Wednesday, June 25, 2008

Petrotrin makes $1 billion profit

Published: Wednesday June 25, 2008

State-owned Petrotrin recorded a net profit after tax of $1 billion for the six-month period ended March 2008.

Executive chairman Malcolm Jones, stated that the net profit after tax of $1,072 million was an increase of 162 per cent compared to $408 million for the same period last year.

“The crude oil, natural gas and refined products market remained strong fuelled by increased demand for middle distillates,” Jones stated in published results.

“Platts West Texas Intermediate crude oil averaged US$94.36 per barrel for the six-month period ended March 31, 2008, compared to US$60.64 per barrel for the same period in 2007.

“Refinery margin averaged US$6.60 per barrel compared to US$6.29 per barrel, while natural gas prices averaged US$7.50 per million British thermal units (MMBTU) compared to US$6.67 per mmbtu for the same period last year.”

Jones stated that while Petrotrin’s on land crude oil production remained “fairly stable,” it suffered a setback in its Pt Fortin marine operations due to aging infrastructure and safety inspection works.

“Refinery throughput increased by 3.5 per cent in this period compared to the same period last year,” the chairman stated.

He said Petrotrin is “aggressively implementing” its gasoline optimisation upgrade programme in order to meet changing market demands for cleaner fuels.

The company expects to commission its isomerisation plant later this year.

Source: Trinidad Guardian Newspapers

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