Petrojam Expects to Earn $14b from Exporting Oil to Trinidad

State-owned oil refinery, Petrojam expects to earn over $14 billion from a year-long deal to export oil to Trinidad and Tobago.

General manager, Telroy Morgan, says the deal is part of a thrust to increase the refinery’s export sales volume to about 6 million barrels per year.

The resumption of fuel exports to Trinidad and Tobago will see Petrojam exporting between 60,000 and 90,000 barrels of very low sulphur fuel oil per month to the Caribbean nation.

This is for a total of 1 million barrels for the life of the contract.

The commodity will be used for refuelling ships in Trinidad and Tobago’s waters.

The first shipment left Petrojam’s facility on Marcus Drive in Kingston on Sunday, January 26 and is due to arrive in Trinidad and Tobago on Wednesday.

The Petrojam general manager says Jamaica sources crude oil primarily from Brazil, Colombia, Ecuador and to a lesser extent Barbados.

Morgan says the high quality of the refined product produced by Petrojam is well-sought-after.

Meanwhile, Telroy Morgan says it’s Petrojam’s intention to also resume selling oil to Guyana and Antigua and Barbuda.

Telroy Morgan, general manager of Petrojam, speaking at Nationwide This Morning on Monday.