International Banks Now Able to do Business with PetroJam

Foreign Affairs Minister, Senator Kamina Johnson-Smith, says international banks and creditors are now able to do business with Petrojam without fear of being sanctioned.

Late last year, Energy Minister, Dr. Andrew Wheatley told the House of Representatives that it was becoming increasingly difficult for Petrojam to do business internationally.

Minister Wheatley pointed to an executive order by US President Donald Trump that prohibited financial institutions in the US from doing business with Venezuela.

The government has since sought to repurchase Venezuela’s shares in the State-owned oil refinery to limit the negative impact of the sanctions on Jamaica.

That buy-back is yet to materialize.

Speaking today, Minister Johnson Smith says through engagement with the US government, financial institutions can now conduct business with Petrojam without fear.

Senator Johnson-Smith was speaking at a media conference at her Ministry’s New Kingston Office.

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