Petrojam expects full payment for latest delivery to Aegean Marine

Petrojam expects full payment for latest delivery to Aegean Marine

Friday, November 09, 2018

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PETROJAM Limited has dismissed claims by Opposition spokesman on energy, Phillip Paulwell that the local refinery is owed US$3 million by Aegean Marine Petroleum.

In a media statement, Petrojam said that all amounts owing for deliveries made to Agean prior to November 4 this year have been fully settled.

“The last delivery to Aegean was loaded on Sunday, November 4, with approximate value of US$370,000. Petrojam has been in dialogue with Aegean and we expect this amount to be paid in full,” the statement, signed by General Manager Winston Watson, said.

“Petrojam has had a long-standing relationship with Aegean Marine Petroleum since 2005, and they have always maintained an impeccable payment record,” the statement concluded.

Paulwell, speaking in the the House of Representatives on Tuesday, called on Prime Minister Andrew Holness to inform the country, whether the State-owned oil refinery was at risk of losing almost $400 million due to the bankruptcy of US-based Aegean Marine Petroleum Network.

Paulwell said that information he had obtained suggested that the company owes Petrojam US$3 million in unsecured payments.

Petrojam's bunkering operations includes a supply agreement with AEGEAN Marine Petroleum SA Ltd of Liberia, through its local subsidiary AEGEAN Bunkering Jamaica Ltd, for sale of bunker fuels for vessels outside of Kingston.

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