Petrojam’s Project to Convert Heavy Fuel Oil into Asphalt Scheduled for Completion by End of June

Petrojam’s project to convert heavy fuel oil (HFO) into asphalt is progressing and is scheduled for completion in the first quarter of the 2025/26 fiscal year.

This initiative involves installing new facilities to process HFO and produce asphalt for both local consumption and export.

Science, Energy, Telecommunications and Transport Minister, Hon. Daryl Vaz, said that the initiative will result in increased monthly output from 4,000 barrels per day to 19,000 barrels, ensuring greater domestic availability and export potential.

“Petrojam aims to refine 8.2 million barrels of crude oil to meet domestic and export sales targets. The remaining supply will be supplemented by imported petroleum products and blend stock to ensure a stable and competitive energy market,” he pointed out.

Minister Vaz was making his contribution to the 2025/26 Sectoral Debate in the House of Representatives on Tuesday (May 20).

In relation to oil and gas, Minister Vaz said in March 2025, the Production Sharing Agreement with United Oil and Gas was extended to January 2028 with updated work programme items for the agreement.

“The extension allows United Oil and Gas to continue de-risking the offshore prospects and continue their search for an exploration partner with the aim of drilling an exploration well, with the drill or drop decision now due by January 2028,” he said.