Jamaica has exported 4.5 million barrels of petroleum merchandise because the begin of 2024, producing greater than US$500 million in export earnings—largely from gross sales to Trinidad and Tobago.
Science, Vitality, Telecommunications and Transport Minister, Hon. Daryl Vaz, made the disclosure throughout Tuesday’s (Could 20) Sectoral Debate within the Home of Representatives. He highlighted a serious milestone: a brand new contract to provide Trinidad and Tobago with each high-sulphur and very-low-sulphur gas oil, projected to generate J$14 billion (US$90 million).
He mentioned that the deal will additional strengthen Jamaica’s vitality commerce place within the area.
“Regardless of some challenges, Petrojam continues to make a robust contribution to nationwide income. The mandatory steps will likely be taken to make sure that this continues,” he mentioned.
Between January and December 2024, the Authorities, by Petrojam, equipped 11.1 million barrels of petroleum merchandise to each home and export markets.
– Commercial –
“This quantity was achieved by a mixture of refining and importing completed petroleum merchandise. Crude oil was sourced from key companions, together with Barbados, Brazil, Colombia, and Ecuador, making certain a diversified and secure provide chain,” Minister Vaz instructed the Home.
Wanting forward, Minister Vaz mentioned Petrojam will deal with optimizing operations whereas advancing cleaner vitality options over the subsequent three to 5 years. Plans embody the manufacturing and provide of ultra-low sulphur diesel (ULSD), increasing entry to environmentally pleasant fuels, and strengthening the liquefied pure fuel (LNG) provide to help vitality diversification.
The technique additionally helps Jamaica’s local weather change agenda by a strong Environmental, Social, and Governance (ESG) framework, higher use of photo voltaic vitality, improved refinery effectivity, and elevated manufacturing of sustainable biofuels.
