Reliable industry sources indicate that Cabinet has approved a decision to disband the Petroleum Corporation of Jamaica (PCJ).
Questions sent to PCJ regarding the decision and disposal of assets were re-directed to the Ministry of Science, Technology, Energy and Mining (MSET). Acknowledging receipt of the query, Camille Taylor Manager, Corporate Affairs and Communications , Petroleum Corporation of Jamaica said, “ We advise you to direct this query to the Office of the Cabinet and the Minister of Science, Energy and Technology.”
MSET responded to say that it was engaged in stakeholder consultations and was not ready for comment.
Assets of the PCJ group include the PCJ building in Kingston, Font Hill in St Elizabeth and the Petrojam refinery.
Petrojam operates the state owned refinery, a 36,000 barrel per day facility located on Marcus Garvey Drive in Kingston.
As outlined on the PCJ website, the company supplies Jamaica with a full range of domestic, transportation and industrial petroleum products and “continues to be one of the government’s largest revenue generators.”
Shares in the subsidiary which belonged to joint venture partner PDV Caribe, a Venezulan company, were in March expropriated by the Government of Jamaica, which subsequently declared that it was the 100 per cent owner of the refinery.
Michael Hylton QC, the attorney representing PDV Caribe which has made claims against the expropriated shares, said that no response has been forthcoming from the GOJ so far.
The websites lists among the group’s wholly owned subsidiaries Petrojam Ethanol Limited (PEL).
The company’s major function is the production, export and sale of anhydrous ethanol. PEL owns a 40 million gallon ethanol dehydration plant which is located at the Petrojam Refinery Complex on Marcus Garvey Drive in Kingston. The operation has been mothballed for some time.
Another subsidiary is the Jamaica Aircraft Refueling Services, (JARS) which the PCJ website points out is a joint venture between AirBP Amoco and the PCJ.
The company provides refuelling services at the Norman Manley International and Donald Sangster International Airport.
The company also owns Font Hill, which NEPA documents indicates was once being considered by the PCJ for a resort development.
“The Petroleum Corporation of Jamaica proposes to develop small hotels, residential lots and resort cottages at Font Hill, St. Elizabeth on the coastal part of 1054.5 ha of land that it owns and manages,” a NEPA report outlines.
The proposed development, obtained outline approval from the St. Elizabeth Parish Council . It was planned to include seven small hotels (30 bedrooms each) ; 117 cottages (1-4 bedrooms each); and a public park and jogging trail .