Petrojam Pursuing Infrastructure Expansion This Year

• Petrojam Limited, the government-owned oil refinery, plans to build an extra asphalt storage tank this year to increase its inventory capacity and meet the rising demand for its products.
• This move comes in light of anticipated increases in asphalt sales volumes from 154 kilo-barrels in the fiscal year 2023/24 to 234 kilo-barrels in 2024/25, supported by a planned capital expenditure of US$22.54Mn.
• The Jamaica Public Bodies Estimates of Revenue and Expenditure for the fiscal year ending March 2025 detail this and other scheduled activities by Petrojam. Additionally, the company's operational plan for 2024/25 includes 71 days allocated for essential capital maintenance and improvements to the plant.
• During this period, work will be undertaken to facilitate, among other things, catalyst regeneration, electrical infrastructure upgrading, replacement of pipelines, recycling of compressors as well as effecting of repairs to several tanks across the entity’s plant on Marcus Garvey Drive in Kingston.
• Amid the rising demand, Petrojam aims to increase its crude oil sales to 14.14Mn barrels in 2024/25, up from 12.68Mn barrels the previous year.
• Petrojam Limited, the island’s sole oil refinery, was incorporated in October 1982 as a wholly owned subsidiary of the Petroleum Corporation of Jamaica (PCJ). The facility processes crude oil, sourced primarily from Brazil, Ecuador and Colombia, into various finished products, including liquefied petroleum gas (LPG), auto diesel oil, turbo fuel, heavy fuel oil, asphalt, and unleaded gasoline.

(Source: JIS)