Saith:
PetroCaribe no threat to T&T
By Juhel Browne
Trinidad Express
Caracas
Petroleumworldtt.com
05 06 07
Energy Minister Dr Lenny Saith says Venezuela's
PetroCaribe deal with 13 Caricom member states
does not pose a threat to this country's oil refinery.
"I think what it does is changes the market
situation in respect of our refined products," he
said.
Saith said that there was still an opportunity
for Petrotrin to refine some of Venezuela's oil
that is being offered as part of the PetroCaribe
deal as that country's government and the Prime
Minister Patrick Manning administration continue
to iron out the details of a framework agreement
extraction agreement.
Once PetroCaribe takes full effect, Trinidad and
Tobago by way of its Petrotrin refinery, will no
longer be the main supplier of oil and oil products
to Caricom.
"Even (with) the Petrocaribe arrangement,
Venezuela has to refine its crude somewhere to
supply the Caribbean and there is room for discussion
there about whether we can do it here on a fee
basis, so there is a lot of room for cooperation
between ourselves and Venezuela," Saith said.
He expressed this optimism during Thursday's post-Cabinet
news conference at Whitehall, Port of Spain.
The PetroCaribe will see stipulates the Caricom
states that have agreed to it paying market prices
for Venezuelan oil but they could do so by paying
a portion up front and then finance the rest over
25 years at low interest rates.
PetroCaribe also includes a fund initially capitalised
by Venezuela at US$50 million.
"PetroCaribe is really a marketing arrangement
between Venezuela and some Caribbean countries
as to how they get oil and fuel. Some of it they
were getting from Trinidad, if they don't take
from Trinidad and other arrangements were made
then Trinidad has that fuel available for sale
elsewhere," he said.
Saith also noted that Petrotrin is now undergoing
a major upgrading exercise to expand its refining
capacity and therefore, widen its product base
and market share.
"Petrotrin refinery sells a fair portion
of its product outside of Caricom. Caricom market
is relatively small in the context of their refining
capacity," Saith said.
Trinidad
Express
Monday, April 30th 2007
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