Patriotic backs US$50m refinery study Roget’s company partners with Italian firm on major feasibility assessment but Moonilal says no decision yet on refinery sale

2026-03-26 - 02:54

Lead Editor- Newsgathering kejan.haynes@guardian.co.tt An Italian engineering group says it has secured a US$50 million contract to conduct a rehabilitation study on Petrotrin’s refinery in Pointe-à-Pierre. However, Government is distancing itself from the arrangement. In a statement on its website, MAIRE announced that its subsidiary, Tecnimont Services, had been awarded the contract for an assessment of the refinery, describing it as a major project to assess and prepare the facility for potential restart. The company said the project further strengthens its geographic diversification by expanding its presence in Central America. The company said the work will include “a comprehensive technical and integrity assessment” of the refinery’s units and equipment, along with development of a two-phase rehabilitation study. It added that the exercise will evaluate energy efficiency, environmental performance and engineering requirements, including upgraded water intake and cooling systems. MAIRE CEO Alessandro Bernini said, “The upgrading of the Guaracara Refinery Complex is expected to generate tangible benefits for the local economy, contributing to value creation, industrial development and skill enhancement.” However, contacted yesterday after the Italian firm posted the statement on its website, Energy Minister Dr Roodal Moonilal made it clear that the Government is not involved in the deal. “They are one of many global oil and gas corporations and investment entities interested in our refinery. They are involved with Patriotic Energies in their ongoing interest in the refinery operations,” Moonilal said. “The doors are open to all investors and energy companies. There is no selected entity at this moment.” Also contacted via phone, Patriotic Energies director Ozzie Warwick confirmed the arrangement with the Italian company, but offered limited details. “Yes, Tecnimont has partnered with Patriotic Energies to conduct a detailed engineering inspection of the Guaracara refinery as part of Patriotic’s proposal to the Government for the restart of the refinery. This arrangement is between Tecnimont and Patriotic and has no involvement from the Government of Trinidad and Tobago apart from courtesies extended,” he said. When asked how the study was being financed, Warwick said, “It’s paid for by investment partners who will be disclosed at the appropriate time.” He did not respond to further questions, including why such a study is being undertaken before any formal award of a refinery contract. Yesterday, chairman of the Refinery Restart Committee, Kevin Ramnarine, said the latest development was separate from the committee’s work. “I have no information on the Technimont story that has been published on several international websites. The committee I chaired submitted its report to the Ministry of Energy in December 2025. It largely looked at the restart from an asset integrity, process engineering and economic point of view. I expect that these findings will inform Government’s discussions with potential investors,” he said. PNM’s Young demands full disclosure But Opposition People’s National Movement MP Stuart Young questioned the legitimacy and transparency of the reported deal. “First, who is it that awarded this contract to this Italian firm? Who signed that contract? Secondly, who is paying 50 million US dollars for this assessment and plan to be done? Is it us, the taxpayers? And the third question for Kamla Persad and Moonilal is this, every time you all have travelled to the United States, to India and to Guyana, the two of you have told Trinidad and Tobago that you have endless companies lined up coming to restart the refinery at Pointe-a-Pierre. What exactly is the truth? What exactly are the answers to these questions? Because we, Trinidad and Tobago, deserve the answer.” In 2024, Young, then the Energy minister, accused Patriotic Energies and Technologies Company Limited of submitting a fraudulent document claiming it had secured US$1.5 billion to finance its bid for the refinery, insisting the company did not have the required funding despite being given additional time. Patriotic rejected the claims, describing them as “misleading and mischievous” and maintaining that its preferred financier had been vetted by the evaluation committee and accepted by Scotiabank International, with no concerns raised during the process. In July 2025, the Oilfield Workers’ Trade Union faced a major legal setback tied to its earlier bid to acquire the Pointe-à-Pierre refinery. The High Court ruled in favour of KCL Capital Market Brokers Limited, holding the union and its affiliated company, Patriotic Energies and Technologies Limited, liable for more than US$4 million in unpaid loans. The loans were taken between 2019 and 2020 to finance the union’s attempt to purchase the refinery following the closure of Petrotrin in 2018. Guaracara refinery restart timeline over past year February 2025: Government re-invites bids Then prime minister, Dr Keith Rowley, said the government expected to complete the bidding process for the mothballed Guaracara refinery by the end of February, after reinviting expressions of interest following unsatisfactory initial bids. June 2025: Plans to explore refinery restart The government discussed forming a committee to examine reopening the refinery, including representatives from labour and government, to develop a technical, financial, and commercial strategy. Public reporting confirms discussions, but an exact date is not documented. July 10-11, 2025: Refinery Restart Committee formally appointed A 12-member Refinery Restart Committee, chaired by former Energy Minister Kevin Ramnarine, was officially appointed. The committee was tasked with assessing the feasibility of restarting the refinery and submitting its report to Cabinet within four months. September 2025: Committee progress The committee conducted detailed assessments, including reviewing mothballing records, refinery infrastructure, operational requirements, and potential commercial partners. No public statement confirms exactly September 10, but work was ongoing at this time. October 16, 2025: Five-phase revival plan announced Minister in the Ministry of Energy Ernesto Kesar said the refinery could be restarted, outlining a five-phase plan covering equipment refurbishment, workforce preparation, phased production, and investor engagement. October 21, 2025: Preliminary report received Energy Minister Dr Roodal Moonilal said he had received a preliminary report from the committee and promised “exciting news” soon. The report was being reviewed for technical, commercial, and financial feasibility. November 26, 2025: Comprehensive report expected Dr Moonilal said a comprehensive restart report was expected shortly, covering technical, financial, and commercial feasibility to guide Cabinet decisions. December 7, 2025: Government considering all options Dr Moonilal said the Government was evaluating all commercial arrangements, including potential partnerships with international investors, and cautioned that delays could increase restart costs. December 10, 2025: Interim report confirms viability Prime Minister Kamla Persad-Bissessar received the committee’s interim report, which concluded the refinery is technically, commercially and financially viable, though it noted asset deterioration since closure. The report recommended a phased restart to maximise economic benefit. Late January/Early February 2026: Talks with Indian Oil and international investors Dr Moonilal confirmed ongoing discussions with Indian Oil Corporation and other international and regional companies to secure investment and technical support for the refinery restart. March 2026: Phased restart planning Dr Moonilal said talks with major international and regional energy companies, including US energy giant Chevron Corporation, were actively advancing, and indicated a phased restart later in 2026, with some units expected to come on stream by year-end. March 2026: US$50m rehabilitation study contract awarded Italian firm Tecnimont (Integrated E&C Solutions business unit), through its subsidiary Tecnimont Services, announced that it had been awarded a rehabilitation study contract worth US$50 million for the upgrading of the Guaracara Refinery Complex, located in Point-a-Pierre, Trinidad and Tobago.