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.
Comments