Transaction process commences for Trinidad’s national refinery
Trinidad Petroleum Holdings Ltd (TPHL) has commenced a broad-based process for a transaction involving the Guaracara Refining Co. Ltd’s refining assets, and the restart of the refinery.
Guaracara currently holds the assets of the national refinery of Trinidad & Tobago (formerly held by the Petroleum Co. of Trinidad and Tobago Ltd.). Located on the sheltered west coast on over 500 acres, the Guaracara refinery is a modern, cracking refinery with a capacity of 175 000 bpd and a Nelson Complexity of 8.0. The refinery is well configured for regional crudes and has advantaged access to domestic and regional product markets, which are expected to have steady, refined product demand growth. The refinery was safely shut down in late 2018, and is currently in preservation mode, with an active asset integrity program to facilitate a quick restart.
Scotia Capital (USA) Inc. (Scotiabank) has been retained by TPHL as its exclusive financial advisor for this potential transaction. TPHL is inviting parties who have an interest in potentially participating in the process to contact Scotiabank by 23 July 2021.
Interested parties or consortia who possess the requisite expertise will be provided with an initial marketing document and be able to participate in the process upon the execution of a legally binding non-disclosure agreement.
Source: Hydrocarbon Engineering