25b
to be spent on new refinery
PORT SPAIN
Petroleumworldtt.com
02 17 08
A new oil refinery carded for Pointe-a-Pierre is set to cost the State up to
US$4 billion ($25 billion).
Energy Minister Conrad Enill made the announcement
yesterday, three years after one of his predecessors
in office, Eric Williams, had disclosed the Cabinet
was looking at the establishment of a second oil
refinery, as the existing State-owned Petrotrin
complex was undergoing a $2 billion upgrade.
"A new refinery is estimated to cost US$3-4
billion and would be export oriented. This refinery
is to be located at a site at the (Petrotrin) Pointe-a-Pierre
refinery complex," Enill said while delivering
the feature address at the BG T&T and First
Citizens Energy Luncheon Series at the Hyatt Regency
Hotel at the Waterfront, Port of Spain.
Enill's address yesterday was his first major
speech since his appointment as Energy Minister
after the November 5 general election.
It
also marked the first time that Prime Minister
Patrick Manning, who attended yesterday's event,
did not deliver the feature address at the Energy
Luncheon Series, which suffered briefly from a
power outage at the Hyatt. The power outage occurred
about three minutes after Manning arrived, during
the playing of the national anthem over loud speakers,
but this did not stop the proceedings. Those in
attendance sang the national anthem and both BG
T&T president, Derek Hudson, and First Citizens
chief executive officer, Larry Howai, delivered
their addresses without the benefit of a sound
system, until the electrical supply returned 10
minutes later.
The sound system was fully restored by the time
Enill stood at the podium to deliver his address,
as he said the Government had identified the need
for new refining operations in Trinidad and Tobago,
due to the strategic link in the energy value chain.
At present, Petrotrin does not have the capacity
to refine the light-sweet crude extract from the
oil reserves located off the East coast.
Story
by Juhel Browne from Trinidad Express
- jbrowne@trinidadexpress.com
Trinidad
Express
Thursday, February 14th 2008
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