4 months ago
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The state-owned oil refinery, Petrojam Limited, plans to spend US $22.4 million to construct an additional asphalt storage tank.
Petrojam says work on the tank is set to be completed in this fiscal year.
The company says the tank will boost its inventory levels and meet the rising demands for its products.
Meanwhile, the company has allocated 71 days in its 2024/25 operational plan for necessary capital maintenance and plant enhancements.
During the 71-day downtime, Petrojam will conduct essential maintenance and upgrades at its Marcus Garvey Drive plant in Kingston. This includes electrical infrastructure upgrades, pipeline replacements and tank repairs.
Petrojam Limited also aims to sell 14.14 million barrels of crude oil this fiscal year.
This will be at an expected average procurement price of US $89.20 per barrel.
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