Energy Minister: New RFPs for Petrotrin refinery coming soon

Energy Minister Franklin Khan has said his ministry is working with the Ministry of Finance to develop new request for proposals (RFP) for the sale of Petrotrin refinery.

In an interview on TV6’s morning show programme, Khan said he was optimistic about the sale and venturing in new markets.

“In a couple of weeks, we will go out with a new request for proposal for the refinery. That is in the hands of the Minister of Finance (Colm Imbert). My optimism is based on the fact that Heritage’s crude which is heavy crude, is fetching a higher price than BP’s east coast crude. There is a market for a refinery of that nature," he said.

“This government is adamant about restarting the refinery because it can create jobs, economic activity, multiplier effects and most importantly it will create foreign exchange.”

Khan added that after the sale, the state will no longer be involved in the refining business but will be focused on exploration and production which is the core business of Heritage Petroleum.

On Friday, the Oilfield Workers Trade Union (OWTU) told Newsday that they wished not to comment on the matter until the RFP has been issued.

The refinery in Pointe-a-Pierre was closed in 2018 and government later opened RFPs for the sale of the facility. There was much confusion in the bidding process and government three times rejected the OWTU-led Patriotic Energies and Technologies Co Ltd's offer of US $700 million.

Also throwing its hat in the ring is the Confederation of Regional Business Chambers. Its coordinator Jai Leladharsingh said they are interested in putting forward a bid for the refinery.

He said because they are a non-governmental organisation their greatest challenge has been funding.

“We are an NGO. In order to be effective in our interest to bid the presidents of some of the chambers have been in discussion to establish a company in which it can source appropriate funding and all the necessities to put forward a good bid for the refinery.”