Tuesday 25 June, 2019

Petrojam responds to concerns raised by the PNP about its operations

The board of the Petrojam refinery has responded to concerns about its operations that have recently been raised in Parliament by representatives the Opposition People’s National Party (PNP).

In its assertions, PNP representatives in the House questioned the integrity of aspects of the operations of the refinery, including multi-million dollar donations along supposedly political lines, and also the compensation package that is supposedly in place for at least one senior officer at the refinery.

The party representatives called for an investigation into the operations of the entity, including its adherence to established and acceptable corporate public business standards and practices. 

In its response, Petrojam said:

“The six-member board of directors of the Petrojam refinery, comprised of three Venezuelans and three Jamaicans, notes with concern recent suggestions being made about the level of integrity and professionalism governing the affairs of the company.

“As Jamaica’s sole oil refinery, the company supplies a full range of domestic, transportation and industrial petroleum products to our valued customers.

“As a statutory body and governed under a joint venture agreement, the company acts with responsibility and transparency, while exercising due diligence in its affairs.

“At all times the requisite approvals and review channels are utilised for every aspect of the company’s business, including the awarding of contracts, the provision of donations, and the implementation of projects.

“Donations are made to entities as part of our corporate social responsibility, and in an effort to contribute to national development.

“We have always been a company frequently audited by our shareholders.

“Additionally, we are routinely audited by reputable firms and the auditor general, to ensure that procedures are understood, respected and followed.

“Much has been made about staff compensation at Petrojam. The records will show that the requisite salary ranges, as approved by the Ministry of Finance in determining the appropriate remuneration for the recruitment of talent, have been maintained.

“Petrojam continues to serve the energy needs of Jamaica, towards economic growth and sustainable development,” the refinery’s board concluded.

 

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