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Public Bodies Ministry of Science, Energy and Technology

Petrojam Limited _____________________________________________________________________________________________

Public Bodies, FY 2021/22 Page 207 Ministry of Finance and the Public Service

Petrojam Limited

Introduction

Petrojam Limited was incorporated in October 1982 as a wholly owned subsidiary of the

Jamaica">Petroleum Corporation of Jamaica (PCJ). In 2006 49% of the Company’s shares were sold to

Petroleos de Venezuela S.A (PDVSA), with PCJ retaining controlling interest. Consequent on

the passage of The Compulsory Acquisition (Shares in Petrojam Limited) Act 2019, effective

February 22, 2019 the Government of Jamaica, through the Accountant General, acquired the

49% shareholding held by PDVSA.

The Company operates the only petroleum refinery in Jamaica which processes crude oil into

various finished products including liquefied petroleum gas, auto diesel oil, turbo fuel, heavy

fuel oil, asphalt, and unleaded gasoline. Petrojam sources crude supplies primarily from Brazil,

Ecuador and Columbia, while finished products are imported mainly from the open market.

There are two additional profit centres, shipping and bunkering, which are complementary to the

refining operation of Petrojam.

Summary Corporate/Operational Plan

Petrojam plans to improve the operating efficiency of its aging plant and technology through the

continued refurbishing of its holding tanks; replacement of pipelines; the regeneration of its

catalyst and replacement of its power-former furnace to maintain the quality of its fuel

production. These activities are to be facilitated through planed capital expenditure of US$12.41

million (US$5.96 million – 2020/21). The Company projects that these activities will be

managed within a scheduled downtime of 49 days at the plant.

Petrojam plans to also focus its strategic priorities on:

a) Installing a waste water treatment plant to improve compliance with the National

Environment and Planning Agency’s standards;

b) Continuing the renovation of the Ambient Air Monitoring Station to improve the

management and containment of air emissions.

The global crude oil market is projected to remain fairly stable with increased production by

major oil producers and marginal increases in demand for petroleum products, against the fall off

during the 2020/21 financial year due to the impact of the Covid-19 pandemic. As a result,

Petrojam’s performance is projected to remain stable during the year with no significant

fluctuations in price anticipated.

Petrojam is projecting a net profit of US$6.10 million (2020/21: US$10.02 million deficit).

The Company plans to increase its staff complement to 272 permanent and 27 temporary

employees (2020/21: 267 permanent and 26 temporary).

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June 12, 2021


Page 92

Head No. 56000

and Title: Ministry of Science, Energy and Technology

P R O P O S A L S

FIRST SUPPLEMENTARY ESTIMATES 2019/2020

$000

Activity/

Project

No.

Service & Object of

Expenditure

Approved

Estimates

2019/20

Approved

New

Estimates

Remarks & Object Classification Provided

by Law

(Statutory)

Supplementary

Estimates

Savings or

Under

Expenditure

FUNCTION 04 - ECONOMIC AFFAIRS

SUB FUNCTION 04 - FUEL AND ENERGY

PROGRAMME 001 - EXECUTIVE DIRECTION AND

ADMINISTRATION

SUB PROGRAMME 01 - CENTRAL ADMINISTRATION

10007 Payment of Membership Fees and Contributions 7,742.0 2,702.0 10,444.0 Additional requirement

Additional

27 Grants, Contributions and Subsidies 2,702.0

10633 Technical Support Services 172,563.0 15,000.0 157,563.0 Revised requirement

Reduction

23 Rental of Property and Machinery 22,755.0

Additional

22 Travel Expenses and Subsistence 5,000.0

25 Use of Goods and Services 2,755.0

7,755.0

Net reduction 15,000.0

PROGRAMME 700 - ELECTRIFICATION SERVICES

SUB PROGRAMME 20 - LICENSING AND INSPECTION

10005 Direction and Administration 691,922.0 172,836.0 864,758.0 Additional requirement to facilitate winding up of National Energy

Solution Limited (NESOL) and the restructuring of Government

Electrical Inspectorate (GEI) and the Board of Examiner (BOE).

Additional

21 Compensation of Employees 135,146.0

23 Rental of Property and Machinery 11,290.0

25 Use of Goods and Services 26,400.0

172,836.0

PROGRAMME 704 - ENERGY POLICY

SUB PROGRAMME 01 - GENERAL ADMINISTRATION

12618 Payments to Petroleum Corporation of Jamaica (PCJ) from SCT 1,078,000.0 718,668.0 359,332.0 Revised requirement

on Imported Petroleum

Reduction

27 Grants, Contributions and Subsidies 718,668.0

56000 - 92

...
June 12, 2021


Page 97

Public Bodies (Selected) Summary of Original Forecasts for Financial Year 2019/20 $m

