Petrojam Generates Over US$500 Million From Fuel Exports Since 2024

Petrojam has exported 4.5 million barrels of petroleum products since 2024, generating more than US$500 million in export earnings.

Science, Energy, Telecommunications and Transport Minister, Hon. Daryl Vaz, made the disclosure during Tuesday’s (May 20) Sectoral Debate in the House of Representatives.

He noted that a significant achievement was securing a new contract to supply Trinidad and Tobago with both high-sulphur and very-low-sulphur fuel oil, which is projected to yield $14 billion (US$90 million).

He said that the deal will further strengthen Jamaica’s energy trade position in the region.

“Despite some challenges, Petrojam continues to make a strong contribution to national revenue. The necessary steps will be taken to ensure that this continues,” he said.

From January to December 2024, the Government, through Petrojam, supplied 11.1 million barrels of petroleum products to both local and export markets.

“This volume was achieved through a combination of refining and importing finished petroleum products. Crude oil was sourced from key partners, including Barbados, Brazil, Colombia, and Ecuador, ensuring a diversified and stable supply chain,” Minister Vaz told the House.

The Energy Minister said over the next three to five years, Petrojam will focus on optimising its existing operations while advancing cleaner energy solutions.

Minister Vaz outlined key elements of the strategy, which includes the production and supply of ultra-low sulphur diesel (ULSD), expanding access to environmentally friendly fuels and strengthening the liquefied natural gas (LNG) supply to support energy diversification.

The strategy also includes advancing Jamaica’s climate change agenda by implementing a comprehensive Environmental, Social, and Governance (ESG) programme, driving the installation of solar systems, enhancing energy efficiency in refining operations, and increasing the production of sustainable biofuels.