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$32b Demand – Venezuelans Seek Hefty Compensation For Petrojam Takeover

Venezuelan oil subsidiary PDV Caribe is demanding that the Government of Jamaica (GOJ) pay a minimum of US$50 million (J$6.5 billion) in core share value as compensation for the forcible takeover of its 49 per cent stake in the local refinery, Petrojam.

But The Gleaner understands that the claim includes supplementary add-ons in relation to dividends and prospective value that could bring the total compensation package sought to US$250 million (J$32.5 billion).

The Jamaican Government’s initial offer of US$40 million was rejected by Venezuela and a later proposal of US$50 million also refused.

Yesterday, reliable Gleaner sources said that the GOJ has been sent communication this month on Venezuela’s behalf, through its legal team headed by Queen’s Counsel Michael Hylton.

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