Page 7 - LatAmOil Week 15 2021

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The minister did not specify how much money Leladharsingh did not say when the CBRC
he expected the sale of Petrotrin to raise, but he might make a decision about responding to the
did indicate that he believed the deal would ben- upcoming RfP.
efit the country’s economy. The government of Trinidad and Tobago
“This government is adamant about restart- has been trying to sell the Petrotrin refinery for
ing the refinery because it can create jobs, some time. It began negotiations with Patriotic
economic activity, [and] multiplier effects – Energies and Technologies Co., a subsidiary of
and, most importantly, it will create foreign the Oilfields Workers’ Trade Union (OWTU),
exchange,” he said. which represents local oil and gas workers, in
2019. However, it was never satisfied with Patri-
Expression of interest otic’s offer and decided earlier this year to aban-
The sale has already drawn the attention of the don its first privatisation campaign.
Confederation of Regional Business Chambers Petrotrin is currently owned by a govern-
(CBRC), a group formed by various cham- ment-run entity known as Guaracara Refining
bers of commerce in Trinidad and Tobago. and Paria Fuel Trading. The 140,000 barrel per
Jai Leladharsingh, CBRC’s co-ordinator, told day (bpd) plant has been idle for the last two
Newsday earlier that the confederation was years. The government shut it down in 2019,
interested in acquiring the refinery. citing concerns about Guaracara’s ability to
He also noted, though, that the group might reverse the decline that had caused it to incur
have difficulty financing the deal because of $1bn worth of losses between 2014 and 2019.
its status as a non-governmental organisation At that time, officials in Port of Spain said
(NGO). Accordingly, he said, the heads of some that they were looking for an investor who could
of CBRC’s members have been discussing the pump about $4bn into the plant. They said that
possibility of setting up a company for the deal. Guaracara would need $2bn to cover unpaid
The proposed company would be in a better debts and another $2bn to cover operational
position to secure funding and meet require- expenses and pay for an overdue equipment
ments for the purchase of Petrotrin, he stated. upgrade. ™

CURAÇAO
RdK, CORC still in negotiations on

operating contract for Isla refinery

REFINERIA di Korsou (RdK), the govern- March 19. The document gave the consortium,
ment-run operator of Curaçao’s only oil-pro- which was the winner of a tender for the right
cessing plant, has continued to negotiate with a to operate the Isla refinery and an associated
potential investor, even though the memoran- facility known as the Bullen Bay terminal, the
dum of understanding (MoU) signed between exclusive right to negotiate a contract. However,
the parties has lapsed. its expiration date has already passed.
RdK signed the MoU with Curaçao Oil Nevertheless, talks between RdK and CORC
Refinery Complex (CORC) last month, shortly have continued, even as Curaçao navigates the
before Curaçao’s parliamentary elections on transition to a new government.

The new unit’s assets include the Energía Costa Azul LNG project (Photo: RdK)

Week 15 15•April•2021 www. NEWSBASE .com P7