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Venezuela and Jamaica signed a Letter of Intent to assess the possibility to carry out joint businesses in the areas of fuel refining, marketing, and distribution in the Jamaican territory, thus strengthening energy integration and complementation links between both nations, as contemplated in Petrocaribe

The document was signed by the Venezuelan Minister of Energy and Petroleum, Rafael Ramírez Carreño, and the Jamaican Minister of Trade, Science and Technology, Phillip Paulwell. In this way, Venezuela reaffirms its role as preferred partner and reliable energy supplier in hydrocarbons international markets.

The agreement expresses the firm commitment to asses the possibility of upgrading and expanding the PETROJAM Refinery, in Kingston, capital city of Jamaica, which processes 36,000 barrels per day of crude. It also establishes the evaluation of a technical, economic and trade feasibility study for PDVSA’s participation in Petcom Limited, a subsidiary of Petroleum Corporation of Jamaica (PCJ) to expand its service stations network in this Caribbean country and other nations in the area.

“We are enthusiastically working to strengthen a strategic energy alliance with Jamaica. By signing this letter of intent, the Venezuelan Government ratifies its political will to consolidate energy sovereignty in Latin America and the Caribbean, in order to promote sustainable development in our nations, based on economic, cultural, and social solidarity and complementation”, said the Venezuelan Minister Ramírez Carreño.

The Jamaican Minister, Phillip Paulwell, underlined that “undoubtedly the strengths of the Venezuelan oil industry will significantly contribute to develop our oil and gas potential. As representative of the Jamaican Government and people, I am very pleased with the mutual commitment we have signed today in Venezuela, aimed at deepening our historic energy relationship which will improve our nations’ well-being”