No Decision to Divest Petrojam Shares

Energy Minister, Hon. Phillip Paulwell advises that no decision has been arrived at with respect to the divestment of any of the government’s shares in the state oil refinery Petrojam and that if and when an offer is received, the process would be subject to the oversight of the Contractor General and the Government’s Contracts Committee consistent with the divestment of public assets.

The Minister further emphasized he is willing to facilitate requisite consultations on the company’s future with the Private Sector Organization of Jamaica (PSOJ), other interest groups and individuals in the interest of transparency.

With respect to the concern that the pricing policy of Petrojam has been designed to influence the value of the state asset, the Minister observed that the guiding principle of the state refinery has been longstanding and that the government would continue to ensure that the policy accords with international best practices, the viability of the company and the best interest of the Jamaican consumer.