Is PetroJam Owed US$3million?

Opposition Spokesman on Energy, Phillip Paulwell, is calling on Prime Minister Andrew Holness to inform the country whether the state-owned oil refinery, Petrojam, is at risk of losing almost $400-million due to the bankruptcy of the US-based company Aegean Marine Petroleum Network.

Mr. Paulwell told the House of Representatives this afternoon that information he’s obtained suggests the company owes Petrojam USD$3-million in unsecured payments.

According to the online edition of the Financial Times, Aegean Marine Petroleum Network, one of the world’s largest traders of shipping fuel, filed for bankruptcy protection in New York earlier today.

The move comes after a probe into the company wrote off approximately USD$200-million of expected payments which lacked economic substance.

Another USD$100-million was also alleged to have been misappropriated through fraudulent activities.

Aegean Marine has a contract to purchase fuel from Petrojam which it then supplies to ships at the ports of Kingston and Ochi Rios.

Leader of Government Business, Karl Samuda, says the matter will be referred to the Prime Minister.


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