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Petrotrin’s problems

Thursday, July 5, 2018

From what I hear/know/think these are my concerns. This refinery needs to be shut down as it is probably the highest user of foreign exchange in T&T.

To keep the refinery running the average crude oil imported into Trinidad in May was 86,000 Bbls of oil per day.

Shutting down the refinery would save T&T millions and Point-a-Pierre could be converted into prime high-end real estate.

An additional US$300 million needs to be spent on this refinery to bring the products produced to world specs by 2020, or else this refinery would only be able to supply T&T with fuel.

Petrotrin presently has no drilling rigs working on land or offshore, as the last working rig’s contract ended in June.

Production in Trinmar will definitely decline without a rig working there.

Obviously, Petrotrin is overstaffed and their employees are overpaid.

Just the overtime cost of the refinery every month is TT$22 million.

Petrotrin should just be an Exploration and Production (E&P) company and get out of the refining business, sell all the iron/steel from the refinery to local scrap dealers.

Petrotrin should have two rigs drilling on land and one drilling in Trinmar in order to increase production.

Petrotrin has become a Caroni and needs to reduce staff and become efficient and it can only happen with the union’s support.



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