Friday 20 September, 2019

Gov't orders retraction of RFPs for Paria Fuel Trading Co.

Government has retracted all requests for proposals for the sale of the Paria Fuel Trading Company.

Minister of Energy and Energy Industries, Franklin Khan, said in a statement issued March 18, 2019, that an order was issued to retract any request for proposals for Paria Fuel Trading Company. 

He said he has taken note of newspaper reports that "could give the impression that it is the intention of the Government to sell the Paria Fuel Trading Company Limited". 

However, he said a mandate was never given for the divestment of Paria Fuel Trading Company.

"However, for the record, the Paria Fuel Trading Company Limited is a strategic state asset that plays a very important role in ensuring the security of supply of liquid petroleum fuels for the transportation sector of Trinidad and Tobago and for the general public." 

"The Company is also invested with the ownership of strategic assets such (as) tank farms, port infrastructure and real estate which were previously owned by the predecessor company Petrotrin."

"As Minister of Energy and Energy Industries, I wish to make it clear that the divestment of Paria Fuel Trading Company is not within the current mandate given by the Government to Trinidad Petroleum Holdings Limited," he said.

Accordingly, Trinidad Petroleum Holdings Limited has been directed to withdraw and retract any advertisement or Request for Proposals that may have been inadvertently issued for the sale of the Paria Fuel Trading Company Limited.

"The public is assured that the Government and the Ministry of Energy and Energy Industries will continue to maintain oversight of the restructuring of Petrotrin and its transformation into viable, efficient and profitable companies, in order to ensure that all decisions taken in the energy sector and all associated subsectors are in the best interest of the citizens of Trinidad and Tobago," Khan said. 

On March 16, 2019 the Trinidad Express reported that the Paria Fuel Company had been put on the market for sale. 

Trinidad Petroleum Holdings Ltd chairman Wilfred Espinet had indicated that requests for proposals had been submitted both for the refinery and for the Paria Fuel Trading Company.

Opposition MP David Lee warned that this could result in a removal of subsidies and an increase in fuel prices. 

The company forms one of four subsidiaries of TPH and oversees terminalling, fuel trading, product supply and logistics. 

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