August 09, 2020, 09:27:13 PM

Author Topic: Petrotrin Thread  (Read 3951 times)

0 Members and 1 Guest are viewing this topic.

Offline trinindian

  • Hero Warrior
  • *****
  • Posts: 959
  • Curried Wild Meat With Plenty Hot Pepper
    • View Profile
Petrotrin Thread
« on: March 02, 2010, 09:19:13 AM »
Petrotrin sued for $12b
Francis Joseph
Published: 2 Mar 2010
 
Petrotrin’s Pointe-a-Pierre refinery.
Francis Joseph
In what can be regarded as the biggest lawsuit against a T&T company, a New York firm has filed a breach of contract case against the Petroleum Company of Trinidad and Tobago (Petrotrin) in the US Federal Court in Manhattan, New York, seeking no less than $12 billion for their losses over the collapse of a joint venture project.

World GTL Incorporated and its subsidiary, World GTL (St Lucia), filed the lawsuit in the US District, Southern District of New York, on February 23. The case has been put on the docket of 77-year-old Judge Lawrence McKenna, one of the senior judges of the court. The action arose out of the alleged wrongful taking and expropriation of a nearly-completed $3 billion gas-to-liquid plant, being constructed inside the Petrotrin refinery, Pointe-a-Pierre. The lawsuit was filed by Manhattan law firm, Thompson and Knight, whose address is listed as 919 Third Avenue, New York.

Petrotrin has 21 days from the date of service to respond, failing which World GTL would enter a default judgment, with a demand for the compensation. No one could say with any certainty if Petrotrin was served with the US court documents. In the lawsuit, World GTL and its subsidiary are seeking compensation against Petrotrin for alleged fraud, negligent misrepresentation, breach of contract, unjust enrichment, negligence and expropriation (take from the owner for public use or benefit).

According to the documents filed in court, in May 2004, World GTL and Petrotrin entered into a memorandum of understanding to build a gas-to-liquid plant and four months later, a project agreement for the plant to be built at Pointe-a-Pierre. World GTL (Trinidad) was in charge of the project. The plaintiffs said at the behest of Petrotrin, Credit Suisse, was among the financial institutions approached to provide funding, largely because a former T&T Finance Minister was at Credit Suisse. The financial institution agreed to provide a US $125 million credit facility and on January 12, 2007, the plaintiffs and Petrotrin entered certain financial agreements.

Two months later, all construction was suspended as a result of sulfur emissions from the Petrotrin refinery. According to the documents, the plant was emitting sulfur dioxide and contaminating the entire facility. World GTL said despite Petrotrin’s plans to correct the situation, there continued to be plant evacuations and shutdowns. It contended that one worker died and the autopsy report listed the cause of death as, “acute respiratory distress syndrome due to toxic fumes inhalation.”

But World GTL experienced problems with their loan facility with Credit Suisse, and Petrotrin moved to acquire the loan to expropriate the gas-to-liquid facility, the plaintiffs added. According to World GTL, the facility was worth $3 billion. They claimed Petrotrin was able to acquire the plant by paying off the Credit Suisse loan, which it had jointly and severally guaranteed, and making a $100 million “make-whole’ payment. According to the plaintiffs, “it became clear during these negotiations, that Petrotrin wanted total control, even to the extent of not being willing to enter into a viable management agreement with World GTL, who had been managing the construction of the project since its inception.” On September 25, 2009, Petrotrin appointed a receiver for WGTL-Trinidad, who took control of the facility at Pointe-a-Pierre.

ABOUT THE PLAINTIFFS
World GTL Trinidad Limited, a joint venture between World GTL Incorporated and the Petroleum Company of Trinidad and Tobago (Petrotrin), the Government wholly-owned integrated petroleum company, is constructing the first commercial gas-to-liquid facility in the Americas. The plant was expected to be fully operational in 2008.

THE JUDGE
Lawrence McKenna, 77, Judge, US District Court, Southern District of New York, Manhattan. Nominated by then President George W Bush on January 24, 1990, to a seat vacated by William C Conner. Confirmed by the Senate on April 27, 1990, and received commission on April 30, 1990. Assumed senior status on May 24, 2002.


« Last Edit: February 02, 2020, 06:24:25 PM by Flex »
 

Offline fari

  • Hero Warrior
  • *****
  • Posts: 3060
    • View Profile
Re: Petrotrin sued for $12b
« Reply #1 on: March 02, 2010, 12:08:37 PM »
oh lorse...i hope petrotrin win de case or else all meh pardan dem wukkin dey go lose dey wuk boy

Offline Bourbon

  • Hero Warrior
  • *****
  • Posts: 5151
    • View Profile
Re: Petrotrin sued for $12b
« Reply #2 on: March 02, 2010, 06:44:21 PM »
Another article here

I watching dis...and trying to understand wha went on.

Petrotrin hire de company to do a wuk...and part of de wuk is....dey had to secure de loan from a company in particular. De company say no scene.

Due to matters beyond their control, the company could not meet the deliverability conditions required by de loan during construction. The reason this happened is due to Petrotrin and sulphur dioxide emissions. As such, they fell behind and required more money...and had to seek some other source.

