Prime Minister Andrew Holness is scheduled to table a bill in the House of Representatives this afternoon for the Jamaican Government to acquire Venezuela's 49 per cent shareholding in the Kingston based oil refinery Petrojam.
Foreign Affairs Minister Senator Kamina Johnson Smith made the announcement at a media briefing this morning.
Senator Johnson Smith said, while the bill will be tabled this afternoon, it will not be debated today.
Last month, the Foreign Affairs Minister announced Jamaica's intention to retake Venezuela's 49 per cent shareholding through compulsory acquisition.
She said the Jamaican Government had nevertheless written to PDV Caribe that it remained open to negotiations.
Ultimately, the compulsory acquisition was necessary to protect Jamaica's energy security, she asserted.