Jamaica Defends Move to Retake Ownership of Venezuela’s Shares in Oil Refinery

KINGSTON, Jamaica – The Government is reiterating its commitment to safeguarding the country’s energy security and assures that it has made the right decision to retake ownership of the 49 per cent shares in Petrojam held by the Venezuelan state-owned oil and natural gas company, PDV Caribe.
 
The Government has said it will be taking legislative action to obtain the shares and would begin the formal process in Parliament soon.
 
At a press conference yesterday, Foreign Affairs and Foreign Trade Minister, Senator Kamina Johnson Smith, emphasized that the decision taken was out of recognition of a number of important factors.
 
These include the numerous efforts and need to upgrade the refinery from as far back as 2006, the Jamaica Public Service Company (JPS) decision to convert to liquefied natural gas (LNG) in 2019 as well as the fact that JPS makes up 50 per cent of Petrojam’s market.
 
Additionally, new international regulations will make it difficult for Petrojam to sell heavy fuel oil and process it as it now does, which takes effect on January 1, 2020; and banking and operational risks caused by domestic and hemispheric issues and challenges experienced by Venezuela.
 
“Accordingly, it is important and in the interest of the Jamaican people that the Government of Jamaica take decisive and clear action. We are, as a Government, committed to ensuring that we do our very best to make decisions that will secure our energy sector in the interest of the Jamaican people, notwithstanding our appreciation or work with third-party states,” she said.
 
Senator Johnson Smith said the decision was not made without recognition and appreciation of the “space that the Petro Caribe arrangements gave us and the relationship between Venezuela and Jamaica that dates back to the days of Simón Bolívar seeking refuge in Jamaica”.
 
She advised that the Government did make attempts to offer incentives to the Venezuelan Government in the hopes of them selling the shares. However, there has been no take-up.
 
“We did not just offer fair market value, we offered three times that at the first instance and at the second instance. We then increased it further in November (2018),” the Minister said.
 
Caribbean 360
 

Overleg Eerste Kamer over vluchtelingen uit Venezuela

DEN HAAG - De commissie Koninkrijksrelaties en Immigratie & Asiel voerden op 16 april mondeling overleg met staatssecretaris Knops van Binnenlandse Zaken en Koninkrijksrelaties over de verantwoordelijkheden voor de bescherming van mensenrechten van (Venezolaanse) vluchtelingen, asielzoekers en migranten in het Caribisch deel van het Koninkrijk, in de context van de staatkundige verhoudingen binnen het Koninkrijk.

Centrale Bank Aruba wil strenger toezicht registratie geldtransactiebedrijven

ORANJESTAD – Alle natuurlijke personen en ondernemingen die actief zijn als geldtransactiebedrijf en niet beschikken over de vereiste registratie, moeten hun activiteiten onmiddellijk staken.

PG's van Aruba en Colombia ondertekenen MOU tussen beide landen

BOGOTA/ORANJESTAD - De procureur-generaal van Aruba Alexander van Dam en de Fiscal General van Colombia Nestor Humberto Martinez hebben 11 april 2019 in Bogota een Memorandum van Overeenstemming (MOU) ondertekend tussen Aruba en Colombia.