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Major state entities in financial difficulties

The Jamaican Government has revealed in the just published Fiscal Policy Paper that the oil refinery, Petrojam, is among four state-owned entities experiencing financial challenges.  

Petrojam, the Paper details, has encountered difficulties with the timing of its purchases and payments for oil. The refinery is also facing challenges collecting money for fuel sold to the JPS and Jamaica Energy Partners.  

Other entities facing difficulties are the National Water Commission (NWC), Wigton Wind Farm and Clarendon Alumina Production (CAP).  

As for Wigton, it says the company's expansion is behind schedule.  

CAP and NWC are seen as being at a fairly high risk of under performing. NWC's problems stem mainly from its poor track record in collecting revenues while CAP continues to experience difficulties with high production costs and low prices for alumina.



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