The Prime Minister says "a final feasibility and restart recommendation will be submitted early" next year for the restart of the State-owned refinery in Point-a-Pierre which has been out of operation for the past seven years.
However, the Prime Minister's Office says "any restart must meet rigorous health and safety protocols to ensure the protection of human life, environment and assets."
00:00Prime Minister Kamla Pasad-Besese says that her administration will restart the moth-boiled state-owned oil refinery in Pointe-A-Pay.
00:08On the social media platform X, the Prime Minister said that the Refinery Restart Committee's interim reports findings are clear.
00:17Restarting the Guaracara refinery is technically, commercially and financially viable even after seven years of closure and neglect.
00:25Prime Minister Pasad-Besese said she has directed the Ministry of Energy to evaluate the report and present the best restart options for Cabinet consideration.
00:37The Prime Minister then announced that a final feasibility and restart recommendation will be submitted early in 2026.
00:45Official photos show that on Thursday, December 4th, Prime Minister Pasad-Besese received the interim report from the Refinery Restart Committee, which is chaired by former Energy Minister Kevin Ramnerine.
00:59Also present were Energy Minister Dr. Rudal Munilal and Minister in the Ministry of Energy, Ernesto Kassar.
01:05The refinery was closed when the state-owned oil company was restructured from Petrotrin to Trinidad Petroleum Holdings Limited in late 2018 by the former PNM administration, then led by Dr. Keith Rowley.
01:20At that time, then-Prime Minister Rowley said in an address to the nation that Petrotrin will require an immediate $25 billion cash injection just to stay alive and that there was no way that the company can find this money as no financier will lend it because the company simply will not be able to repay such an additional loan.
01:43In a statement on Friday, the office of the Prime Minister, the OPM, said the Refinery Restart Committee noted that in the year of closure, 2018, the refinery was making an operating profit before hiving off its revenue to satisfy what it called the era of multi-billion dollar debt under its then-chairman, the deceased Malcolm Jones.
02:06A company led by the oilfields' workers' trade union, the OWTU, was unsuccessful in its bid to restart the refinery following the former PNM administration's announced intention to sell or lease it.
02:20Neither occurred before the UNC and its coalition of interests, which includes the OWTU, won the 2025 general election.
02:27In her latest post on the matter on X, Prime Minister Pesad Basese said that a restart will create major jobs, contractor opportunities, foreign exchange, and revitalize fenceline communities, and added that Trinidad and Tobago can once again become a leading regional supplier of refined products.
02:47The OPM said the closure of the refinery for seven years has led to degradation of the units and supporting facilities and offsites, but the committee concluded that the newer plants, which were part of the gasoline optimization program, were in relatively good condition.
03:03The Prime Minister said the committee confirmed that time is of the essence, as further deterioration could make a restart uneconomic, and that the ULSD, or ultra-low sulfur diesel plant, is critical to capturing strong regional demand.
03:18The OPM added that the committee's report recommends four phases to the restart process based on favorable economics, ease of repairs, availability of resources, and availability of capital expenditure.
03:30The OPM also noted that the Prime Minister considers the health and safety framework of paramount importance, as any restart must meet rigorous health and safety protocols to ensure the protection of human life, environment, and assets.
Be the first to comment