Caracas.- With the purpose of activating the expansion project of Kingston’s refinery in Jamaica, PDV Caribe, an affiliate of Petróleos de Venezuela, and the State owned Petroleum Corporation of Jamaica will share the stocks of the joint venture Petrojam.

For that purpose PDV Caribe has acquired 49% of Petrojam’s shares through an agreement signed by Asdrúbal Chávez, Vice-president of Refinery, Trade and Supply of PDVSA and President of PDV Caribe, and Ruth Potopsingh, corporate manger of Petroleum Corporation of Jamaica.

The signing took place during the Third Petrocaribe Summit of Heads of State and Government. This provides continuity to the agreement signed by representatives of Venezuela and Jamaica on August 14th 2006 in Montego Bay. On that occasion it was agreed the refurbishment of Kingston’s refinery in order to increase its processing capacity from 27,000 to 50,000 barrels per day.

Since then, PDV Caribe supplies 23.5 thousand barrels of hydrocarbons per day to Jamaica as a part of the Petrocaribe Energy Cooperation Agreement.