Energy Minister Daryl Vaz
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Daryl Vaz
Energy Minister Daryl Vaz says Jamaica's oil supply chain is not in jeopardy amid concerns about possible disruptions due to economic sanctions on Russia following its invasion of Ukraine.
Speaking during Thursday's sitting of Parliament's Standing Finance Committee, Mr. Vaz sought to assure that Jamaica's fuel arrangement is secure.
He said there are adequate oil reserves to supply the country.
"Jamaica has three to four weeks reserve supply of finished product and six weeks of crude. This situation is being actively monitored," he revealed.
Jamaica, he said, currently sources both crude oil and finished product from Colombia, Ecuador, Brazil and Barbados. "In the case of Barbados, we do about 60,000 barrels every two months. All of these are based on fixed contracts, some yearly and some shorter."
Mr. Vaz said the country is making arrangements to obtain oil from Nigeria.
"A team from Petrojam has just returned from Nigeria where they participated in the fourth session of the Nigeria-Jamaica Joint Commission, which was held February 22 to 24 as part of a delegation led by the Ministry of Foreign Affairs. And I am happy to say that the main discussion at the meeting was the finalizing of an MOU on oil and gas cooperation," he disclosed.
The Energy Minister said the MOU covers crude oil supply arrangements with the Nigerian National Petroleum Corporation, as well as technical support in optimising Jamaica's local refinery operations and cooperation with oil and gas exploration.
The MOU will also cover liquefied natural gas from Nigeria and the setting up of an LNG tank farm.
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