LONDON (Alliance News) - Oil & gas company Range Resources Ltd said Wednesday that its oil sales will not be affected by the restructuring of the Petroleum Co of Trinidad and Tobago Ltd, also known as Petrotrin.
Range's position echoes that of Touchstone Exploration Inc and Columbus Energy Resources PLC, who each announced that the Petrotrin restructure should not have a negative impact on their operations.
All three companies currently sell their produced oil to Petrotrin, the country's state-owned oil company, which then refines it before selling it on.
However, Petrotrin has decided to end its refining operations with oil produced in the country to be shipped for refining at other locations. The three firms will keep selling their oil to Petrotrin under existing contracts.
Touchstone and Columbus were both in agreement the restructuring will benefit Trinidad & Tobago, recognising its state oil company must stay profitable.
Touchstone Chief Executive Paul Bay commented: "We believe this is a difficult but necessary step for Petrotrin, and we look forward to working with them as a partner while they transition the business and return to profitability."
Leo Koot, Columbus's Executive Chairman, added: "Yesterday's announcement is a big step by Petrotrin to create a strong and economically viable exploration and production business to the benefit of the people of Trinidad & Tobago."
Touchstone shares were down 4.2% at 18.25 pence on Wednesday, with Columbus energy shares up 2.5% at 3.94p. Shares in Range Resources were down 1.1% at 0.089p.