Jamaica Government moving to retake shares held by Venezuela in Petrojam

The Jamaica government Tuesday said it would enact special legislation that would allow it to forcibly retake the 49 per cent stake held by Venezuela in the state-owned oil refinery Petrojam.

“It will not be a general piece of legislation which allows for acquisition of property rights, other than land, beyond the scope of the transfer of ownership of the 49 per cent shares in PetroJam currently held by PDV Caribe,” Foreign Affairs and Foreign Trade Minister,  Kamina Johnson Smith, told a news conference.

PDV Caribe, an affiliate of the state-owned Petroleos de Venezuela S.A., and the Petroleum Corporation of Jamaica (PCJ) entered into a joint venture agreement which resulted in the sale of PetroJam shares in August 2006 and February 2007 respectively.

The agreement had…

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