Trinidad to call for proposals for refining assets

The government of Trinidad and Tobago will call on interested parties to submit business proposals to buy or lease the country’s refining assets, local media reported over the weekend.

Speaking at a news conference, energy minister Franklin Khan said, “We will be putting out a very broad-based request for proposals from the entire international market and there will also be a data room at the Pointe-à-Pierre refinery so that interested parties can come and view the data, view the plans and then make a reasonable proposal to the state.”

The minister told reporters the government is open to reviewing “any business model, whether you want to purchase the refinery, whether you want to have a processing agreement, whether you have a source of crude, whether you have a new business model.”

Earlier this month, Minister Khan announced Petrotrin would be divided into four companies under the name Trinidad Petroleum Holding. Refining assets are to be transferred to Guaracara Refinery Company, Heritage Petroleum Company will take over exploration activities and Paria Fuel Trading Company will be responsible for fuel marketing and retailing operations. Petrotrin will remain to manage legacy issues.