KINGSTON, Jamaica Jamaica earned over US$500 million from the sale of 4.5 million barrels of petroleum products by Petrojam in 2024.
This was revealed by Energy Minister Daryl Vaz during his recent contribution to the 2025/26 Sectoral Debate in the House of Representatives. He said that last year, the “the Government, through Petrojam, supplied 11.1 million barrels of petroleum products to both local and export markets”.
“This volume was achieved through a combination of refining and importing finished petroleum products,” Vaz explained.
He shared that crude oil was sourced from key partners, including Barbados, Brazil, Colombia, and Ecuador, ensuring a diversified and stable supply chain.
“From 2024, Petrojam exported approximately 4.5 million barrels of petroleum products, generating over US$500 million in export earnings, a landmark achievement in this regard,” said the energy minister.
Vaz said Petrojam had also entered into a new contract to supply Trinidad and Tobago with both high-sulphur and very-low-sulphur fuel oil.
“This deal is projected to yield J$14 billionin export earnings, further strengthening Jamaica’s energy trade position in the region,” he said. He noted that despite some challenges, Petrojam continues to make a strong contribution to national revenue. Vaz said the necessary steps will be taken to ensure that this continues.
“As such, over the next three to five years, Petrojam will focus on optimising its existing operations while advancing cleaner energy solutions”.
Key elements of this strategy include:The production and supply of Ultra- Low Sulphur Diesel (ULSD), expanding access to environmentally friendly fuels; Strengthening the Liquefied Natural Gas (LNG) supply to support energy diversification; Advancing Jamaica’s climate change agenda by implementing a comprehensive environmental, social, and governance (ESG) programme, driving the installation of solar systems, enhancing energy efficiency in refining operations, and increasing the production of sustainable biofuels.
Vaz told the House that Petrojam, was progressing with its project to install facilities that will convert heavy fuel oil into asphalt, increasing monthly output from 4,000 barrels to 19,000 barrels. The project is scheduled for completion in the first quarter of the 2025/26 fiscal year, ensuring greater domestic availability and export potential.
And Vaz said Petrojam aims to refine 8.2 million barrels of crude oil (approximately 22.5 kilo-barrels per day) to meet domestic and export sales targets. The remaining supply will be supplemented by imported petroleum products and blendstock to ensure a stable and competitive energy market.