Petrojam absorbs US$156,000-a-day loss after gas unit shuts down in April

Jamaica’s sole oil refinery suffered an unexpected shutdown of its gasolene production unit in April, racking up an estimated US$3.6 million (J$550 million) in production losses over 23 days and triggering an emergency procurement contract to restore operations.“Losses from the inability to produce gasolene are estimated conservatively to be US$156,000 per day of downtime,” Petrojam said in a contract award notice seen by the Financial Gleaner. “As such, it is urgent that the repair activities are completed as soon as possible to minimise this loss.”

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