Rowley: NiQuan fuel to be purchased in US dollars

The low-sulphur diesel products produced by NiQuan Energy Trinidad Ltd’s gas-to-liquids plant will be purchased in US dollars, the Prime Minister has said.

Dr Rowley made the statement during the Prime Minister’s question segment in Parliament on Friday in response to a question by Pointe-a-Pierre MP David Lee.

In 2019, Energy Minister Franklin Khan said NiQuan Energy had an offtake agreement with Petrotrin which would now be assigned to Paria Fuel Trading. Rowley said the agreement remains in place.

“NiQuan sells zero sulphur diesel which fetches a premium of 25 per cent above the market price, and it will be sold in US dollars, so it’s a US dollar transaction. The arrangement between NiQuan and the seller is that there’s an offtake agreement where NiQuan supplies its product to Heritage or to Paria. That product is sold on the international market for US$ and then the payments are separated when they come back into the country.”

Rowley said the fuel produced can be used in the local market or sold, depending on what TT’s needs are.

“As soon as a supply is available, it should be available to the local market, because it is meant to satisfy the local and foreign markets. NiQuan’s diesel is not for consumption off the plant, it’s for blending and improving other diesels, so that arrangement will remain in place and the market is there for both export and import.”

Rowley opened the Pointe-a-Pierre plant on Monday.