Trinidad & Tobago gets at least 10 bids for oil refinery amid pullback by Jindal Steel

The government of Trinidad & Tobago has revealed that over 10 proposals have been submitted for the management of the state-owned oil refinery located in Point-a-Pierre. This announcement follows Prime Minister Keith Rowley’s weekend statement that Jindal Steel and Power Limited is no longer in the running to take over the refinery.

The deadline for submitting proposals to Trinidad Petroleum Holdings Limited was July 31.

Energy and Energy Industries Minister Stuart Young mentioned that a committee, led by former Permanent Secretary and current High Commissioner to the UK, Vishnu Dhanpaul, is currently reviewing the submissions. “I look forward to receiving their results and recommendations in the coming weeks,” Young stated at a recent event. However, he declined to provide an exact number of bids, noting that the review process is still ongoing.

Prime Minister Rowley shared that on July 26, he received a letter from Naveen Jindal, Chairman of the India-based Jindal Steel, stating the company’s decision to withdraw its interest in the Guaracara refinery. The refinery was previously shut down due to substantial financial losses.

“When Mr. Jindal visited, he expressed interest and was given until July 31 to submit a proposal. He visited, but ultimately, the Opposition launched a personal attack on him,” Rowley remarked.

The Opposition, led by the United National Congress (UNC), responded by welcoming Jindal’s decision to withdraw. In June, Opposition Leader Kamla Persad-Bissessar had raised concerns about alleged corruption involving Jindal and questioned his possible connections to Venezuela. She had called the potential partnership with Jindal a scandal.

Opposition legislator Wade Mark also expressed relief at Jindal’s decision, referring to it as “good riddance.”

Prime Minister Rowley criticized the attacks on Jindal, emphasizing that the refinery, which was shut down due to its obsolescence, requires significant upgrades to resume operations. He stated that the investment from Jindal Steel, a multibillion-dollar company, could have brought in approximately US$700 million to modernize the refinery. Rowley lamented that instead of supporting such investment, certain politicians chose to criticize the potential investor.

Rowley likened the situation to the previous opposition to plans by Sandals Resorts International to build a hotel in Tobago, which eventually led the company to withdraw from the project. He warned that the country might regret losing this investment opportunity as well.

Meanwhile, the Trinidad Express published a letter from Jindal to Rowley, in which Jindal expressed his disappointment over the negative reaction from the Opposition. He described the character attacks as disheartening and a discouraging sign for potential investors in Trinidad & Tobago. Jindal highlighted the Jindal Group’s commitment to sustainable and ethical business practices and their significant global presence, emphasizing the importance of fostering a positive investment environment. – (CMC)