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Jamaica: Venezuela’s Shares In Jamaica’s Petrojam Being Offered For US$100m

A &A Lime Hall Development Limited, a company incorporated in 2004 as a rental service in Montego Bay, St James, has offered PDV Caribe S.A. a subsidiary of Petroleos de Venezuela (PDVSA), US$100 million for its 49 per cent stake in Jamaican oil refinery Petrojam Limited.

In a letter dated January 4, 2019, and addressed to chairman of Petrojam Russell Hadeed and the permanent secretary in the Ministry of Science, Energy and Technology, PDVSA said that it has been encouraging the potential vendor to make a similar offer for the remaining shares in Petrojam, which are held by the Jamaican Government.

Petrojam is jointly owned by the government of Venezuela and the Government of Jamaica (GOJ), with GOJ shares held by the Petroleum Corporation of Jamaica (PCJ).

President of PDVC Marcus Alejandro Rojas Marchena said in the letter that the transaction is subject to a non-disclosure clause but nevertheless noted that the offer was for US$100 million and that his company was encouraging the third-party vendor to make a similar offer for the GOJ shares.

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