Team to Assist Gov’t and Board in Review of Petrojam

President and Chief Executive Officer (CEO) of Sagicor, Christopher Zacca, is to chair a team to assist the Government and the Board of Petrojam to determine the strategic direction of the company.

Prime Minister, the Most Hon. Andrew Holness, made the disclosure when he addressed the House of Representatives on July 10.

“There is urgent need for a review, even more so when the organisation is losing focus and straying from the policy guidelines and placing public funds at risk,” Mr. Holness said.

The Prime Minister emphasised that the Government cannot sit idly by “and allow this to happen”.

“The Government must act, and we are acting to ensure that Petrojam can have a good solid future for the people of Jamaica,” he said.

Among the factors that give rise to the need for this review are the non-cooperation of the Venezuelan partners to enable the start of the infrastructural upgrade, the effects of sanctions imposed by the United States on those who trade with Venezuela, and the quest for advantages from the penetration of renewables.

The Prime Minister noted that the review will also assist in organisational restructuring to enable the entity to realise the plans cast.

“I have already had discussions with Mr. Zacca… and consultations are under way with a view to the appointment of other qualified professionals to serve on the team. The terms of reference will be finalised in short order, and I expect to be in a position to announce the full members of this committee by the next sitting of Parliament,” he said.

Meanwhile, Mr. Holness said the Government, by its actions, is showing its concern about the serious allegations made and has engaged a process that is designed to establish facts in the haystack of allegations.

“Whatever we are able to verify with our limited powers of investigation and discovery, we have acted upon them and we have kept the public informed of our actions,” he said.

“This Government is serious about building a culture of accountability. Accountability is a spectrum of actions starting with an agent (the Cabinet, the main agent of policy) reporting to a principal of authority (the Parliament from which government is drawn),” Mr Holness said.

The Prime Minister also informed that the Auditor General will deliver her report to Parliament in short order.