Shutting Down PetroJam NOT an Option, says Zacca

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Chairman of the committee tasked with examining the oil refinery’s future, Christopher Zacca, has made it clear that shutting down Petrojam is not an option the government is willing to consider.

Mr. Zacca told Nationwide News today, that a reconfigured Petrojam would be of immense value to national development.

As the debate continues about the future of Petrojam, concerns have been raised that the government’s move to unilaterally acquire Venezuela’s 49-percent stake in the refinery would be a waste of money.

President of the Jamaica Chamber of Commerce, Lloyd Distant Junior, made the argument while speaking on Nationwide This Morning.

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But, speaking with Nationwide News today, Chairman of the committee examining Petrojam’s future, Christopher Zacca, says that option is not on the table.

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The Zacca Committee is due to submit its recommendations on Petrojam in May. Some have argued that the government should await the committee’s report before deciding whether to acquire Venezuela’s shares in the oil refinery.

But, speaking on Nationwide at 5 last week, Mr. Zacca noted that any of its recommendations would require the government of Jamaica having full ownership of the refinery.

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Mr. Zacca says the committee has been kept abreast of the discussions with Venezuela at a high level. He says the current arrangement between the two owners makes it very difficult to have good governance at Petrojam.

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