The Petroleum Company of Trinidad and Tobago Limited (Petrotrin), a state-owned oil company of the Republic of Trinidad and Tobago (T&T), is planning to enter the marine fuels sector after a change in operation plans, reports St. Lucia Times.
The company has made a decision to close its refinery in October; a move which will cause the loss of 1,700 jobs and result in a change in business direction to be a fuel storage facility.
“As we speak, it’ll be converted into a terminalling facility that will use up all its tankage (tanks),” said T&T Energy Minister Franklin Khan.
“There would be bunkering facilities, as there’s tremendous storage capacity at the refinery. That operation will be much scaled down than if you were running a full refinery.”
Petrotrin recorded net loss of TTD 602 million (USD $88.8 million) in the nine months ended June 30 (Q3) of 2018, 63.7% more than net loss of TTD 368 million in Q3 2017.
It posted revenue of TTD $18.0 billion in Q3 2018, 21.2% more than revenue of TTD 14.8 billion in the similar period last year due to higher oil prices.
In March, a new executive team took over operations to oversee the implementation of cost reduction and waste cutting strategies.
Photo credit: Petroleum Company of Trinidad and Tobago Limited
Published: 3 September, 2018
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