Venezuelan Company Seeks Compensation for Petrojam Shares

Minister of Science, Energy and Technology, Hon. Fayval Williams, says Petróleos de Venezuela (PDV) has brought a compensation claim against the Government of Jamaica over the retake of the company’s 49 per cent shares in Petrojam.

She made the disclosure following the tabling of the Report on the strategic review of the State-owned oil refinery.

Mrs. Williams was responding to questions posed by Opposition Spokesperson on Energy, Phillip Paulwell.

“We have been notified of one claim from PDV, and it’s in keeping with the provisions of The Compulsory Acquisition (Shares in Petrojam Limited) Act. The claim has been made in the Supreme Court [and] all the documents are being reviewed [by] the Attorney General,” Mrs. Williams said.

She noted that she will make a statement to the House, after being fully briefed on the issue by the Attorney General, Marlene Malahoo Forte.

Legislation to retake ownership of the 49 per cent shares in Petrojam held by the Venezuelan State-owned oil and natural gas company, PDV Caribe, was passed in both Houses of Parliament in February.

The move was taken in a bid to safeguard the country’s energy security.