Young sees no issue with Guyana’s plans to start their own refinery

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Young sees no issue with Guyana’s plans to start their own refinery

Despite Guyana recently shutting down the idea, energy minister Stuart Young believes there is significant interest in the Pointe-a-Pierre refinery following Prime Minister Dr Keith Rowley’s announcement that it was available for use by an international investor.

Young dismissed the suggestion yesterday that the offer was solely for Guyana, saying while in the spirit of Caricom, Guyana was offered the option, it was aimed at the international audience at the recently concluded Guyana international energy conference.

The Pointe-a-Pierre refinery was shut down in 2018 after the government said it could no longer afford to carry it.

Young, meanwhile, wished Guyana “good luck” in constructing their oil refinery.

Responding to questions at the post-Cabinet press briefing, concerning Guyana’s Natural Resources Minister Vickram Bharrat’s recent revelation that they plan to construct their own as they seek self-sufficiency, Young said this would not compromise T&T’s chances of leasing or selling its refinery.

He said, “They are looking at a smaller refinery. Ours can process about 150/140,000 barrels of oil a day. They’re not looking at something that large to start with, I mean, good luck to them. Refineries all around the world, some that are being brought back up, some that are being brought down. It is a difficult business.

“What Guyana has is a steady supply of crude and I suspect they will do the necessary negotiations to bring some of that crude home. I don’t see it at all affecting Trinidad and Tobago and the ability for someone to come in with the right proposal to restart the refinery.”

Young said the Government continues to receive proposals for the refinery from seriously interested parties, some of which came even at the International Energy Conference.

He said any serious prospect for the refinery must have a ready supply of crude and be ready to undertake an engineering analysis and work to get the refinery back up and running.