The Trinidad and Tobago authorities says discussions with the American firm, Quanten LLC relating to the sale of the oil refinery that was closed in 2018 as a result of billions of {dollars} (One TT greenback=US$0.16 cents) in losses have been terminated.
Prime Minister Dr. Keith Rowley instructed Parliament on Friday that by a public open worldwide request for proposals, the state-owned Trinidad Petroleum Holdings Ltd. (TPHL) and its advisors had “recognized an preliminary most popular proposal from Quanten LLC who they engaged in due diligence and discussions.
“This course of has just lately concluded on December 5, 2022 (and) TPHL on the recommendation of their worldwide advisors terminated all discussions with Quanten LLC,” Rowley stated, including that “there have been numerous entities who’ve expressed an curiosity in exploring the re-start of the refinery and TPHL will proceed assess these expressions of curiosity and we’re additionally exploring whether or not there’s any regional curiosity”.
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Rowley instructed the Parliament that the state-owned firm can also be exploring all its choices, reiterating “I stated that TPHL will proceed to evaluate and when that evaluation is completed…however the door continues to be open for events to speak to TPHL or we could very properly return out once more.
“Going again out doesn’t assure that one can find somebody, we’re at all times accessible, so the door is open”.
Throughout his response to opposition questions on the matter, Rowley insisted that there was no deadline given relating to the sale of the refinery in south Trinidad.
“As of the fifth of December, that’s appropriate as a result of the method didn’t ship a useable, workable association and that was most likely terminated,” Rowley stated, including that he needed to make clear the state of affairs in order that the opposition wouldn’t be confused relating to the sale of the refinery.
“When the refinery was shut down, it was not shut down with an intention to open it on a selected date, It was the federal government of Trinidad and Tobago popping out of the refinery enterprise and we did say very clearly then that if there’s anybody else who could have an curiosity within the refinery because it was closed and we’re out of the enterprise, such an entity will probably be entertained for discussions.”
Rowley stated that the impression being given by the opposition that there was a selected date relating to the sale of the 175,000-barrels per day Pointe-a-Pierre refinery “is solely deceptive.
“In Trinidad and Tobago, the proprietor of the refinery has gone out of the enterprise and if we’re fortunate to search out somebody and has oil to refine, then all of us will probably be blissful”.
The federal government in 2021 stated Patriotic Energies, a subsidiary of the Oilfield Employees Commerce Union (OWTU) failed to supply credible financing for the refinery.
CMC/