Petrotrin signs MOU with Staatsolie

Photo Caption: (L-R) Mr. Fitzroy Harewood, President, Petrotrin and Mr. Leon Brunings, Chief Financial Officer, Ventrin (a wholly owned subsidiary of Staatsolie) after the signing of the MOU. (Photo Courtesy: Petrotrin)

February 13, 2017:

Trinidad and Tobago’s state-owned oil company, Petrotrin and the state-owned oil company of Suriname, Staatsolie, recently signed a Memorandum of Understanding (MOU) establishing a formal framework for mutual cooperation between both companies on commercial and technical fronts.


The MOU, signed at Pointe-a-Pierre by executives representing both companies, focuses on both the Upstream and Downstream arms of the crude oil value chain. Upstream, Staatsolie has several nearshore blocks ranging from exploration through appraisal and development, for which opportunities for partnering with Petrotrin exist. The Company is also interested in applying enhanced oil recovery (EOR) strategies in onshore blocks to improve oil recovery and this represents another area where Petrotrin will share its experience and expertise.


Downstream, both Companies are expected to explore business opportunities for crude and product sales and/ or swaps, product blending and bunkering. There will also be the sharing of technical knowledge and experience in refinery operations, engineering and procurement. Staatsolie, like Petrotrin, is involved in Exploration & Production and Refining & Marketing.
The Company is also involved in retail product sales, commercial power generation and gold mining. In 2016, Staatsolie commissioned a new refinery with a capacity of 15,000 barrels per
day.


With the signing of the MOU signaling the start of the cooperation exercise, technical teams from both companies look forward to forging deeper relationships based on mutual synergies in the future.

END

 

For further information, please contact:

 

Manager, Corporate Communications

Petrotrin

Tel: (868) 658 5285

 

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Petrotrin

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