Paria Fuel Trading Company Limited (Paria) is making strides to enhance its bunkering services, recognizing the potential for significant foreign exchange earnings through this growing sector. As part of its expansion efforts, Paria has identified a new partnership opportunity with Petrojam Limited, Jamaica’s state-owned oil refinery, to bunkering marine fuels.
This partnership marks a key move for Paria, as the marine fuel supplied through this collaboration is not intended for the Trinidad and Tobago market, but instead will be sold to international marine operators, including cruise ships, container vessels, and other marine fleets across the globe.
The deal centers around the purchase of Very Low Sulphur Fuel Oil (VLSFO), an environmentally friendly fuel option. Under the preliminary agreement, Paria will procure 540,000 barrels of VLSFO over a six-month period at an estimated cost of USD 50.2 million, subject to international market prices. The first shipment from Petrojam arrived on February 1, 2025, with approximately 50,000 barrels.
Notably, this arrangement aims to secure a market for Petrojam’s fuel oil while allowing Paria to supply cleaner fuel options to the Jamaican market and promote regional trade within the CARICOM community. While the Jamaican market represents a modest portion of Paria’s annual sales, this partnership strengthens the company’s international bunkering operations.
In light of the Pointe-a-Pierre refinery’s closure, Paria reassures the public that this was due to the refinery operating at a significant loss, leading to its unsustainable operations. Following the restructuring of Petrotrin and the creation of Heritage Petroleum and Paria, both entities are operating profitably, seeking to grow their business further.
Confidential negotiations with Petrojam are ongoing, and Paria continues to explore opportunities that will contribute to both its own profitability and the broader economic well-being of Trinidad and Tobago and the region.
About Paria Fuel Trading Company Limited
Paria Fuel Trading Company Limited (Paria) is a leading provider of refined petroleum products in the Caribbean, specializing in the import, storage, marketing, and redistribution of these products. As the sole supplier of refined petroleum products to the local market in Trinidad and Tobago, with the exception of LPG and Bitumen, Paria plays a crucial role in meeting the energy needs of the nation. Our products are delivered through road tank wagons and ocean-going vessels, ensuring reliable and efficient distribution to local customers.
In addition to serving the domestic market, Paria is also a prominent supplier of refined petroleum products to the regional energy market, contributing to the energy infrastructure of the Caribbean. Our terminal services extend beyond simple product distribution; we provide a range of services that include bunkering ex-vessel and ex-pipeline, storage and handling of LPG for the local market, and the storage and handling of locally produced crude for export.
Paria is committed to maintaining the highest standards of service and safety, ensuring a steady and secure supply of quality products to both local and regional markets, while continually exploring opportunities for growth and expansion in the energy sector.
Source Paria Fuel Trading