Jamaica’s Petrojam to Export Oil to Trinidad

• Petrojam Limited, Jamaica’s state-owned oil refiner, has resumed fuel exports to Trinidad and Tobago, securing a significant deal worth approximately US$90Mn (or $14Bn) for 2025. Under the agreement, Petrojam will supply nearly one million barrels of both very low-sulfur fuel oil (VLSFO) and high-sulfur fuel oil (HSFO) to the Caribbean nation.
• Telroy Morgan, General Manager of Petrojam, emphasized that the deal is groundbreaking due to its scale, frequency, and the substantial revenue it will bring to both the company and Jamaica.
• Under the new agreement, Petrojam will export between 60,000 and 90,000 barrels of fuel per month to Trinidad and Tobago, primarily for the purpose of refueling ships in the country’s waters. The first shipment arrived in Trinidad and Tobago last Wednesday.
• The deal is expected to significantly boost Jamaica’s export figures and foreign exchange earnings, Minister Vaz noted. In 2023, Jamaica’s exports to Trinidad and Tobago totaled US$35.91Mn, while Trinidad and Tobago’s exports to Jamaica reached US$177.49Mn in 2022.
• Vaz further emphasized that while Petrojam’s near-term goal is to supply Trinidad and Tobago, the company’s long-term plan is to maintain its position as the key supplier of fuel to the country, at least until its refinery is operational again.
• T&T Minister of Energy and Energy Industries Stuart Young mentioned that “the refinery had to be mothballed and put into preservation in 2018 because it was losing billions of dollars. What we have today is a small but meaningful deal with Jamaica.”
• Young further explained that the agreement aligns with Caricom’s objectives. He clarified that Fuel Trading Company has been purchasing fuel on the international market and profitably reselling it domestically and externally. The decision to source fuel from Petrojam was also based on cost-effectiveness.

(Sources: Caribbean National Weekly & Trinidad and Tobago Guardian)­