Opposition Spokesperson on Energy Phillip Paulwell has called on the Government to provide an update on the status of the acquisition of Venezuela’s 49 per cent interest shares in the Petrojam Refinery, payment for which has been in escrow for years.

The United States had previously placed sanctions on Venezuela which led to the Jamaican Government’s operations with the country being at a standstill. However, Paulwell noted that it appears the tensions between the US and Venezuela are dissipating.

The Opposition minister was making his contributions to the Sectoral Debate yesterday (April 25) where he urged the Government to make more decisive steps in the new fiscal year to create a brighter future for the energy company.

“Jamaica must never be ungrateful to Venezuela because as we now celebrate improved debt to GDF ratios, we should remember that Jamaica benefitted from a US $1.5 billion debt write off under this
facility. As I have proposed before, Jamaica should use the diplomatic channel to get agreement on the shares in the refinery and on resuming full relations with Venezuela,” said Paulwell.

However, he urged the Government to approach the matter with caution, so that they do not breach any sanctions laid by the US.

Paulwell noted that Petrojam has served Jamaica well for many years. However, the company lacks the resources needed to be competitive in the market.

“If decisive decisions are not taken during this fiscal year, then I fear that there will be no future for Petrojam as other competitors, with access to cheaper sources of fuel will put them out of business. I do
support competition in the market, but we have to give Petrojam a fighting chance,” he stressed.

Paulwell also urged the Government to have a debate on the Zacca report on Petrojam which was tabled in Parliament in 2018. He noted that it has been five years since the report was tabled and still nothing has been done.

He shared that he does not support all recommendations made in the report, but the matter should at least be discussed in Parliament.

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