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State-run oil refining firm Petrojam Ltd is expecting a US$176 million increase in profits this year following recent developments in the international oil markets, according to a recent report published by the Jamaican government.

The report, written by the Finance Ministry, says profits for the latest financial year should reach US$467 million compared to the US$291 million earned in 2007/08.

Revenue is expected to rise by US$2 billion to just under US$92 billion during the same period.

The Finance Ministry report says internationial market conditions will continue to impact on Petrojam's operations with the price of crude oil set to rise further.

According to the report, total sales from Petrojam's refinery are expected to increase from 17.7 billion barrels in 2007/08 to 18.2 billion barrels for the current financial year.

Meanwhile, Petrojam's 36,000-barrel-per-day(BBL/d) Kingston refinery is replacing a vacuum unit which has been offline for the last three weeks. The 40-year-old tower, which processes about 1,500 BBL/d, will be replaced with a new 2,000 BBL/d tower. The unit is expected to go online on April 21, 2008.