JAMAICA’S PetroJam has just secured a massive deal for one million barrels of specialised marine fuel oil from Trinidad and Tobago, a deal that shows how far we have fallen in the oil industry.
Trinidad and Tobago, once the energy giant of the region, is now in free fall.
This is not just a joke or a normal transaction to purchase fuel, it is a harsh symbol of how far the country has fallen under the leadership of the People’s National Movement (PNM).
The same nation that once dominated the energy markets in the Caribbean is now struggling to maintain its relevance, forced to sell what little refined product it has left while its economy crumbles under the weight of failed policies and poor leadership.
For decades, Trinidad and Tobago has led the region as the energy leader of the Caribbean. Petrotrin, the state-owned oil company, was the shining star of Trinidad and Tobago, refining crude oil and exporting petroleum products that powered industries across the region.
The country thrived on its oil and gas wealth, with energy revenues sustaining foreign exchange reserves, funding infrastructure, and supporting thousands of jobs.
But all of that came crashing down in 2018 when the PNM government made a seemingly reckless move and what may have been a very shortsighted move to shut down Petrotrin.
They claimed it was necessary to eliminate inefficiencies, but what they really did was take dismantle an industry that had been the lifeblood of the economy.
The fallout has been cataclysmic. With no major refining capacity, Trinidad and Tobago lost a critical source of foreign exchange.
The country, once a major exporter of refined petroleum, now struggles to meet even its own energy needs.
The loss of Petrotrin shattered the local economy, putting thousands out of work and plunging entire communities into financial despair.
What was once a profitable sector has been reduced to a shell of its former self, while other nations like Jamaica are stepping in to cash in on the opportunities that Trinidad and Tobago can no longer capitalize on.
Trinidad and Tobago’s s deal with PetroJam is proof of this power shift.
While Trinidad and Tobago scrambles to stay afloat as the tables have turned, and the PNM government is to blame. Their failure to modernize the energy sector, their inability to foresee the consequences of Petrotrin’s closure, and their complete lack of vision have left the country economically weakened and dependent on imports where it once led in exports.
The reality is that the PNM has destroyed Trinidad and Tobago’s energy sector. What was once our biggest asset of economic strength has been reduced to ruins, and the effects are being felt in every corner of the country.
Foreign exchange reserves are almost gone, businesses are struggling, and the nation’s ability to compete on the global stage has been severely reduced.
Meanwhile, Jamaica, once an energy-dependent nation, is now making deals with even providing Trinidad and Tobago marine fuel now.
This is not just mismanagement, it can be described as the betrayal of an entire industry and the generations that built it.
The PNM has taken a thriving energy sector and run it into the abyss. Trinidad and Tobago is now losing their dominance in the Caribbean and it looks like it will become irrelevant in the very sector that once made it great.
Neil Gosine is an insurance executive, sometimes a temporary Opposition Senator, an ex-treasurer of the UNC and a former chairman of the National Petroleum Marketing Company of Trinidad and Tobago (NP). He holds a Doctorate in Business Administration, a Master’s in Business Administration MBA, BSC in Mathematics and a BA in Administrative Studies. The views and comments expressed in this column are not necessarily those of AZP News, a Division of Complete Image Limited
PetroJam Deal Shows T&T has Fallen in Oil Industry
JAMAICA’S PetroJam has just secured a massive deal for one million barrels of specialised marine fuel oil from Trinidad and Tobago, a deal that shows how far we have fallen in the oil industry.
Trinidad and Tobago, once the energy giant of the region, is now in free fall.
This is not just a joke or a normal transaction to purchase fuel, it is a harsh symbol of how far the country has fallen under the leadership of the People’s National Movement (PNM).
The same nation that once dominated the energy markets in the Caribbean is now struggling to maintain its relevance, forced to sell what little refined product it has left while its economy crumbles under the weight of failed policies and poor leadership.
For decades, Trinidad and Tobago has led the region as the energy leader of the Caribbean. Petrotrin, the state-owned oil company, was the shining star of Trinidad and Tobago, refining crude oil and exporting petroleum products that powered industries across the region.
The country thrived on its oil and gas wealth, with energy revenues sustaining foreign exchange reserves, funding infrastructure, and supporting thousands of jobs.
But all of that came crashing down in 2018 when the PNM government made a seemingly reckless move and what may have been a very shortsighted move to shut down Petrotrin.
They claimed it was necessary to eliminate inefficiencies, but what they really did was take dismantle an industry that had been the lifeblood of the economy.
The fallout has been cataclysmic. With no major refining capacity, Trinidad and Tobago lost a critical source of foreign exchange.
The country, once a major exporter of refined petroleum, now struggles to meet even its own energy needs.
The loss of Petrotrin shattered the local economy, putting thousands out of work and plunging entire communities into financial despair.
What was once a profitable sector has been reduced to a shell of its former self, while other nations like Jamaica are stepping in to cash in on the opportunities that Trinidad and Tobago can no longer capitalize on.
Trinidad and Tobago’s s deal with PetroJam is proof of this power shift.
While Trinidad and Tobago scrambles to stay afloat as the tables have turned, and the PNM government is to blame. Their failure to modernize the energy sector, their inability to foresee the consequences of Petrotrin’s closure, and their complete lack of vision have left the country economically weakened and dependent on imports where it once led in exports.
The reality is that the PNM has destroyed Trinidad and Tobago’s energy sector. What was once our biggest asset of economic strength has been reduced to ruins, and the effects are being felt in every corner of the country.
Foreign exchange reserves are almost gone, businesses are struggling, and the nation’s ability to compete on the global stage has been severely reduced.
Meanwhile, Jamaica, once an energy-dependent nation, is now making deals with even providing Trinidad and Tobago marine fuel now.
This is not just mismanagement, it can be described as the betrayal of an entire industry and the generations that built it.
The PNM has taken a thriving energy sector and run it into the abyss. Trinidad and Tobago is now losing their dominance in the Caribbean and it looks like it will become irrelevant in the very sector that once made it great.
Neil Gosine is an insurance executive, sometimes a temporary Opposition Senator, an ex-treasurer of the UNC and a former chairman of the National Petroleum Marketing Company of Trinidad and Tobago (NP). He holds a Doctorate in Business Administration, a Master’s in Business Administration MBA, BSC in Mathematics and a BA in Administrative Studies. The views and comments expressed in this column are not necessarily those of AZP News, a Division of Complete Image Limited