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Petroleum (Amendment) Act passed

The Petroleum (Amendment) Act, which seeks to transfer the rights and obligations of the PetroCaribe Development Fund (PDF) to the Government, was passed in the Senate on Friday.
 
Under the amendments, the PDF's functions and a small amount of liabilities will be integrated into the Ministry of Finance, and the Fund, as a separate entity, will cease to exist.
 
Legislation to allow for this new arrangement had become necessary given that the Fund, which was established as a public body in 2006, has now fulfilled its mandate.
 
The PetroCaribe Development Fund had the responsibility of managing the proceeds, which accrued to Jamaica under the Energy Co-operation Agreement entered into between the Governments of Jamaica and the Bolivarian Republic of Venezuela.


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