JIS News

State Minister in the Ministry of Energy and Mining, Hon. Laurence Broderick, has announced that negotiations are far advanced for the establishment of a local liquefied natural gas (LNG) industry, which he said would result in major improvements in the economy.
“We are confident that there is now an increased availability of LNG coming on the market that we can tap into. Major technological changes, which have significantly reduced the costs of transporting LNG from the major producing countries to Jamaica, have been taking place in the last three years. And extensive negotiations are taking place with major users of fuel and interested foreign partners to develop a completely new natural gas industry for Jamaica,” the Minister said, while addressing a meeting of the Manchester Chamber of Commerce at the Golf View Hotel in Mandeville on August 13.
Mr. Broderick argued that a switch from oil to LNG would revolutionise Jamaica’s industrial landscape, particularly within the bauxite and alumina sector, and go a far way in resuscitating the economy.
“A lower energy bill is a vital component in any plan for the restructuring of the Jamaican economy, that must be undertaken if it is to regain lost export earning capacity, and expand,” he contended.
Minister Broderick further said that with the successful implementation of the LNG industry, the country would see a “substantial reduction in our balance of payment, stabilisation of our currency, reduction in the cost of fuel to the ordinary household consumer, and… our major export earning industries (being more) competitive in the world markets.”
He told the meeting that the discussions, being led by portfolio Minister, Hon. James Robertson, are seeking to secure a long term supply of LNG from providers; determine the best import re-gasification solution for Jamaica; and identify partners for the supply of technology, capital and management for the industry.
“While our immediate attention is on the bauxite industry and the Jamaica Public Service Company, natural gas will also open up opportunities for transportation, and other industrial uses,” Mr. Broderick informed.

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