(Trinidad Guardian) Minister of Energy and Energy Industries Stuart Young has dismissed criticism of Paria Fuel Trading Company’s US$50.2 million fuel deal with Jamaican refinery Petrojam, calling it “mischief.”
Speaking to reporters in Point Lisas yesterday, Young clarified that the transaction was the fulfilment of a commitment he had made during discussions with Jamaica’s Minister of Science, Energy, and Technology, Daryl Vaz over the past two years to strengthen bilateral relations.
“Petrotrin’s refinery is 175,000 barrels a day. The Petrojam refinery is much smaller—38,000 barrels of oil per day. So, all this transaction involves is that we have agreed, and are currently finalising negotiations, to purchase about 500,000 barrels of marine fuel, which Paria has already been purchasing. It is a promotion of our bilateral relationship with Jamaica, of which I am very proud,” Young stated.
He emphasised that one of the key drivers of economic diversification for T&T is marine traffic, including developing dry docking facilities and attracting more vessels to the country.
In a media release on Sunday, Paria announced its agreement with Petrojam to supply 540,000 barrels of very low sulphur fuel oil over six months. The company received its first shipment of 50,000 barrels on Saturday. According to Paria, this fuel will be used for bunkering operations, a key contributor of foreign exchange.
Mayaro MP Rushton Paray, in a statement, said T&T’s energy dominance has waned under poor leadership, culminating in the irony of potentially purchasing fuel oil from Petrojam. Once a regional powerhouse, he said T&T now grapples with policy failures, missed opportunities, and declining influence. Paray said urgent reforms and visionary leadership are needed to reclaim the nation’s industrial heritage.
Young said he had spoken with Vaz en route to Point Lisas, and he wanted to address concerns and counter what he described as deliberate misinformation from opposition members and the usual naysayers.
“The Government will always seek opportunities to support our Caricom neighbours,” Young said, noting that T&T enjoys a trade surplus of hundreds of millions of dollars with Jamaica. He argued that this deal benefits both countries.
Addressing public concerns, Young criticised certain individuals who, he said, were making misleading statements for political gain.
“I saw a certain Opposition member today posting a video, speaking as though ‘oh, this is a disaster for Trinidad & Tobago because we have a refinery.’ But we all know that, unfortunately, the refinery had to be mothballed and put into preservation in 2018 because it was losing billions of dollars. What we have today is a small but meaningful deal with Jamaica.”
Young further explained that the agreement aligns with Caricom’s objectives. He clarified that Paria has been purchasing fuel on the international market and profitably reselling it domestically and externally. The decision to source fuel from Petrojam was also based on cost-effectiveness. However, he stressed that none of the fuel refined in Jamaica would be used in the domestic market—it is solely for bunkering operations, supporting vessels entering T&T’s waters. He also pointed out that this deal represents only a small portion of Paria’s imports.
“Five hundred thousand barrels compared to the 17 million barrels Paria purchases annually—so this is complete mischief. It changes nothing in a negative manner for Trinidad & Tobago. We could not refine this product profitably in the way we are purchasing and selling it now, and I have absolutely no hesitation in saying that I am proud.”
When asked why Jamaica appears to have more success in operating its refinery compared to T&T, Young explained that smaller refineries are simpler to manage. He noted that during the 2010-2015 period, a decline in domestic oil production meant Petrotrin had to purchase additional crude—up to 100,000 barrels per day by 2018—to sustain refinery operations. This resulted in significant losses, costing around US$8 million per day.
Young added that refineries worldwide are struggling with slim margins, with many shutting down due to unprofitability.
