Indications are that the Government doesn’t plan to act immediately upon the Petrojam Review Committee (PRC) recommendation to divest itself of the scandal-plagued State-owned oil refinery, Petrojam.
Rather, the Andrew Holness Administration has sought to position the entity for increased profitability and efficiency this fiscal year. Petrojam plans to ramp up expenditure on its aging plant earmarking US$18.82 million in the upcoming fiscal year compared to the estimated US$15.19 million for the current fiscal year, which ends next month.
From this expenditure Petrojam is projecting a net profit of US$15.86 million, which should more than double the US$7.50 million estimated for 2019/20. The company plans to retain its current staff complement of 250 permanent and 33 temporary employees.
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