UWI economist says refinery may reopen after three years

UWI economist Dr Roger Hosein is predicting that Petrotrin’s Pointe-a-Pierre oil refinery may reopen sometime within the next three years.

“I am confident that refinery will open in one form or the other, but I will put my technical expertise on the line that at some point in time, within the next three years that refinery will open back, just as the refinery in St Croix will open back after four years.

It is not logical to spend 10 billion dollars, the gasoline optimisation plant still have life, and the USLD (Ultra-low-sulphur diesel) plant still have life, it is still barely spanking new.”

According to international news outlets, owners of the St Croix refinery, which was once one of the world’s largest refineries, plan to invest $1.4 billion to refurbish and restart a portion of the plant.

The refinery is expected to supply low-sulphur fuels under an International Maritime Organisation mandate.

Addressing the official launch of the Gasparillo Chamber of Commerce at the Gasparillo Ministry Centre, Happy Hill, Bonne Aventure, Gasparillo on Saturday night, Hosein also congratulated the Prime Minister on offering the sale of the refinery to the OWTU.

“The PM did the right thing in asking the OWTU to takeover Petrotrin. Pool all your money together and run the refinery at a 2 $billion loss, I guarantee every single one will back down.”

Hosein advised the new chamber to request a meeting with the state owned oil company and the minister of Energy for funds to begin two MYPED like projects in Gasparillo, Pointe-a-Pierre and environs.

“Get a meeting with Petrotrin and the ministry of energy, lobby in the closure of Petrotrin for the formation of two MYPED like institutions, now MYPED was formed by bpTT in Mayaro, it started with one million US and today it is worth about 15 M US.

They give cheap loans to the community now maybe if we can get two small lump sums from Petrotrin- put 15 M TT and another 8 million for where Petrotrin persons affected can go and get a small loan with a business plan and with entrepreneurial training so that we generate economic activity.”

He said the future of the country was in the non-energy export sector with the big question being how businesses would generate foreign exchange.

He said TT was a “relatively safe country” as it was at the edge of the hurricane belt and wondered how TT would be able to benefit from its location.

“How do we convert the fact that we are a relatively safe country in terms of hurricanes and storms as compared to St Lucia and St Vincent, how do we convert that into real money. I think that is a golden opportunity that we have somehow missed.”