Petrotrin

Petroleum Company of Trinidad and Tobago Ltd.
legal form	Private Limited Company ( Ltd. )
founding	January 21, 1993
Seat	Port of Spain , Trinidad and Tobago
management	Wilfred Espinet (Chairman)
Number of employees	5,000
sales	19751000000 TT $ (2.5 billion euros )
Branch	Mineral oil company
As of September 30, 2015

The Petroleum Company of Trinidad and Tobago Limited (Petrotrin) was a state-owned Trinidadian mineral oil company. Founded in 1993 through the merger of several state-owned companies, the company produces oil and natural gas and operated Trinidad's only oil refinery .

history

Petrotrin was created in 1993 through the merger of two companies whose history dates back to the beginnings of oil exploration in Trinidad.

Commercial oil production in Trinidad began in 1908. In the 1910s, several oil companies were founded, almost all of them as domestic companies, only UBOT (United British Oilfields of Trinidad) was a subsidiary of Shell Transport and Trading Company . In the 1950s, Texaco , Shell and BP gradually bought up the small, local businesses. In 1962, the three companies founded the Trinmar joint venture, which three years later was responsible for almost a third of the country's total oil production. In 1965 the three companies produced 98% of Trinidadian crude oil.

After independence in 1962, the young state of Trinidad and Tobago became involved in the energy sector, among other things by founding state oil companies. In 1969 the state bought BP's oil business in a joint venture with Tesoro . In 1974 the business was bought by Shell and transferred to the state-owned Trinidad and Tobago Oil Company (Trintoc). In 1985 the shares were taken over by Tesoro and the company was renamed the Trinidad and Tobago Petroleum Company (Trintopec). In the same year the Texaco oil business was acquired and integrated into Trintoc. In 1993 Trintopec and Trintoc were merged to form the Petroleum Company of Trinidad and Tobago (Petrotrin). In 2000, Trinmar, a joint venture between Petrotrin and Texaco, was integrated into the company. Petrotrin has also been producing natural gas since 2002. In 2011 Petrotrin controlled almost 50% of Trinidad's oil production.

In December 2013, the largest oil spill in the history of Trinidad occurred when four leaks occurred over a period of twelve days at Petrotrin production facilities in the Gulf of Paria , from which a ton of crude oil escaped into the sea. In addition to long-term damage to the marine fauna and flora, there was also damage to the fishing industry, which is important in southwestern Trinidad, and in La Brea Petrotrin had to cater for the population for over a month because open and gas-fired fires for the preparation of meals were forbidden because of the crude oil landings. The widespread use of Corexit to bind the leaked crude oil caused criticism .

structure

The daily output of crude oil was 6350 tons in 2015. Petrotrin operated the only Trinidad refinery in Pointe-à-Pierre , built in 1940 and completely modernized in 1991, with a capacity of 30,000 cubic meters of crude oil to be processed daily. Liquid gas, petrol, kerosene and heating oil were produced there. In order to use the refinery to capacity, the vast majority of the crude oil had to be imported. At the Pointe-à-Pierre location, Petrotrin also operated a bitumen factory built in 1999 with a production capacity of 25,000 tons per year. The loss-making refinery was closed at the end of November 2018. 4900 employees lost their jobs.

As a state company, Petrotrin was directly subordinate to the Ministry of Finance. In 2013 the company achieved a roughly balanced business result, in 2014 it made a loss of 246 million TTD. The company's liabilities at the end of the 2014 fiscal year were TTD 14.4 billion.

The company was dissolved in 2018 due to a lack of competitiveness.

Individual evidence

1. ↑ Governance
2. ^ Petrotrin.com: Our Company. Retrieved May 4, 2016 . 
3. ↑ Consolidated Financial Statements - 2015 September 30
4. ↑ Petrotrin.com: Down Memory Lane - The Evolution of Petrotrin. Retrieved April 22, 2016 .  (PDF, 3 MB)
5. ↑ Bridget Brereton: A History of Modern Trinidad 1783--1962 . 4th edition. Terra Verde Resource Center, Champs Fleurs 2009, ISBN 0-435-98116-1 , pp. 215 .
6. ↑ Dennis Campbell: Mergers and Acquisitions in North America, Latin America, Asia and the Pacific: Selected Issues and Jurisdictions, in: Comparative law yearbook of international business 2011 . Kluwer Law International, New York 2011, ISBN 978-90-411-3654-1 , pp. 513 .
7. ↑ HuffingtonPost.com: Press Statement by Dr. Allan Bachan, Chairman of the EMA. Retrieved May 5, 2016 . 
8. ↑ Trinidad Guardian of January 16, 2014: Open flame ban still in effect at La Brea. Retrieved May 5, 2016 . 
9. ↑ Trinidad Guardian of October 15, 2015: New Petrotrin boss wary of losses: We may soon go out of business. Retrieved May 5, 2016 . 
10. ↑ Gail Alexander: PaP refinery operations shut down. Petrotrin is no more . In: Trinidad Guardian . November 30, 2018.
11. ↑ News.gov.tt: Time To Build Up, Not Breakdown Petrotrin. Retrieved May 5, 2016 .