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PETROTRIN: A NET EARNER OF FOREIGN EXCHANGE PART II

posted 22 Sep 2018, 12:58 by Gerry Kangalee   [ updated 22 Sep 2018, 13:05 ]

Quite a number of very influential citizens of this country are of the view that Trinidad and Tobago imports crude oil to meet domestic demand for petroleum fuels and that those imports consume significant amounts of our scarce foreign exchange. According to one leading energy economist, “Let me state categorically that this idea that T&T imports oil to satisfy domestic demand and hence consumes foreign exchange is completely erroneous.”

What needs to be pointed out is that information published by the Trinidad and Tobago Extractive Industries Transparency Initiative revealed that the TRAFIGURA group, one of the world’s leading energy commodity trading companies, recently started to publicly disclose what it paid to state enterprises such as Petrotrin and NGC for their refined products or Liquefied Natural Gas (LNG) Cargoes. 

For example, TRAFIGURA disclosed, by the way of its responsibility report, that in 2013 it paid Petrotrin and Trinidad and Tobago LNG Ltd (a  subsidiary of NGC) a total of US $503.16 million for 3, 880,000 barrels of refined products and 1.74 million barrels equivalent of gas equivalent of gas. (See table below).

In 2014 and 2015 TRAFIGURA paid Petrotrin and T&T LNG Ltd  a total of US $507 million or approximately TT $3 billion for 5,381,000 barrels of refined products and 2.81 million barrels equivalent of gas respectively. (See table below).

In December 2016 TRAFIGURA disclosed that in 2016 it paid Petrotrin US $506 million for 10,586,000 barrels of refined products and 1,425,000 barrels equivalent of gas.

VALUE AND VOLUME OF PETROTRIN’S REFINED PRODUCT


TRADES WITH TRAFIGURA

 

YEAR

COMPANY

PRODUCT TYPE

VOLUME (THOUSAND TONNES)

VOLUMES (THOUSAND BARRELS)

VALUE (USD)


2014

PETROTRIN

REFINED

154.62

1,000.25

$80,790,676.98

2015

PETROTRIN

REFINED

571.07

4,381.83

$277,672,794.92

2016

PETROTRIN

REFINED

1,425.94

10,586.01

$508,148,765.69

 

FOR THE PERIOD 2013 TO 2016 TRAFIGURA PAID PETROTRIN A TOTAL OF US $1,367,772,237.59 BILLION FOR PETROTRIN‘S REFINED PRODUCTS

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