With Iran’s Parliament approving a plan to close the Strait of Hormuz — one of the world’s most critical oil shipping routes — Minister of Energy and Energy Industries Dr. Roodal Moonilal said the move could trigger a sharp rise in oil prices globally.
During debate on the motion to adopt the Report of the Standing Finance Committee on Monday, Dr. Moonilal told the House of Representatives that while T&T stands to gain more oil revenue, the country’s ability to capitalise is limited.
He said the decision to shut down the Petrotrin Refinery continues to cost the country potential revenue.
“Yes, Trinidad and Tobago, like the Russia-Ukraine crisis, we stand to benefit, but we could have benefited more had they not presided over a decline in the oil industry. We would have benefited more had they not shut down the refinery in Pointe-a-Pierre because today, we have to import fuel products, the price of which may increase, and then the volume of oil produced is 37% lower than 2015. So if you don’t have something to take to the market, if the price increases, it will not affect you. How can it affect you if you have no goods to sell?”
The Energy Minister also raised questions about past energy investments and losses related to NiQuan Energy. He said the legal matters linked to that deal are now before an international arbitration tribunal.
“NiQuan owes the government of Trinidad and Tobago for an unpaid invoices, 95 million United States dollars, 95 million. How much TT is that now? $800 million, almost a billion dollars, owed to the people of Trinidad and Tobago by NiQuan.”