Petrotrin
head predicts energy growth
Petrotrin
executive chairman Malcolm Jones
By
Rory Rostant
The Trindad & Tobago Newsday
Port Spain
Petroleumworldtt.com
07 15 07
WITH
international energy prices expected to remain
high for the foreseeable future, Petrotrin executive
chairman Malcolm Jones said the country’s
economy will receive a boost from more jobs being
created by the energy sector.
Jones
made this prediction when he addressed a ceremony
at the Hilton Trinidad, St Ann’s
on Wednesday to commemorate the successful closure
of a US$750M fixed rate bond between Petrotrin
and Citibank (Trinidad and Tobago).
This
bond is regarded as “the largest investment
grade deal” to have been completed in this
country for either a sovereign or state entity
or a private corporation.
Petrotrin will use the net proceeds of this bond
issue to finance a large portion of its Gasoline
Optimitisation Programme (GOP).
Jones
said with developments in the international energy
arena marked by supply disruptions due to
war and geopolitical uncertainty, “these
factors are expected to keep crude, natural gas
and products very competitive in the short to medium
term.”
“Petrotrin intends to fully exploit this
window of opportunity. While all of our achievements
and networks may sound excellent, we are aware
that the oil business does not stand still,” he
stated.
In addition to enabling Petrotrin to bring cleaner,
more environmentally friendly transport fuels to
regional and international markets, Jones disclosed
that the GOP will be configured in a manner that
will ensure that at least 30 percent local content
would be maintained throughout the project since
the use of local sub-contractors would be maximised
at all stages.
“At peak construction therefore, we expect
significant employment and skills development opportunities
for persons in the energy sector. Increased activities
at Pointe-a-Pierre during the construction phase
are sure to have a positive impact on the economy
of TT,” Jones declared.
Jones
also said Petrotrin will construct a diesel hydro-treating
and de-aromatisation plant that
will produce ultra-low sulphur, low aromatic diesel
to meet the very stringent specifications now demanded
in the diesel markets. He said this unit will be
financed through internally generated funds and
will also able the company’s Pointe-a-Pierre
Refinery to “process a broader range of crude
oils.”
Among the dignitaries attending the ceremony were
Minister in the Ministry of Finance Conrad Enill,
Trade and Industry Minister Ken Valley, House Speaker
Barry Sinanan and Central Bank Governor Ewart Williams.
Trinidad
& Tobago Newsday
Friday,
July 13 2007
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