Public Bodies, FY 2020/21 Ministry of Finance and the Public Service Page 93

NWC PAJ PCJ PETROJAM UDC JUTC NROCC Petro-Ethanol CAP TOTAL 40,598.10 11,331.35 2,543.13 211,995.96 3,378.07 4,817.43 628.81 4,480.18 23,616.12 405,566.62

(41,666.67) (8,062.92) (3,382.87) (165,501.60) (3,349.00) (13,940.03) (7,217.01) (4,301.25) (25,349.28) (333,660.83) (1,068.57) 3,268.43 (839.74) 46,494.36 29.07 (9,122.60) (6,588.20) 178.93 (1,733.16) 71,905.79 6,721.27 1,939.72 (64.82) 2,768.04 34.09 4,352.49 1,830.03 74.65 6,820.44 15,429.66

- - - - - - - - - - (2,494.85) 37.05 (110.13) 2,379.96 (174.23) 2,072.70 (2.61) 32.75 5,946.60 4,101.63

- - - - - - - - - - 5,582.91 1,382.86 53.87 442.20 208.32 2,279.79 55.50 42.45 2,753.52 15,005.78 3,633.21 519.81 (8.56) (54.12) - - 1,777.14 (0.55) (1,879.68) (3,677.75)

- - - - - - - - - - 5,652.70 5,208.15 (904.56) 49,262.40 63.16 (4,770.11) (4,758.17) 253.58 5,087.28 87,335.45

(7,151.67) (4,391.96) (135.56) (8,191.92) (963.95) (296.85) (6.18) (102.62) (1,529.88) (47,369.71) - - - - - - - - - 22,140.19

(7,151.67) (4,391.96) (135.56) (5,014.68) (606.38) (286.85) (6.18) (45.88) (1,485.00) (65,836.87) - - - - - - - - - - - - - (3,177.24) (357.57) (10.00) - (56.74) (44.88) (3,673.03) - - 1,078.00 400.00 - 5,140.70 5,509.62 - - 14,106.95 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,078.00 400.00 - 5,140.70 5,509.62 - - 14,106.95 - (140.00) (41.29) (44,646.36) - - - (48.25) - (58,997.02) - (140.00) (13.95) (204.60) - - - (6.30) - (12,004.08) - - - - - - - - - - - - (27.34) (683.76) - - - (41.95) - (1,638.98) - - - (43,758.00) - - - - - (45,353.96)

(1,498.97) 676.19 (3.41) (3,175.88) (900.79) 73.74 745.27 102.71 3,557.40 (4,924.33) 1,498.97 (676.19) 3.41 3,175.88 900.79 (73.74) (745.27) (102.71) (3,557.40) 4,924.33

(75.20) 858.79 - - - - - - - 1,729.59 - 190.59 - - - - - - - 236.59 - 668.20 - - - - - - - 668.20 - - - - - - - - - - - - - - - - - - - 900.00

(75.20) - - - - - - - (75.20) (1,591.80) (3,367.42) - 2,902.68 - - (724.21) - (4,297.92) (10,812.48) (1,591.80) (3,087.23) - - - - (724.21) - - (7,097.05) 1,679.95 - - - - - - - - 1,679.95

(3,271.75) (3,087.23) - - - - (724.21) - - (8,777.00) - (256.70) - 2,902.68 - - - - (4,297.92) (3,691.94) - (256.70) - - - - - - (4,297.92) (6,594.62) - - - - - - - - - - - (256.70) - - - - - - (4,297.92) (6,594.62) - - - 2,902.68 - - - - - 2,902.68 - - - 2,902.68 - - - - - 2,902.68 - (23.49) - - - - - - - (23.49)

3,165.97 1,832.44 3.41 273.20 900.79 (73.74) (21.06) (102.71) 740.52 14,007.22 2,008.73 1,024.56 407.87 273.20 933.62 (50.50) 15.27 (102.71) 740.52 5,377.03 2,480.00 1,164.42 - - - (50.00) - - - 3,892.37

- - - - - - - - - - (471.27) (139.86) 407.87 273.20 933.62 (0.50) 15.27 (102.71) 740.52 1,484.66

- - - - - - - - - - 1,157.24 807.88 (404.46) - (32.83) (23.24) (36.33) - - 8,630.19

...
June 12, 2021


Page 99

Public Bodies (Selected) Summary of Estimated Outturn for Financial Year 2019/20 $m

Public Sector Entities, FY 2020/21 Ministry of Finance and the Public Service Page 95

NIF NWC PAJ PCJ PETROJAM UDC JUTC NROCC CAP TOTAL 47,813.38 34,187.78 10,848.08 7,165.16 195,747.54 2,507.01 8,022.89 490.71 20,433.49 390,595.00

