Gov’t to sell stakes in Petrojam and Petcom

The government is seeking to sell its stake in Petrojam and gasoline retailer Petcom. 

The indication came as part of the recommendations of the rationalisation of the public sector. 

The government currently owns 51% of Petrojam, through the Petroleum Corporation of Jamaica, after divesting 49% to Venezuelan oil giants PDVSA in 2006, as part of the deal to upgrade the refinery. 

The refinery, which is profitable, is expected to generate $1.3 billion in profits this year which, while healthy, marks a 72% reduction on the $4.6 billion made last year. 

On the other hand, gasoline retailer, Petcom, projects profits of $100 million this year.