Strategic Review of Petrojam to be Completed By November – PM

Jamaica News: Prime Minister, the Most Hon. Andrew Holness, says that members of the commission that will spearhead the strategic review of operations at Petrojam will have three to four months to complete the exercise and submit their findings.

The members are expected to be named by next week.

Mr. Holness first announced the review in the House of Representatives on July 10, in the wake of developments regarding the management of the refinery.

Speaking to Petrojam staff during a visit to the entity’s location at Marcus Garvey Drive, Kingston, on July 13, Mr. Holness said the review is among several interventions by the Government that are designed to ensure that the institution remains viable, thereby safeguarding jobs and Jamaica’s energy security.

Other changes include the setting up of a new Board chaired by Paul Hoo, which, he indicated, will include two former vice presidents of one of the largest commercial banks operating in Jamaica.

“They were chosen because the situation at Petrojam, by virtue of my preliminary assessment, required that level of governance intervention… (by) persons who have significant corporate experience, persons who have the time to dedicate, and persons who understand financial management and operational management of large organisations,”Mr. Holness told the staff.

He assured that “we are putting in place the best governance (structure) possible to ensure that this national asset (Petrojam)… is performing at its optimum”.

As it relates to his assumption of the Energy Portfolio, Mr. Holness advised that “for the next few months (or) at least until the strategic review is complete, I will take personal supervision and oversight of the operations here”.

“But, of course, I’m going to be ably supported by the Board, the management, the management of the Energy Division and my Permanent Secretary. My role is to ensure that you get the appropriate policy direction and, ultimately, to ensure that there is good management of the organisation,”he pointed out.

Noting that the strategic review “is going to help to point (us) in the right direction, Mr. Holness assured that “having a strong Board is going to ensure that the direction is executed properly and having the right management is going to make sure that we meet all the steps along the way towards reaching the direction”.


Source: JIS News

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