Transaction Process Commences for Trinidad's National Refinery (Guaracara)

TRINIDAD AND TOBAGO,July 19,2021 --Trinidad Petroleum Holdings Limited (TPHL) has commenced a broad-based process for a transaction involving the Guaracara Refining Company Limited's refining assets,and the restart of the refinery.

Scotia Capital (USA) Inc. (Scotiabank) has been retained by TPHL as its exclusive financial advisor for this potential transaction. TPHL is inviting parties who have an interest in potentially participating in the process to contact Scotiabank by sending an email to process.tphl@scotiabank.com by July 23rd,2021.

Interested parties or consortia who possess the requisite expertise will be provided with an initial marketing document and be able to participate in the process upon the execution of a legally binding non-disclosure agreement.

About The Guaracara Refining Company Limited ("Guaracara")

Guaracara currently holds the assets of the national refinery of Trinidad & Tobago (formerly held by the Petroleum Company of Trinidad and Tobago Limited.). Located on the sheltered west coast on over 500 acres,the Guaracara refinery is a modern,cracking refinery with a capacity of 175 Mbpd and a Nelson Complexity of 8.0. The refinery is well configured for regional crudes and has advantaged access to domestic and regional product markets,which are expected to have steady,refined product demand growth. The refinery was safely shut down in late 2018,and is currently in preservation mode,with an active asset integrity program to facilitate a quick restart.

About Trinidad Petroleum Holdings Limited ("TPHL")

TPHL is vested with the responsibility of managing Trinidad and Tobago's oil and related assets. TPHL has four subsidiaries – Heritage Petroleum Company Limited; Paria Fuel Trading Company Limited; the Guaracara Refining Company Limited and the Petroleum Company of Trinidad and Tobago (Petrotrin).

For process related inquiries,email process.tphl@scotiabank.com by July 23rd,2021.

visit the TPHL website www.trinidadpetroleum.co.tt