Caption: Dr Roodal Moonilal. Photo: T&T Parliament
THE government is exploring the possibility of regional and international partners being involved in the re-start of the state-owned oil refinery that was shut down in 2018 when the former government said the cost of upgrading the refinery would have loaded the company with an unsustainable debt burden estimated at $12 billion.
Energy and Energy Industries Minister Dr Roodal Moonilal said the Kamla-Persad Bissessar administration is given serious consideration to the “Interim Report of the Refinery Restart Committee” led by former energy minister Kevin Ramnarine, earlier this month.
“I can indicate that quite recently I’ve had some dialogue as well with the Minister of Energy of Suriname Mr Patrick Brunings, and that was a matter discussed as well because, as you know, they operate a smaller refinery in Suriname, and so we’re in discussions with Suriname. We have ongoing contact with Guyana,” he told the state-owned TTT television.
““There will be an energy conference in India in January, and in Guyana in February. We expect to use those as well to discuss the refinery and to seek support from the international companies and also foreign governments in looking at the refinery,” Moonilal added.
Earlier this month, Prime Minister Persad-Bissessar said her government will restart the state-owned Petrotrin oil refinery and that the findings of the committee “are clear, restarting the Guaracara Refinery is technically, commercially and financially viable even after seven years of closure and neglect.”
She said that she had directed the Ministry of Energy to evaluate the Report and present the best restart options for Cabinet consideration.
“The Guaracara Refinery is a national asset with enormous potential for economic growth, employment, and energy security. A final feasibility and restart recommendation will be submitted early in 2026,” she added.
In March this year, the then Keith Rowley administration said that it had accepted the recommendation of an evaluation committee that recommended Oando PLC, one of Africa’s largest integrated energy solutions providers, as the preferred bidder for the lease of the Guaracara refinery.
The government said that the was based mainly on Oando’s strong financial track record, particularly its US$1.5 billion acquisition of ConocoPhillips’ assets in Nigeria.
Trinidad Petroleum Holdings Limited (TPHL) owns Guaracara Refining Company Ltd, which operates the country’s only petroleum refinery. It also owns the Paria Fuel Trading Company subsidiary, which imports refined petroleum products and stores and distributes them domestically.
When the refinery was closed in 2018, the then finance minister Colm Imbert said while Petrotrin continued to incur persistent losses, the gasoline optimisation programme saw its cost rise from $2.45 billion in 2005 to $12.6 billion when it was completed in 2013, the cost of the unfinished gas-to-liquids plant rose from $1.55 billion to $3.15 billion and that the cost of the ultra-low sulphur diesel complex rose from $791 million to $2.89 billion. (CMC)
