Page 8 - LatAmOil Week 17 2021

LatAmOil JAMAICA LatAmOil

Much of this traffic will pass Jamaica and its
capital city Kingston, she noted. The city’s
port recently completed a dredging project
that allows its main ship channel to accom-
modate container ships that are larger than
Panamax-sized vessels, and it is already home
to three bunkering facilities that cater to cruise
ship operators, she noted.
With the expansion project “[enabling]
over 35% more of the world’s fleet to transit the
canal,” the number of ships sailing past King-
ston on their way to Panama is set to rise sig-
nificantly, she said. These ships “could now do
a bunker-only call [to Jamaica] with minimal Kingston is home to three bunkering facilities that serve cruise ships (File Photo)
deviation,” she explained.
Kingston is already an attractive destination areas pertinent to the bunkering market, Jaouli
for marine operators seeking fuel, since the added. “Jamaica also has the only maritime
“deep competition” for cruise ship business has university in the English-speaking Caribbean
motivated the port’s three bunker operators to and has one of the top-ranked container trans-
offer high-quality fuel supplies and excellent shipment facilities handling cargo down there,
service, she stated. It is likely to retain its edge, so [it] has positioned itself well to dominate the
she asserted, citing the government of Jamaica’s bunker market in the [Caribbean region],” she
adoption of the Special Economic Zone (SEZ) explained.
law, which offers bunkering companies “fiscal She went on to say that Jamaica was inter-
and other incentives to facilitate the growth of ested in establishing itself as a supplier of LNG
the sector.” to shipping companies. However, she did not
The island state has other advantages in other elaborate. ™

VENEZUEL A
Venezuelan MPs prepare to ratify law on

confidential contracts with private firms

MEMBERS of Venezuela’s National Assembly
are reportedly preparing to ratify a law that will
allow Caracas to sign confidential agreements
with private investors in the oil sector.
The bill in question has already been ratified
by the National Constituent Assembly, a parallel
legislative body set up to promote the interests
of President Nicolas Maduro and shuttered last
December, after Maduro’s allies came out on top
in parliamentary elections and wrested control
of the National Assembly away from opposition
parties. According to Jorge Rodriguez, the pres-
ident of the latter body, the government will now
send the bill to the National Assembly with the National Assembly President Jorge Rodriguez (Photo: Venezuelan Government)
aim of facilitating the signing of contracts.
Once this law takes effect, he said, Caracas sanctions and the blockade ... Without a doubt,
will be in a better position to protect its part- that will generate more dynamism in private
ners from scrutiny by the US government. The capital in oil investment,” Rodriguez told Reu-
“anti-blockade” bill will guard the confiden- ters earlier this week.
tiality of contracts, thereby shielding private He indicated that legislators would treat the
investors from penalties under the US sanctions bill as a largely procedural matter, saying: “But
regime, he declared. for the major issues addressed by the anti-block-
“The anti-blockade law grants much more ade law, it is more expeditious that the National
security to investors that feel worried in some Assembly by way of an agreement ratify the
way due to the conditions derived from the anti-blockade law by way of decree.”

P8 www. NEWSBASE .com Week 17 29•April•2021