AZP News

 Imbert: After Meeting, Still No Refinery for Patriotic

The Pointe-a-Pierre refinery at sunset. Prior Beharry/AZPNews

Imbert: After Meeting, Still No Refinery for Patriotic

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MINISTER of Finance Colm Imbert confirms a meeting with Patriotic Energies and Technologies Company Limited on Thursday.

But he noted that he the Cabinet decision of February 18, when for a third time Patriotic’s bid for the refinery was rejected, stands.

In a release on Friday, Imbert said he met with Patriotic  “to clarify any issues that may exist with respect to the details of the financing proposal submitted by Patriotic on February 5, 2021 for the purchase of the Point-a-Pierre Refinery and Paria Fuel Trading, and the recent Cabinet decision regarding same.”

Imbert said he clarified the decision of Cabinet on February 18.

He stated:

  • Trinidad Petroleum Holdings Limited (TPHL)/Government of the Republic of Trinidad and Tobago (GORTT) will thank Patriotic Energies and Technologies Company Limited (Patriotic) for its proposals to date with respect to the purchase of the assets of Guaracara Refining Company Limited (Guaracara) and Paria Fuel Trading Company Limited (Paria), and inform Patriotic that the exclusivity granted to it with respect to the acquisition of Guaracara and Paria can no longer be supported by TPHL/GORTT;
  • TPHL/GORTT will proceed immediately to return to the open market to explore all other options which may exist for the utilization of Guaracara (the refinery assets) in the shortest possible timeframe with the priority and main conditionality being to determine whether there are any suitable parties interested in operating the Refinery;
  • TPHL will submit for the consideration of Cabinet in three (3) weeks’ time, through the Ministry of Finance, a proposal for the canvassing of the current market for the exploration of options for the utilization of the assets of Guaracara.

See related stories below:

Patriotic Meets with Imbert

Patriotic says it has $1B to Restart Refinery

Imbert: Patriotic wanted Pointe-a-Pierre Refinery for Free

 

 

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