Petrotrin owes PPGPL $$$ from before shutdown

PHOENIX Park Gas Processors Ltd (PPGPL) is still owed money by Petrotrin from before the shutdown of the refinery in November 2018.

This was reported on Thursday during a virtual media conference after the Trinidad and Tobago NGL Ltd (TTNGL) virtual annual meeting.

TTNGL chairman Conrad Enill in his address said there were receivables outstanding from Petrotrin for PPGPL.

Asked about the outstanding amount, PPGPL president Dominic Rampersad explained that before the shutdown of Petrotrin, PPGPL had supplied isobutane to the refinery, which was being used to ensure its gasoline and diesel met market specifications.

"With the subsequent shutdown, six months' receivables remained outstanding."

Rampersad said PPGPL continued to engage with Petrotrin and new shareholders Petrotrin Holdings about the repayment.

"We did not yet get the full settlement."

Asked what was the outstanding amount, he replied that the information is enshrined in different commercial arrangements with strict confidentiality.

He was also asked about gas supply and the closure of plants. He replied that though there has been a decline in volumes of gas going through the plant there has been a steady increase of 33 per cent in the last couple of months. He added that though less gas was being processed there were more liquids in the gas.

On gas supply, he said that there is currently more supply than demand. On the temporary shutdown of plants in Point Lisas, Rampersad said that was a function of the economic conditions in the respective markets and he could not say when when they would resume.