The government is to take legislative steps to take ownership of the 49 percent stake in Petrojam held by Venezuela

The government owns the remaining 51 per cent.

Foreign Affairs Minister Kamina Johnson smith says the action is being taken as the Venezuelan company has not met its obligations under the agreement with the Petroleum Corporation of Jamaica.

The agreement included the upgrading and expansion of Petrojam’s refinery to improve its competitiveness and meet local and international market demands.

The Foreign Affairs minister says the country is in a precarious position.

Citing a formal offer made by the government to Venezuela to repurchase its 49 percent shares in Petrojam, Mrs. Johnson Smith says the offer will remain until the legislation takes effect.

She adds that in the meantime, an avenue for communication with the Venezuelan firm will remain open.

She was speaking at a press conference this morning.

And with the plan to take action against PDV Caribe, Foreign Affairs Minister, Kamina Johnson Smith is affirming that the government is not insensitive to the issues the country has been facing.

Venezuela has been facing turmoil over recent years.

Minister Johnson-Smith also adds that the decision to take legislative action is not politically driven.

She points out that while the Venezuelan government was disappointed with the decision, communication between the parties will continue.