A former Director General of the Office of Utilities Regulation (OUR) Zia Mian, says the government should not move to reacquire Venezuela’s 49-percent stake in Petrojam.

Speaking on Nationwide This Morning, Mr. Mian says such a move would be shortsighted. He says the company should instead be privatized and operated as a fuel terminal.

He says consumers would end up paying through their noses if the government decides to go ahead with the one-billion US dollar upgrade needed to make the refinery viable.

Zia Mian says with refineries across the region struggling to remain viable, it would be foolish for anyone to invest in upgrading Petrojam at this time. He says consumers would end up paying through high gas prices.

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He’s urging the government not to go ahead with plans to unilaterally reacquire Venezuela’s shares in the refinery.

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Mr. Mian is instead recommending that the refinery be converted to a storage terminal for private use. He says privatization will also eliminate the huge losses the entity has suffered over the years.

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