The Holness administration has tabled legislation in the House of Representatives to unilaterally retake Venezuela’s 49-per cent stake in Petrojam.

The move comes despite Caracas and Kingston agreeing to a purchase price for the South American country’s stake in the State-owned oil refinery.

Foreign Affairs Minister, Kamina Johnson Smith, stressed the importance of moving ahead with the reacquisition at a media conference this morning at Jamaica House.

As sanctions ramp up on the Maduro regime in Venezuela, Foreign Minister, Senator Kamina Johnson-Smith, says Jamaica is in a precarious position.

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The latest sanctions imposed by the Trump Administration last month declared Venezuela’s state-owned oil company, PDVSA, a corrupt organization

It blocks US citizens from conducting business with it and froze billions of dollars of PDVSA assets in the United States.

Senator Johnson Smith says the government is also analyzing the impact of further sanctions which have come from the Canadian Government.

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The Foreign Minister made it clear the government is still open to a negotiated settlement.

However, she says despite accepting Jamaica’s purchase price offer the Venezuelan government has not agreed to the other outstanding terms.

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Senator Johnson Smith says a failure of Petrojam to fulfil its mandate due to the sanctions on its part-owner would essentially cripple the Jamaican economy.

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