Page 6 - LatAmOil Week 07 2021

LatAmOil TRINIDAD AND TOBAGO LatAmOil

No decision yet on Petrotrin

sale, energy minister says

FRANKLIN Khan, Energy and Industries Min- $500mn for Guaracara Refining and Paria Fuel
ister of Trinidad and Tobago, said last week that Trading,” he was quoted as saying in a company
the government had not yet decided whether statement on the same day.`
to accept the bid made by a local trade union’s Imbert said in late January that the govern-
bid for the Petrotrin oil refinery in Point-a- ment might opt to cancel the transaction alto-
Pierre and associated port facilities. Petrotrin gether and start from scratch, making a second
is currently owned by a government-run entity attempt to sell Petrotrin. Trinidad and Tobago
known as Guaracara Refining and Paria Fuel is ready to “return to the open market to see if
Trading. there is anybody else interested in the plant …
Patriotic Energies and Technologies, a sub- and explore all options for the utilisation of the
sidiary of the Oilfields Workers’ Trade Union refinery,” he said at the time, according to a Reu-
(OWTU), which represents local oil and gas ters report.
workers, has been in negotiations with Port of Petrotrin has been idle for the last two years.
Spain on the refinery sale since 2019. The com- The government shut the 140,000 barrel per
pany has revised its original offer several times, day (bpd) plant down in 2019, citing concerns
but the government has continued to express about the refinery operator’s ability to reverse
scepticism about its ability to restart and invest the decline that had seen it incur $1bn worth of
in the plant. losses between 2014 and 2019. At the time, offi-
Earlier this month, Patriotic tried to put cials in Port of Spain said that they were looking
the government’s doubts to rest by submitting for an investor who could pump about $4bn into
documentation corroborating its claims of ade- the plant, including $2bn to cover unpaid debts
quate financial standing to Finance Minister and another $2bn to cover operational expenses
Colm Imbert. So far, though, Imbert has not and pay for an overdue equipment upgrade. ™
responded publicly.
When asked by Guardian Media to comment
on the matter, Khan declined to say whether the
documents had effected any change. “Nothing
[to report] at this time,” he said.
Patriotic submitted the most recent version
of its revised offer for Petrotrin to the govern-
ment last month. Port of Spain rejected that offer
on January 20, saying it was still not convinced
that the firm had the wherewithal to buy the
refinery and giving it until February 5 to prove
that it had secured the financing necessary to
complete the transaction.
According to Patriotic’s Director Ozzi War-
wick, the company met this deadline, submitting
its documents at 1:42 a.m. on February 5. “We
are confident that our very detailed submission
will meet [Imbert’s] favour, as it demonstrates
our ability to finance the acquisition price of The Petrotrin refinery has a throughput capacity of 160,000 bpd (File photo)

VENEZUEL A
Washington draws criticism for sanctions

THE US government is drawing criticism for the South American state’s humanitarian crisis.
sanctions on Venezuela and its national oil com- On the domestic side, the US Government
pany (NOC) PdVSA, with US legislators and at Accountability Office (GAO) recently published
least one government agency joining the UN in a report arguing that sanctions harmed Vene-
asserting that trade restrictions have intensified zuelans by thwarting the distribution of aid.

P6 www. NEWSBASE .com Week 07 18•February•2021