Opposition Spokesperson on energy Phillip Paulwell is calling for urgent clarification on the future of Petrojam as the state-owned oil refinery records approximately J$4 billion in losses for the 2024-2025 financial year.

During the March 6 meeting of the Standing Finance Committee in the House of Representatives, Paulwell highlighted that the entity is projected to lose an additional J$4 billion by the end of the current financial year, with a further J$1.5 billion loss anticipated in the upcoming fiscal period.

Once a consistently profitable enterprise, Petrojam is now facing three successive years of significant financial decline. Paulwell pressed portfolio minister Daryl Vaz to outline the current operational status of the refinery and present a clear roadmap for returning the entity to profitability.

The opposition spokesman continues to push for the recommendations of international experts Muse, Stencil and Co for the refinery to be expanded and upgraded with better technology.  He noted that Petrojam’s infrastructure, now over 40 years old, relies on outdated technology that hampers efficiency and drives operational costs.

“A previous pathway for Petrojam included refinery expansion and the adoption of new, more efficient technology. We must know why that vision has been abandoned and what current plan exists to stem these mounting losses,” stated Paulwell. “The Jamaican people cannot continue to underwrite a failing enterprise without a clear strategy for recovery. The minister must disclose whether the Zacca Report recommendations remain viable or if a new direction is being pursued.”

Paulwell emphasised that the cumulative losses approaching J$10 billion over three years demand transparency and urgent corrective action to protect the public investment in this critical national asset.