Minister of Energy and Energy Industries Franklin Khan told Parliament that the newly restructured company would have a subsidiary to handle legacy issues, one to oversee E&P operations, a third responsible for marketing activity and a fourth to manage the refinery.
“We are deinventerising the [refinery] assets, which is taking out all the saleable products […] safing the plant largely with liquid nitrogen so it could be mothballed for possibly a short while, and when a new business model emerges, based on conversations we will have with the market, then the refinery can be re-operationalised,” Minister Khan said.
The refinery shutdown, slated for completion by the end of the month, is part of a larger strategy to bring sustainability and financial balance back to Petrotrin’s operations.
The company has lost about TTD 8 billion (USD 1.17 billion) since 2013 and will require a TTD 25-billion (USD 3.66-billion) cash injection to maintain infrastructure and pay down arrears, which currently amount to TTD 12 billion (USD 1.76 billion), according to the NOC’s board.
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More
SLB OneSubsea and Subsea7 have signed a long-term strategic collaboration agreement with Equinor and begun work on two of its… Read More
Presight has acquired a 51% shareholding in AIQ, an energy-focused AI player founded by ADNOC and G42, the companies announced… Read More
UK engineering contractor Wood has been awarded a decarbonisation project by TotalEnergies to support flare gas recovery in the North… Read More
This website uses cookies.