The Trinidad and Tobago government Monday said at least “four interested parties” have shown interest in acquiring the oil refinery of the state-owned Petrotrin company, a few months after it announced a decision to return to the open market to seek a buyer for the refinery that ceased operations two years ago.
Prime Minister Dr. Keith Rowley, speaking in Parliament said that there is an “ongoing request for proposal process for the refinery and it has been narrowed down to four interested parties, which he did not identify.
“These parties have had access to the data room information and some have already visited the refinery,’ Rowley said, adding that the four parties are to put in their proposals by December 15 this year.
“Following such submissions there will be an evaluation process and we anticipate thereafter an evaluation will be done”.
Earlier this year, Finance minister Colm Imbert said the local group, Patriotic Energies, a subsidiary of the Oilfield Workers Trade Union (OWTU), which represents oil workers, could not provide any credible offer of financing for the Petrotrin oil refinery.
He said the government had decided to “return to the open market to see if there is anybody else interested in the plant…and explore all options for the utilization of the refinery”.
The government shut down the state-run oil company and ceased operations two years ago at its only refinery, which then had the capacity to process about 140,000 barrels per day of crude, to curtail losses of over one billion US dollars in the previous five years.
Meanwhile, Prime Minister Rowley told legislators that the government was aware of the decision by the US-based oil giant, ExxonMobil, to move all of its supply chain services from Trinidad and Tobago to Guyana.
“This move by ExxonMobil was to be expected as the source of their exploration and production of oil and possibly gas is in Guyana. Currently the production levels there are over 100,000 barrels a day and the projections for the medium term is over a million barrels a day, so that is not surprising that Exxon shifts its business there,” Rowley said.
“Trinidad and Tobago service providers have been working and operating and providing services in Guyana in joint venture arrangements and they will continue to do so,” he said, adding that the services will be in the hydrocarbon industry and the government “will continue to do its part to promote our services in Guyana and elsewhere”.
Rowley dismissed a call by opposition legislators for his administration to enter into talks with the US oil giant so as to secure employment for locals in Guyana, saying “the employment of staff at ExxonMobil is not a government matter.
“That is a matter to be handled by ExxonMobil who carry their staff as they see fit. But Trinidad and Tobago remains a place that is welcoming to international oil production and we will also seek out opportunities …for our business and our nationals to participate in the economy of Guyana, it being a CARICOM country”.
Source – Cananewsonline
