Khan: Fuel transactions above board

ENERGY Minister Franklin Khan said recent purchases of fuel by Paria Fuel Trading Company Ltd are above board. He made the statement in response to questions from Opposition Senator Anil Roberts in the Senate on Tuesday.

Khan said between March and April, Paria bought 1.24 million barrels of gasoline from Trafigura Pte Ltd. He explained that the sum paid to Trafigura was in accordance with its supply contract with Paria. "The price based on the US Gulf Coast water-borne from the flats US market scan, plus a premium which is typical for the fuel trading business."

Khan added, "These transactions were conducted from Paria Trading day to day operational bank accounts." He also said Paria recently received payments from ES Euro Shipping SA for the purchase of 148,968 barrels of gasoline. Khan explained that for commercial reasons, the exact amount could not be disclosed.

He also said it is public knowledge that Paria buys fuel for the domestic and Caricom markets.