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Trinidad and Tobago's Energy Minister, Kevin Ramnarine [pictured], has said that the cabinet has agreed to issue a marketing license to Bunkers Oil Trinidad & Tobago Ltd.

Commenting on the news, Ramnarine said: "This will be a subsidiary of internationally renowned Bunkers International Corporation. This company will bunker vessels working for Oldendorf which is a German company which recently established a transshipment business in T&T. It is estimated that on an annual basis at least 125 ships will be bunkered in our waters arising out of this new business and we are advised that there is potential for up to 350 ships.”

Ramnarine also said that the cabinet had agreed that any fuel being purchased by Bunkers Oil Trinidad and Tobago Ltd. would need to be purchased from state owned Petrotrin.

"Any deviation from that would have to be agreed to by the Minster of Energy. This will result in additional revenue for Petrotrin and increased marketing share in the sale of refined products for bunkering. It also means the creation of jobs. It will lead to the creation of a regional bunkering hub in Trinidad and Tobago as the presence of Oldendorf and Bunkers International will attract additional tonnage through the Gulf of Paria," he added.