Petrojam Limited is now supplying the Barbados National Terminal Company Limited (BNTCL) with oil, following the closure last November of the state-owned PETROTRIN oil refinery in Trinidad and Tobago.
BNTCL chairman, Alex McDonald said the deal is far more competitive than the previous with PETROTRIN.
McDonald said that the contract with Petrojam has been in existence over the last six months and that while BNTCL had received numerous offers worldwide, the island’s relationship with Jamaica was a decisive factor in awarding the contract to Petrojam.
“Through our competitive tendering process that went through about six months ago, we received a lot of quotations from all over the world and Jamaica had the best price for us and as a result, we went and we renegotiated an even better deal based on our relationships with them and our future plans. So that’s where we get our oil from right now,” McDonald said.
The Trinidad and Tobago Government shut down the refinery after complaining of billions of dollars (one TT dollar=US$0.16 cents) in losses annually. It has since established Heritage Petroleum Company and Paria Fuel Trading Company that are undertaking exploration as well as handling fuel logistics and the energy trading aspect of the business respectively.
Port of Spain said that Heritage Petroleum Company stands on the platform of expertise from the 100 years of oil and gas experience, while Paria Fuel Trading Company has access to strategic linkages and high-level market intelligence.