Petrotrin
gets US$750 million funding for gasoline upgrade
The Trinidad Guardian
Port
Spain
Petroleumworldtt.com
07 22 07
STATE-OWNED oil company Petrotrin has accessed
US$750 million from the international capital markets
in order to fund its gasoline optimisation project.
The
completion of the gasoline optimisation project
will shift Petrotrin’s production to higher-value
commodities which will ensure the company’s
continued and expanded access to its important
export markets.
The
financing—in the form of senior secured
notes—was managed by Citibank and achieved
a fixed coupon of six per cent for the 15 year
notes.
Several
speakers at Thursday’s Citibank
function at the Hilton said the US$750 million
financing was the largest investment grade issue
ever done by a company from the Caribbean.
The financing will fund the construction of five
new plants at the Pointe-a-Pierre refinery, said
Malcolm Jones, the executive chairman of Petrotrin.
He said the completion of the project will enable
the company to bring cleaner and more environmentally
friendly transport fuels to the regional and international
markets.
The project will also lead to an increase in the
finished gasoline yield of the Point-a-Pierre refinery
of approximately 40 per cent. This is at the expense
of unfinished gasoline and vacuum gas oil and purchased
isobutanes.
The project will also cause an improvement of
the quality of the gasoline pool in terms of an
increase in the motor octane number and a reduction
in the benzene and sulfur content.
Trinidad
Guardian
Tuesday 17th July, 2007
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©2007 Trinidad Publishing Company Limited
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