Competition in domestic market, high operating expenses among reasons for Petrojam’s economic losses; efforts underway to address problem – Vaz

Energy Minister Daryl Vaz has pointed to competition in the domestic market and high operating expenses among the reasons for Petrojam’s economic losses.

During Friday’s meeting of the Standing Finance Committee of Parliament, Mr. Vaz was questioned by his opposition counterpart, Phillip Paulwell, about the future of the state-owned oil refinery.

This, as Mr. Paulwell noted that the refinery recorded approximately $4 billion in losses for the 2024-2025 financial year.

He also highlighted that the entity is projected to lose an additional $4 billion by the end of the current financial year, with a further $1.5 billion loss anticipated in the upcoming fiscal period.

Mr. Vaz agreed that the refinery has been losing money, but noted that steps are being taken to address the problem.

Efforts include cutting expenses, increasing sales and eliminating discretionary spending, among other measures.