Trinidad and Tobago’s state-owned Petrotrin is blaming the shale gas revolution in the US and lower crude prices at Cushing, Okla., for its decision to significantly reduce its refinery throughput to 120,000 bo/d from 180,000 bo/d. Petrotrin Pres. Khalid Hassanali told OGJ that the decision was an attempt to limit the company’s losses at its Point a Pierre refinery and to avoid going out of business like two other Caribbean refineries. Refineries in both Aruba and the US Virgin Islands have been shuttered as Caribbean refineries are facing higher prices for crude on the international market than many US refineries, which are benefiting from the continued bottleneck at Cushing. While the 30% reduction in refinery throughput is hurting the company’s bottom line, Hasannali insists that Petrotrin—an integrated company—is allowing its exploration and production arm to carry the ball for the time being. Mado Bachan, Petrotrin vice-president of refining […]