Trinidad and Tobago re-exports ten million barrels of oil to 16 territories

THIS country has re-exported ten million barrels of refined oil products to about 16 Caribbean countries/territories, said Trade Minister Paula Gopee-Scoon in the Senate on Tuesday.

She was replying to a question posed by Opposition Senator Jearlean John on behalf of her colleague Wade Mark about TT's re-export of imported refined oil products.

John asked how much oil was re-exported, to which countries and at what prices.

Gopee-Scoon replied that TT has exported 10,103,311 barrels of oil, of all types of product, from January-August.

She listed the re-export destinations. These were Guyana, Barbados, Suriname, St Lucia, Grenada including Carriacou, Tortola, Jamaica, St Vincent including Bequia, St Kitts and Nevis, Bahamas, Guadeloupe, Turks and Caicos, Montserrat, Martinique, St Martin, and Haiti.

"The export price is based on market reference price plus a premium. This price, therefore, varies on a cargo-to-cargo basis, depending on the dates, the cargoes lifted, and the grades and specifications of cargoes.

"For calender year 2022, these prices varied between US$120.21 and US$177.82 per barrel."

John asked if the cargoes had been sold by Paria Fuel Trading Company Ltd or some middleman as agent, but Senate President Christine Kangaloo disallowed the question.

Asked by John if the cost of the cargoes had been subsidised by the people of TT, Gopee-Scoon replied. "Absolutely not."

John asked how Paria had obtained these markets but Kangaloo disallowed the question.

John asked how the oil got to these markets, namely whether cargoes first passed through TT or went directly to those destinations.

Gopee-Scoon, in reply, sarcastically asked if John wished to know the name and size of the ships re-exporting the cargoes.

She elaborated, "It's very difficult (to specify) because it could vary. You are going into very small territories and dependent upon the amount sold.

"It may be a full cargo, or if not you may be dropping off at different points. So it's difficult to answer specifically, to which and to when."