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Fri Apr 8, 2005
Rail service restoration still in limbo
Transport Minister, Robert Pickersgill, says the government is yet to receive word from the Chinese government regarding the restoration of a passenger railway service.
During the much publicized China-Caribbean Trade Fair held in Kingston earlier this year, the government disclosed that the Chinese had expressed interest in restoring the rail service. But speaking at Thursday night's meeting of the Standing Finance Committee, Mr. Pickersgill said the government has not heard from the government of China.
Mr. Pickersgill said while all the terms for restoration of the rail service have not been worked out he still believes that the Chinese are serious about the project.
The Minister says he has personally written off plans by Canadian and Indian entities to invest in the restoration of the public passenger rail service.
Rail service restoration still in limbo
Transport Minister, Robert Pickersgill, says the government is yet to receive word from the Chinese government regarding the restoration of a passenger railway service.
During the much publicized China-Caribbean Trade Fair held in Kingston earlier this year, the government disclosed that the Chinese had expressed interest in restoring the rail service. But speaking at Thursday night's meeting of the Standing Finance Committee, Mr. Pickersgill said the government has not heard from the government of China.
Mr. Pickersgill said while all the terms for restoration of the rail service have not been worked out he still believes that the Chinese are serious about the project.
The Minister says he has personally written off plans by Canadian and Indian entities to invest in the restoration of the public passenger rail service.
Shell Ja's operations to be sold
published: Friday | April 8, 2005
Al Edwards, Financial Editor
IT NOW transpires that integrated oil company Shell Jamaican operations is to be sold, for the sum of around US$100 million, the Financial Gleaner understands.
Speculation has been rife that Shell is looking to get out of Jamaica following a portfolio review of its Caribbean operations. Shell has already divested itself of its eastern Caribbean businesses to Simpson Oil Limited (SOL). The SOL Group is an affiliate of the Interamerica Trading Corp (ITC).
The Financial Gleaner understands that the deal was for a sale and purchase agreement relating to the divestment of Shell oil product businesses in Barbados, St. Lucia, Netherlands Antilles, St. Kitts and Nevis, British Virgin Islands, Anguilla, Grenada, St. Vincent, Antigua, Dominica, Belize, Guyana and Suriname valued at US$200 million (J$1.2 billion).
Former Shell Country chairman Mario Vulinovich, who left that position to return to his homeland, New Zealand, last month said at the time:
"Jamaica is still part of Shell's portfolio. Speculations are normal when these processes are taking place. We have confidence in Jamaica and are investing not just in the retail part of our business. We have earmarked $100 million for our liquefied petroleum gas (LPG) operations annually." Mr. Vulinovich was replaced by Mr. Roger Bryan.
NEGOTIATIONS
The company denied it was in negotiations with French oil giant Total to sell its retail arm to the French company that has established a presence in Jamaica.
In September of last year, Shell announced that it would be spending $400 million to improve its operational facilities in order to maintain its market leadership. Of that sum $300 million was earmarked for the service station business.
The Financial Gleaner understands that the Trinidadian family run IGL, Total and Facey Commodities are included among the bidders. Facey Commodities' executive Dr. Nigel Clarke, however, denied that his company was part of the bid process. If IGL was to be successful it would in effect give it 80 per cent of the cooking gas market.
Shell has 56 service stations islandwide. It supplies petroleum products to the retail and commercial markets. Some of its major customers are in the mining industry, highway contractors and the electricity company.
Last year saw a four per cent growth in the petroleum industry but margins are being eroded and pricing has become even more aggressive. Escalating oil prices continue to impact retailing. Earlier this week oil prices rose as high as US$59 a barrel. Last year the country's oil bill came in at around US$1 billion and this year that figure will be exceeded.
published: Friday | April 8, 2005
Al Edwards, Financial Editor
IT NOW transpires that integrated oil company Shell Jamaican operations is to be sold, for the sum of around US$100 million, the Financial Gleaner understands.
Speculation has been rife that Shell is looking to get out of Jamaica following a portfolio review of its Caribbean operations. Shell has already divested itself of its eastern Caribbean businesses to Simpson Oil Limited (SOL). The SOL Group is an affiliate of the Interamerica Trading Corp (ITC).
The Financial Gleaner understands that the deal was for a sale and purchase agreement relating to the divestment of Shell oil product businesses in Barbados, St. Lucia, Netherlands Antilles, St. Kitts and Nevis, British Virgin Islands, Anguilla, Grenada, St. Vincent, Antigua, Dominica, Belize, Guyana and Suriname valued at US$200 million (J$1.2 billion).
Former Shell Country chairman Mario Vulinovich, who left that position to return to his homeland, New Zealand, last month said at the time:
"Jamaica is still part of Shell's portfolio. Speculations are normal when these processes are taking place. We have confidence in Jamaica and are investing not just in the retail part of our business. We have earmarked $100 million for our liquefied petroleum gas (LPG) operations annually." Mr. Vulinovich was replaced by Mr. Roger Bryan.
NEGOTIATIONS
The company denied it was in negotiations with French oil giant Total to sell its retail arm to the French company that has established a presence in Jamaica.
In September of last year, Shell announced that it would be spending $400 million to improve its operational facilities in order to maintain its market leadership. Of that sum $300 million was earmarked for the service station business.
The Financial Gleaner understands that the Trinidadian family run IGL, Total and Facey Commodities are included among the bidders. Facey Commodities' executive Dr. Nigel Clarke, however, denied that his company was part of the bid process. If IGL was to be successful it would in effect give it 80 per cent of the cooking gas market.
Shell has 56 service stations islandwide. It supplies petroleum products to the retail and commercial markets. Some of its major customers are in the mining industry, highway contractors and the electricity company.
Last year saw a four per cent growth in the petroleum industry but margins are being eroded and pricing has become even more aggressive. Escalating oil prices continue to impact retailing. Earlier this week oil prices rose as high as US$59 a barrel. Last year the country's oil bill came in at around US$1 billion and this year that figure will be exceeded.
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