Touchstone Exploration doesn't see negative impact from Petrotrin restructure
Source - SMW
Touchstone Exploration said it did not expect a restructuring of the Petroleum Company of Trinidad and Tobago to have a negative impact on its operations.
The restructure involved the national oil company, also known as Petrotrin, closing its oil-refinery operations and redesigning its exploration and production business.
'Touchstone believes these changes will have no impact on its current and future operations, as the company currently sells produced crude oil volumes to Petrotrin under various marketing contracts and does not interact directly with the refinery,' Touchstone said.
'The company expects that it will continue to sell crude oil production to Petrotrin under our existing contracts; however, rather than selling to the Pointe-a-Pierre refinery, it is presumed that Petrotrin will export the product at world pricing.'
Touchstone said it expected to benefit from the restructure over the long term because sustainable profitability at the state-owned company would enhance the standard of living in Trinidad and ensure the continued viability of its oil and gas-based economy.
'Touchstone also recognizes that the announced retrenchment directly impacts a high number of skilled workers in Petrotrin's organization,' it added.
'We are hopeful that as we accelerate our development activities in Trinidad, some of the qualified personnel may find opportunities in our organization.'
At 10:00am: (LON:TXP) Touchstone Exploration Inc share price was -0.3p at 18.75p