on Cabinet agenda
About three years after the Zacca report recommended the privatisation of Petrojam’s refinery and terminal, Energy Minister Daryl Vaz says the document was still before the Cabinet for deliberations.
However, he said that the recommendations regarding the refinery’s operational efficiency are being actively pursued.
In his contribution to the Sectoral Debate in Parliament on Tuesday, Vaz dismissed assertions by his opposition counterpart, Phillip Paulwell, that the Zacca report was gathering dust and that the Government’s response has been one of inaction.
“While recommendations concerning the privatisation and future of the refinery are still before the Cabinet for deliberations, those which concern the refinery’s operational efficiency have not been stymied,” Vaz declared.
He said that one of the urgent recommendations of the report was the appointment of a fully functioning board, with an appropriate mix of private- and public-sector individuals.
Vaz said that in November 2020, the Government made good on this recommendation through the appointment of an eight-member board headed by Wayne Chen.
“Since the institution of this board, Petrojam has been set on a path towards the implementation of improved terminal operations, pricing regime, cost-reduction strategies, and other recommendations as noted in the report,” he added.