Trinidad & Tobago’s Paria Fuel Trading has announced it has entered into a preliminary agreement with Jamaica’s Petrojam to expand its bunkering business.
In a statement issued yesterday (3 February), Paria said the agreement encompasses a six-month contract for very low sulphur fuel oil (VLSFO) – ‘exclusively for bunkering operations’ – with a maximum total volume of 540,000 barrels at an approximate cost of $50.2 million, ‘determined by prevailing international pricing.’
Paria received its inaugural shipment from Petrojam on Saturday (1 February) amounting to approximately 50,000 barrels.
‘Part of the arrangement with Petrojam is to secure a market for its fuel oil, while providing Paria with an opportunity to supply clean fuel to the Jamaican market,’ Paria said.
‘Additionally, this endeavour aims to promote CARICOM [Caribbean Community] trade, though it represents a relatively modest portion in comparison to Paria’s total sales volume of approximately 17.1 million barrels per annum.’