$25b to be spent on new refinery

Juhel Browne jbrowne@trinidadexpress.com

Thursday, February 14th 2008

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.