The Ministry of Finance (MOF) has overall responsibility for developing the Government’s fiscal and economic policy framework; collecting and allocating public revenues and playing an important role in the socio-economic development of the country in creating a society in which each citizen has every prospect of a better quality of life.
PetroJam is a limited liability company; jointly owned by PDVCaribe, a subsidiary of Petróleos de Venezuela (PDVSA) and the Petroleum Corporation of Jamaica (PCJ). The PCJ is a statutory body created and wholly owned by the Government of Jamaica.
Venezuela’s state oil company PDVSA is engaged in the exploration, production, refining, transportation, and sale of oil and natural gas. Its Exploration and Production activities take place in Venezuela, but the company also has refining and marketing operations in the Caribbean, Europe, and the US. PDVSA operates in the US, Gulf of Mexico and the Caribbean through its Citgo marketing and refining arm. The oil producer has some of the world’s largest petroleum reserves. Created in 1976, the company is headquartered in Caracas, Venezuela.
PetroCaribe is an energy cooperation agreement promoted by the Government of the Bolivarian Republic of Venezuela, with the purpose of lessening asymmetries between nations in the access to energy resources via a new, favourable, equitable and fair exchange scheme between Caribbean and Central American countries. PetroCaribe is envisaged as a multilateral organization able to ensure coordination and linkage of hydrocarbons-related energy policies and further integration of the peoples in the region.
PetroCaribe priorities include social and economic development, based on union, solidarity, cooperation, complementarity and a looking to the South. It is a forum for the articulation of the peoples to strengthen energy and food sovereignty as a fundamental constituent element of peoples’ sovereignty.
To create an enabling environment for Jamaicans to capitalize on sustainable and secure energy, responsible minerals investments, and a vibrant science, technology, and innovation sector.
The MSTEM is currently mandated to:
- Encourage private sector innovation in the science, technology, energy and mining sectors
- Improve national energy efficiency and conservation
- Diversify primary energy sources, particularly to increase the share of renewable energy and to reduce dependence on imported fuels
- Renewable Energy Project at Glenmuir High Gets a Boost as PetroCaribe Development Fund Contracts UTech
- Children from Poor Homes Benefit from Hope Zoo Initiative –Thanks to PetroCaribe Grant
- PetroCaribe Provides $402 Million for Engineers Training Centre at Caribbean Maritime Institute
- Petrocaribe Development Fund Supports Jamaica Library Service & Education Sector
- Petrocaribe Fuels Development