Trinidad to shut refinery, export crude

Trinidad and Tobago's distressed state-owned Petrotrin is closing its 168,000 b/d Pointe-a-Pierre refinery and will import refined products to meet demand. Petrotrin plans to shift its focus upstream and export crude. Closure of the century-old refinery, to begin on 1 October, is a consequence of mounting losses and high debts, the company says. Petrotrin has imported increasing volumes of crude to supply the refinery as domestic production declines. The closure was announced a few days after Trinidad struck a preliminary deal to import natural gas from Venezuela. The controversial agreement is considered vital to maintaining Trinidad's gas-based industries, including LNG.