Energy Minister, Franklin Khan, says the end of the year is the timeline being set for the restructured state owned energy model to become operational.
Minister Khan told reporters this afternoon that a new company called Trinidad Petroleum Holding Company Limited has been formed and there will be four subsidiaries.
He said first subsidiary will be Petrotrin, which will focus on what he described as legacy matters that will continue to be on the table for some years to come.
The second subsidiary Heritage Petroleum Company Limited will concentrate on Exploration and Production, the third subsidiary, Paria Fuel Trading Company Limited that will pay attention to trading and marketing activities while the fourth company, Guaracara Refining Company.
Minister Khan then gave details of how the process will work
Mr. Khan also provided information on how the state will treat with the refinery aspect which has been an area of concern and contention from some quarters especially the Oilfields Workers Trade Union.