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

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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.

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

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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.

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

The Foreign Affairs Minister gave this assurance.

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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.

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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.

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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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