Petrotrin says it will phase out its refinery and begin importing the equivalent of 25,000 barrels of oil per day in gas, diesel, aviation fuel and other products.
In a release the company says 2,600 permanent jobs will be affected – 1,700 will be terminated and 800 will work in the redesigned Exploration and Production unit.
It notes it brings in a net loss as out of a capacity of 140,000 barrels per day (bpd), the refinery produces 40,000 bpd.
The change will see all of the company’s oil exported and the finished products imported.
Petrotrin says the period of transition will begin on October 1st, 2018.
It says it will meeting with stakeholders during the coming weeks to discuss how the proposed changes may affect them.