By Sue-Ann Wayow
THE defunct Petrotrin refinery at Pointe-a-Pierre is being marketed for sale by Prime Minister Dr Keith Rowley.
Speaking at the International Energy Conference and Expo in Guyana on Tuesday, Dr Rowley used the forum to make his pitch for the refinery that has been down since 2018 with most of its infrastructure now in ruins.
The conference was held at the Guyana Marriott Hotel in Georgetown.
Several attempts to get a buyer have proven futile and even attempts by the Oilfield Workers Trade Union (OWTU) failed.
Dr Rowley said the majority of Caribbean countries relied on imports of petroleum products representing 87% of primary energy consumption and oil-importing countries have reported spending up to 15 % of annual Gross Domestic Product (GDP).
He said, “The heavy dependence on imported energy has negatively affected the economic performance of many Caribbean nations, contributing to instability in both fiscal and external accounts. This includes Trinidad and Tobago which was importing most of its crude oil and creating refined products for its domestic needs and for the regional market.
“This import and refine model was being carried on with significant loan support from the national Treasury. By 2018, in the absence of an improved crude oil supply the accumulated debt and projections for sustained losses, resulted in a restructuring of the state-owned company and this included a closure of the refinery, which in the absence of a new source of crude, stands mothballed at Point-a-Pierre in Trinidad. This refinery and its supporting infrastructure are available for restart, upgrade and use on reasonable terms to any interested refiner or crude supplier.”
Mentioning collaborations with other Caribbean countries, Dr Rowley also spoke about the Dragon Gas Field which following the request by the Government of Trinidad and Tobago, the US Treasury Department recently granted the Government an initial two-year (OFAC) licence to develop the Dragon field.
He said that investments in enabling infrastructure and technology can be costly even to the point of being prohibitive.
Dr Rowley said, “Trinidad and Tobago therefore provides a viable option for those countries that wish to optimize the monetization of their hydrocarbon resources without incurring substantial capital expenditure. The proposed Dragon Gas Project with Bolivarian Government of Venezuela is an example of Government to Government co-operation in the monetizing of natural gas resources. We are open to discussion with our other Caribbean neighbours on the monetization of their hydrocarbon resources in Trinidad and Tobago.”
