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PNP cleared of any wrongdoing in Petrojam deal
Wednesday, 04 June 2008
The Office of the Contractor-General has cleared the former People's National Party (PNP) administration of any wrongdoing in the divestment of 49% of the state-owned oil refinery Petrojam.
The findings of the probe which were tabled in Parliament Tuesday showed that the shares were sold to a Venezuelan entity under fair terms and conditions.
An investigation was launched by the Contractor-General a year ago following allegations by then Leader of the Opposition Bruce Golding that the Petrojam shares were sold below market value.
Mr. Golding sounded alarm bells, stating that for him, the sale of 49% of Petrojam for less than US$63 million needed investigation.
Former Minister of Energy Phillip Paulwell, who was responsible for the divestment, said he is pleased that the Contractor-General's investigation has finally put the matter to rest.
"In truth and in fact I think it was a tremendous credit to the team of us that negotiated with the Venezuelan company for the price of the PCJ shaes in Petrojam. It was clear that we got a tremendous deal. We were able to out-negotiate them in this regard because at one time the valuation was much lower," said Mr. Paulwell.
The then Government disposed of 49% of its shares in Petrojam as part of an oil deal forged between Jamaica and Venezuela.
Wednesday, 04 June 2008
The Office of the Contractor-General has cleared the former People's National Party (PNP) administration of any wrongdoing in the divestment of 49% of the state-owned oil refinery Petrojam.
The findings of the probe which were tabled in Parliament Tuesday showed that the shares were sold to a Venezuelan entity under fair terms and conditions.
An investigation was launched by the Contractor-General a year ago following allegations by then Leader of the Opposition Bruce Golding that the Petrojam shares were sold below market value.
Mr. Golding sounded alarm bells, stating that for him, the sale of 49% of Petrojam for less than US$63 million needed investigation.
Former Minister of Energy Phillip Paulwell, who was responsible for the divestment, said he is pleased that the Contractor-General's investigation has finally put the matter to rest.
"In truth and in fact I think it was a tremendous credit to the team of us that negotiated with the Venezuelan company for the price of the PCJ shaes in Petrojam. It was clear that we got a tremendous deal. We were able to out-negotiate them in this regard because at one time the valuation was much lower," said Mr. Paulwell.
The then Government disposed of 49% of its shares in Petrojam as part of an oil deal forged between Jamaica and Venezuela.