The state-owned Chinese company to undertake the upgrade and expansion of Jamaica’s Petrojam oil refinery, Sinohydro, could be given a stake in the company.

That revelation was made by Energy Minister, Dr. Andrew Wheatley, during yesterday’s sitting of the Standing Finance Committee of Parliament.

He says the Governments of Jamaica and Venezuela could give up 7.5-percent each as co-owners of the refinery.

Dr. Wheatley says this might be used as a security. He says the shares would be returned after repayment.

[audio_mp3 url=”https://nationwideradiojm.com/wp-content/uploads/2017/03/Wheatly-on-china-shares-in-petrojam-02MAR2017-EDITED.mp3″]

Dr Wheatley was answering questions from Opposition Spokesman on Energy, Phillip Paulwell.

The upgrade of the Petrojam refinery is expected to increase its capacity from 35,000 barrels per day to 55,000.
Sinohydro is expected to finance the expansion and upgrade of the refinery through a loan.

It’s projected that the upgrade could cost up to USD$1-billion or just under JMD$128-billion.

–30–