00:00Government says that Methanex's decision to idle its Titan methanol plant should be viewed in the context of the company's
00:07global operations rather than as a problem unique to Trinidad and Tobago.
00:12Methanex is not a local or small operator. It is a major global corporation and the world's largest supplier of
00:19methanol with significant production and commercial operations across several jurisdictions, including the United States, Canada, Chile, Egypt, New Zealand and
00:29other markets.
00:30By the company's own statement, which was shared with us before making it public, it was very clear that this
00:37decision was being taken in the context of its global shareholder value considerations and the commercial viability of the Titan
00:45facility under current gas supply conditions.
00:49Methanex has stated that Titan is not currently contributing to its adjusted free cash flow.
00:55So this is therefore not only a Trinidad-Tobago issue, it is a reflection of a global corporation assessing each
01:02asset in its international portfolio.
01:05Dr. Munilal says government remains engaged with the company and other stakeholders as it reviews national gas allocation and pricing.
01:14We are reviewing our national gas supply situation, including upstream production, contract demand, downstream utilization and the allocation of available
01:23molecules to various sectors.
01:25As we engage with NGC and other stakeholders, we will determine what is practical, what is commercial and what is
01:32the best interest of the people of Trinidad and Tobago.
01:35Munilal says negotiations with most downstream companies have already been completed and believes additional gas expected over the next two
01:43years could improve future commercial arrangements.
01:46Attention also turned to governments' plans to restart the Guaracara refinery with significant interest from investors and operators.
01:55We are now on our way to putting a commercial and legal framework in place so that we can identify
02:03an investing consortium of some kind that may include domestic investment as well and foreign investment and of course looking
02:12at the operatorship for the facility.
02:15But we are confident that by year end we will have a clear flight plan for the refinery.
02:21However, he says government will not rush the process.
02:24I am not going to be part of no Nikon business, no con man coming here and so they could
02:29run a refinery and they never operate a parlor.
02:32The minister also said interest is not limited to internationals.
02:37We don't have a local bidder, we have local bidders.
02:40There are several and we have been engaging with all, we have the work being done with all involved and
02:47in due course the cabinet will consider the options available to us.
02:51Arvashita Wari, Rabnarain, TV6 News.
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