UNIPET COMMENDS PARIA FOR GOOD FUEL SUPPLY

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A top executive of Unipet is expressing optimism that this country's mothball refinery will be restarted, after a winning bid is selected.  And the privately-owned fuel retailer is also commending the State enterprise responsible for ensuring there is a reliable supply of motor vehicle fuel since the refinery's closure.  Juhel Browne reports.

Transcript

00:00TV6 News spoke with Dexter Riley, the Chief Executive Officer of the privately owned fuel

00:05retailer Unipet, at the Energy Chamber's 2025 Energy Conference at the Hyatt Regency Hotel

00:11in Port of Spain, the day after Prime Minister Dr Keith Rowley announced the winning bid

00:16to restart the mothballed state-owned refinery in Pointe-a-Pierre could be selected before

00:21the end of this month.

00:22You know, the refinery has been a very important topic for the whole national community and

00:27the regional community.

00:28And in particular, us in the retail space as a whole, sailor, and it means a number

00:33of things.

00:34It means employment opportunities, it means foreign exchange, but it also means fuel security.

00:40The refinery has been closed since late 2018 as part of the government's restructuring

00:45of the state-owned oil company from Petrotrin into Trinidad Petroleum Holdings Limited,

00:50TPHL.

00:52Sometimes we have customers that have special requirements for their fuel.

00:57And you know, with a refinery, that possibility is there.

01:00And it reactivates a number of professionals and service companies that bring value to

01:07our sector that when a refinery is not operating, it's more difficult to access.

01:12So we welcome and look forward to the restart of the refinery and we remain open to cooperate

01:17with the new operators of the refinery.

01:20Unipet's CEO then spoke about the role of TPHL's subsidiary, Paria Fuel Trading Limited,

01:26which has been importing gasoline and diesel for Unipet and the state-owned fuel retailer,

01:31NP, to supply the local market.

01:34I want to take this opportunity to commend the exceptional job that Paria has been doing.

01:38And I know a lot went into that, we don't take it for granted.

01:42So as it stands now, Unipet is not looking to source fuel on its own, given what you've

01:47said about Paria's supply of fuel?

01:50No, we never had a need based on the reliable service and the consultative approach that

01:58Paria has been maintaining since the inoperation.

02:02We are included, we support, and there's no need for us to have an independent supply

02:09or request permission to get access to an independent supply because our needs and that

02:15of our customers has been fulfilled exceptionally well by Paria.

02:19As Unipet continues to focus on its fuel business, it has also been expanding into

02:24other areas of energy supply with its subsidiary, Unipet Energy.

02:28There is a commitment in the world to using clean fuel, alternative fuels, and Unipet

02:36is committed to collaborating with the wider community, business and end-users, to manage

02:43that transition.

02:45So we continue to invest in renewables.

02:48One of the key things I wanted to share is that we were the first company in Trinidad

02:53to join the UN Global Compact because of our commitment to sustainability.

02:58Mr Riley then spoke about Unipet's partnership with Unicoma, the Switch to Sunshine campaign,

03:03which is offering 100% financing and a credit facility of up to $100,000 to ensure that

03:11solar water heaters, solar PV systems and EV chargers are more accessible than ever,

03:17particularly for those who may not have access to traditional financing.

03:22And we are also looking for additional partners in the financial sector to even make it available

03:30to a wider reach and cross-section of people.

03:32We want to collaborate and make it happen.

03:35Mr Riley said Unipet has also been working on making it happen where FinTech is concerned.

03:40We have an application before the Central Bank, which we hope to get some feedback on

03:47in 2025, the sooner the better, that will enable the availability of these technologies,

03:54renewable energy technologies.

03:55So we're excited and look out to hear more about it soon.

03:58Mr Riley said Unipet is now an energy, convenience and technology company.

04:04Jule Brown, TV6 News.

04:10Unipet is now an energy, convenience and technology company.

04:14Jule Brown, TV6 News.

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