UNIPET owes Paria Fuel Trading Company Limited over $100 million according to the Finance Minister.
Mr Colm Imbert, speaking in the Senate today, clarified that there was no breakdown in negotiations after Paria announced it was no longer supplying UNIPET with gas.
Instead he explains that a month-to-month arrangement has been in place between the two companies.
Mr Imbert claims UNIPET then refused to sign the agreement it has been involved in for the past few months.
Mr Imbert will be attempting to intervene and get both parties to come to a speedy resolution.