PETROJAM to Spend Over $2.7 Billion on Improvement Projects

Petrojam Limited is expected to spend approximately $2.7 billion this fiscal year to undertake a number of projects aimed at improving the long-term competitiveness and survival of the company, business efficiency and security and safety measures.
As contained in a Ministry Paper tabled in the House of Representatives last week by the Minister of Industry, Technology, Energy and Commerce, Phillip Paulwell, some $952 million will be spent to purchase and renovate the ESSO property; redevelop the Antilles chemical facility; and to introduce ethanol in gasoline.
The latter project, the Paper said, is expected to reduce the reliance on petroleum imports and reduce foreign exchange outflow, while achieving improved environmental impact.
In an effort to improve its security arrangements, Petrojam plans to upgrade its CCTV system and other security device at a cost of $5 million. The company will also implement refinery fire-fighting and other safety and emergency response systems, at an additional cost of $15 million.
The Refinery Upgrade Project, which was approved by the government in August 2004, will continue to be developed within this year at a cost of US$16.6 million. The project, which is currently in an advanced stage of development, will ensure the long-term viability of the refinery.