(Jamaica Observer) Energy Minister Dr Andrew Wheatley returned from Caracas early yesterday morning happy and relieved that Jamaica and Venezuela had finally arrived at an agreement on the long-awaited upgrade of the Petrojam refinery in Kingston.
Dr Wheatley and his Venezuelan counterpart, Nelson Martinez, signed the agreement late Wednesday night in the Venezuelan capital, bringing into force a condition of the deal reached in 2008 when State-owned Petroleos de Venezuela (PDVSA) spent US$63.5 million to acquire a 49 per cent stake in Petrojam. The remaining 51 per cent is held by the Jamaican Government.
“We finally signed the deal after 10 years,” an upbeat Dr Wheatley told the Jamaica Observer shortly after his arrival home.
He said the upgrade will meet Jamaica’s requirement of “55,000 barrels per day when the facility is up and running”.