September 06, 2012:
Employees at state-owned Petrotrin have returned to work in all departments and NP and UNIPET continue to supply service stations throughout Trinidad and Tobago.
Minister of Energy and Energy Affairs, Kevin Ramnarine gave the assurance as he addressed the post Cabinet news conference earlier today at the Diplomatic Centre in St Ann’s.
“Petrotin’s bonds and the port at Point-a-Pierre are operational,” the Minister said.
The Minister also noted that the nation should have more confidence in Petrotrin and NP as there were contingency measures in place to deal with any issues which could affect the supply of fuel.
“Since I became a Minister, there have been four occasions where similar occurrences have happened. It is natural for people to panic buy but it must be noted that the extent is not as it used to be in the past,” Ramnarine said.
He said one of the contingency measures which will be developed was the completion of the multi-fuel pipeline bond, which is located opposite the Caroni cremation site.
“The previous government had started this. It will be like the bond at Point-a-Pierre and should be completed by late 2012. This will provide another point of supply,” Ramnarine said.
The Minister noted that currently Petrotrin was involved in quantifying the losses it accrued as a result of the strike action, as the company has ceased all exportation of fuel.
“We are quantifying the cost of what the strike has done from the lost of sale. We stopped all export of fuel to customers throughout the world which has affected the Caribbean. Usually 20 percent of the fuel produced is used locally while the rest is exported,” Ramnarine said.
Meanwhile, the Minister also announced that the Ministry received 12 bids during the Deep Water Bid Round which closed on Tuesday. Of the 12, bids were received from three new companies.
“This was the most successful deep water bid round in the last 14 years. It is a boost to the national economy. Bids were received on five out of the six deepwater blocks,” the Minister said.
Ramnarine said the Ministry will conduct another round of bidding in 2013.