(26,904.01) (39,450.57) (9,537.59) (1,155.36) (155,162.36) (3,019.64) (12,388.66) (12,163.24) (27,245.10) (322,230.82) 20,909.37 (5,262.79) 1,310.49 6,009.80 40,585.18 (512.63) (4,365.77) (11,672.53) (6,811.61) 68,364.18

(17,395.25) 9,827.71 4,607.64 (1,170.29) (511.01) 97.84 (2,231.16) 6,980.98 8,935.18 11,516.84 - - - - - - - - - -

79.66 171.43 (84.76) (139.34) (958.64) 6.26 (4,367.75) (160.96) 6,075.44 1,888.77 - - - - - - - - - -

30.95 4,877.14 1,388.33 50.24 613.48 94.13 1,937.40 61.53 2,812.55 13,667.78 (17,505.86) 4,779.14 3,304.07 (1,081.19) (165.84) (2.55) 199.19 7,080.41 47.19 (4,039.71)

- - - - - - - - - - 3,514.12 4,564.92 5,918.13 4,839.51 40,074.17 (414.79) (6,596.93) (4,691.55) 2,123.57 79,881.02

(5.20) (3,951.89) (6,694.73) (54.32) (3,253.45) (204.01) (521.20) (646.75) 1,100.21 (42,672.17) - - - - - - - - - 18,180.38

(5.20) (3,679.77) (6,672.03) (54.32) (2,048.07) (30.44) (339.72) (646.75) - (60,058.42) - - - - - - - - - - - (272.12) (22.70) - (1,205.38) (173.57) (181.48) - 1,100.21 (794.13) - - - 359.33 439.55 - 6,631.47 5,766.70 - 15,575.68 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 359.33 439.55 - 6,631.47 5,766.70 - 15,575.68

(1,027.21) (7.46) - (5,039.08) (39,573.95) - - - - (59,962.51) - - - (4,889.65) (111.91) - - - - (17,686.56) - - - - - - - - - - - (7.46) - (149.43) (374.83) - - - - (1,361.53)

(1,027.21) - - - (39,087.22) - - - - (40,914.43) 2,481.71 605.57 (776.60) 105.44 (2,313.68) (618.80) (486.66) 428.40 3,223.79 (7,177.99)

(2,481.71) (605.57) 776.60 (105.44) 2,313.68 618.80 486.66 (428.40) (3,223.79) 7,177.99 - 1,000.00 - - 16,853.75 - - - - 23,532.78 - - - - - - - - - 1,513.53 - - - - 16,853.75 - - - - 16,853.75 - 1,000.00 - - - - - - - 5,165.50 - - - - - - - - - - - - - - - - - - - - - (1,816.30) (2,749.64) - 3,427.38 - - (752.24) (869.65) (4,176.74) - (1,816.30) (2,427.99) - - - - (752.24) - (6,412.82) - 1,103.02 - - - - - - - 2,734.17 - (2,919.32) (2,427.99) - - - - (752.24) - (9,146.99) - - (271.52) - 3,427.38 - - - (869.65) 2,286.21 - - (271.52) - - - - - (869.65) (1,141.17) - - - - - - - - - - - - (271.52) - - - - - (869.65) (1,141.17) - - - - 3,427.38 - - - - 3,427.38 - - - - 3,427.38 - - - - 3,427.38 - - (50.13) - - - - - - (50.13)

(2,481.71) 210.73 3,526.24 (105.44) (17,967.45) 618.80 486.66 323.84 (2,354.13) (12,178.05) (418.83) 1,918.17 1,555.56 (601.75) (17,967.45) 425.94 516.99 52.38 617.52 (16,574.62)

- 2,041.59 1,245.24 - - - (46.03) - - 3,053.72 - 113.37 - - - - - - - 113.18

(418.83) (236.79) 310.32 (601.75) (17,967.45) 425.94 563.02 52.38 617.52 (19,741.52) - - - - - - - - - -

(2,062.88) (1,707.44) 1,970.68 496.31 - 192.86 (30.33) 271.46 (2,971.65) 4,396.58

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June 12, 2021


Page 1

1

Speech for

The Honourable Audley Shaw CD, MP Minister of Finance and the Public Service Ministry of Finance and the Public Service

PROJECT TO PROMOTE ENERGY EFFICIENCY IN CARIBBEAN COUNTRIES

BETWEEN

JAPAN INTERNATIONAL COOPERATION AGENCY (JICA) AND

THE GOVERNMENT OF JAMAICA

========================================================= Amount of Grant: JPY 300,000,0001 (approximately US$ 2,708,976.00) Executing Agency: Petroleum Corporation of Jamaica (PCJ) Period of Execution: Three (3) years __________________________________________________________________

Introduction

Further to discussions between the Japan International

Cooperation Agency (JICA) and the Government of

Jamaica in relation to the Project to Promote Energy

1 Exchange Rate: 1US$ = 111.16JPY

...
June 12, 2021


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