EST. US$1 BILLION TO RESTART REFNERY SAYS YOUNG

CCNTV6

Former Energy Minister Stuart Young  is raising  concerns that the the new UNC led government is seeking to privatize Paria Fuel Trading Company Limited "under the disguise of a refinery ."  This, as he claims it could cost US one billion dollars to restart the refinery and wants to know who will pay that cost.  Juhel Browne reports.

Transcript

00:00Asked to comment on the official announcement of the Restart Refinery Committee's interim findings,

00:07Opposition MP and former Energy Minister Stuart Young told TV6 News

00:11the population must not accept any attempt by the UNC government to privatize by a sale, lease or any other arrangement,

00:19Paria Fuel Trading Company Limited, under what he called the disguise of a refinery restart.

00:25As he said, this will jeopardize our country's domestic fuel supply and also is certain to ensure that the refinery is not restarted.

00:34MP Young said the bunkering assets of Paria are separate to the refinery and should not leave the nation's control.

00:42However, the Prime Minister did not make any mention of Paria Fuel Trading and neither did the Office of the Prime Minister,

00:49which said in a supporting statement on Friday that the Refinery Restart Committee's interim report notes

00:56that despite its closure seven years ago, the restart of the refinery is technically, commercially and financially viable

01:03given the current market demands for refined products and crude availability.

01:09Mr. Young played a key role in leading the former PNM administration's efforts to sell or lease the state-owned refinery.

01:16While Nigeria-based, Oando PLC was selected as the preferred bidder in early 2025,

01:23its proposed lease of the refinery was not finalized.

01:28MP Young told TV6 News, quote,

01:30There has been nothing definitive said by the Prime Minister and her two ministers of energy with respect to the refinery.

01:37They continue with a smoke-and-mirrors approach, end quote.

01:40MP Young said there are questions that need answering, such as what is the cost of restarting the refinery,

01:47as he said it has been estimated at approximately U.S. $1 billion,

01:52as he claimed no one has done a proper asset integrity assessment and costing.

01:58The former Energy Minister also asked of the government,

02:01who is going to spend U.S. $1 billion to restart an aged refinery and where is the crude going to come from?

02:09MP Young said the government would have to buy with U.S. dollars and import approximately 100,000 barrels of crude oil a day

02:17for the refinery, as he explained that means spending about U.S. $6.3 million a day on crude purchases and importation.

02:27MP Young said, quote,

02:29These are the real questions that need to be answered, not posing with people holding a document up for a photo opportunity, end quote.

02:38Jewel Brown, TV6 News.

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