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Trinidad and Tobago returns to market searching for refinery buyer

January 22/2021

MOSCOW (MRC) -- Trinidad and Tobago will return to the open market to seek a buyer for its oil refinery that ceased operations two years ago after rejecting a proposal from a local group, Finance minister Colm Imbert said, said Reuters.

Imbert said Patriotic Energies, a subsidiary of a trade union which represents oil workers, could not provide any credible offer of financing for the Petrotrin oil refinery. The government decided to return to the open market to see if there is anybody else interested in the plantand explore all options for the utilization of the refinery", he said.

The government shut down the state-run Petrotrin and ceased operations two years ago at its only refinery, which then had the capacity to process about 140,000 barrels per day of crude, to curtail losses of over USD1 billion in the previous five years.

The government said Petrotrin required a cash injection of USD4 billion to remain in operation, upgrade its infrastructure and repay the nearly USD2 billion in debt it had racked up.

As MRC informed previously, oil producers face an unprecedented challenge to balance supply and demand as factors including the pace and response to COVID-19 vaccines cloud the outlook, according to an official with International Energy Agency's (IEA) statement.

We remind that the COVID-19 outbreak has led to an unprecedented decline in demand affecting all sections of the Russian economy, which has impacted the demand for petrochemicals in the short-term. However, the pandemic triggered an increase in the demand for polymers in food packaging, and cleaning and hygiene products, according to GlobalData, a leading data and analytics company. With Russian petrochemical companies having the advantage of access to low-cost feedstock, and proximity to demand-rich Asian (primarily China) and European markets for the supply of petrochemical products, these companies appear to be well-positioned to derive full benefits from an improving market environment and global economy post-COVID-19, says GlobalData.

We also remind that in December 2020, Sibur, Gazprom Neft, and Uzbekneftegaz agreed to cooperate on potential investments in Uzbekistan including a major expansion of Uzbekneftegazs existing Shurtan Gas Chemical Complex (SGCC) and the proposed construction of a new gas chemicals facility. The signed cooperation agreement for the projects includes the creation of a gas chemical complex using methanol-to-olefins (MTO) technology, and the expansion of the production capacity of the Shurtan Gas Chemical Complex.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's DataScope report, PE imports to Russia decreased in January-November 2020 by 17% year on year and reached 569,900 tonnes. High density polyethylene (HDPE) accounted for the greatest reduction in imports. At the same time, PP imports into Russia increased by 21% year on year to about 202,000 tonnes in the first eleven months of 2020. Propylene homopolymer (homopolymer PP) accounted for the main increase in imports.


mrcplast.com
Author:Anna Larionova
Tags:petroleum products, crude oil, PP, PE, neftegaz, petrochemistry.
Category:General News
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