Holness Administration Moves to Retake Ownership of Venezuela’s Stake in PetroJam

The Holness-Administration says before the end of the current fiscal year in March, it will bring a bill to Parliament paving the way for Jamaica to retake ownership of Venezuela’s 49-percent stake in Petrojam.

Foreign Affairs Minister, Senator Kamina Johnson Smith, made the announcement this morning during a media briefing at her Ministry’s Dominica Drive headquarters in New Kingston.

Minister Johnson-Smith told the media conference that after extended talks Jamaica and Venezuela could not agree on what is the true value of Venezuela’s stake in the State-owned oil refinery.

She says the time for delay has come to an end.

The Foreign Minister says a bill will be brought to parliament to expedite the process.

Minister Johnson Smith says the announcement she made today is intended to safeguard Jamaica’s economic well being and is not an indication of any hostility towards the Maduro Administration.

But, how will the international market view this move by the Holness Administration?

The Foreign Affairs Minister gave this assurance.

In the meantime, Minister Johnson Smith says she’s formally advised Venezuela of the Government of Jamaica’s intention to reacquire the South American country’s stake in Petrojam via compulsory acquisition.

The Opposition Spokesman on Energy, Phillip Paulwell, says the Opposition will not support the bill to secure the compulsory reacquisition of Venezuela’s stake in Petrojam.

Mr. Paulwell is describing the decision of the Government to use parliament to retake ownership of Venezuela’s stake in Petrojam as hostile, unnecessary and premature.

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