Petrotrin say...dey go take over de loan...no sweat. Instead of paying it off..they transfered the burden of the loan to Petrotrin.....so dah mean den......de company hadda payback Petrotrin..who helped secure the loan in the first place?

So as such.....the company effectively hadda pay off Petrotrin to deliver the plant to Petrotrin? I reasoning right?

Somebody in de know enlighten me nah....cuz....dis could affect me. I have a year again in school.
The greatest single cause of atheism in the world today are Christians who acknowledge Jesus ;with their lips and walk out the door and deny Him by their lifestyle. That is what an unbelieving world simply finds unbelievable.

Offline weary1969

  • Hero Warrior
  • *****
  • Posts: 27225
    • View Profile
Re: Petrotrin sued for $12b
« Reply #3 on: March 02, 2010, 09:37:37 PM »
TV6 news say d media reports got it wrong iz Petrotrin who suinin d company. Dey shoulda say d express our sister media house report has been refuted by Petrotrin.
Today you're the dog, tomorrow you're the hydrant - so be good to others - it comes back!"

Offline Brownsugar

  • Hero Warrior
  • *****
  • Posts: 10129
  • Soca in mih veins, Soca in mih blood!!
    • View Profile
Re: Petrotrin sued for $12b
« Reply #4 on: March 03, 2010, 04:56:52 AM »
TV6 news say d media reports got it wrong iz Petrotrin who suinin d company. Dey shoulda say d express our sister media house report has been refuted by Petrotrin.

Nah, nah....on the news last night CNC 3 (I think cuz ah does switch between them) Petrotrin say the haven't received the court documents as yet but are willing to fight any such action...where TV 6 get that from??   ???
"...If yuh clothes tear up
Or yuh shoes burst off,
You could still jump up when music play.
Old lady, young baby, everybody could dingolay...
Dingolay, ay, ay, ay ay,
Dingolay ay, ay, ay..."

RIP Shadow....The legend will live on in music...

Offline Bourbon

  • Hero Warrior
  • *****
  • Posts: 5151
    • View Profile
Re: Petrotrin sued for $12b
« Reply #5 on: March 03, 2010, 08:50:24 AM »
TV6 news say d media reports got it wrong iz Petrotrin who suinin d company. Dey shoulda say d express our sister media house report has been refuted by Petrotrin.

Nah, nah....on the news last night CNC 3 (I think cuz ah does switch between them) Petrotrin say the haven't received the court documents as yet but are willing to fight any such action...where TV 6 get that from??   ???

De link i post cite petrotrin as de defendant.
The greatest single cause of atheism in the world today are Christians who acknowledge Jesus ;with their lips and walk out the door and deny Him by their lifestyle. That is what an unbelieving world simply finds unbelievable.

Offline Bitter

  • Hero Warrior
  • *****
  • Posts: 9673
    • View Profile
Re: Petrotrin sued for $12b
« Reply #6 on: March 03, 2010, 08:51:35 AM »
According to this poorly written article:
http://www.courthousenews.com/2010/02/26/25071.htm

Quote
World GTL says it provided Petrotrin with the "know-how and technology" to build the plant, but sulfur emissions at Petrotrin caused plant evacuations, massive productivity loss and construction delays.

Credit Suisse, which is not a party to the lawsuit, provided $125 million in financing, and the loan was to become mature and payable if World GTL failed to meet lender reliability tests by a certain date.

The tests required the plant to produce almost 200,000 barrels of gas-to-liquid total and 2,250 barrels a day.

As "shut-downs and protracted delays were a major cause of massive cost overruns and delays," World GTL says it did not expect to pass the tests.

Credit Suisse would grant an extension only if World GTL took out a new loan for $300 million at 14 percent interest, so the developer looked for a new lender.

World GTL says that after it spent $900,000 negotiating a deal with Barclays Capital, Petrotrin forced a delay.

Petrotrin told World GTL "not to worry" as it would pay off the loan and prevent immediate default, according to the complaint. But instead of paying off the loan to Credit Suisse, Petrotrin allegedly paid a $16.2 million premium to acquire the loan by assignment.

"Clearly, Petrotrin's acquisition of the Credit Suisse Loan was intended to - and did - put a gun to the head of World GTL and WGTL-SL to wrest control of the gas-to-liquid plant from them," according to the complaint.

As intense sulfur emissions continued, killing one worker and forcing the plant to close again, Petrotrin's handpicked receiver quietly took control of the facility and barred access to World GTL.

"Although these emissions had been ongoing for over a month, reaching very high and unsafe levels, miraculously, once the receiver took over, the sulfur emissions ceased such that the receiver could order everyone back to work within a week of his taking over," the complaint states.

World GTL seeks $2.25 billion, alleging fraud, negligent misrepresentation and bad faith. It is represented by Robert Brodegaard with Thompson & Knight.
Bitter is a supercalifragilistic tic-tac-pro

Offline Bakes

  • Promethean...
  • Hero Warrior
  • *****
  • Posts: 21979
    • View Profile
Re: Petrotrin sued for $12b
« Reply #7 on: March 03, 2010, 10:41:25 AM »
Petrotrin sued for $12b
Francis Joseph
Published: 2 Mar 2010
 
...Petrotrin has 21 days from the date of service to respond, failing which World GTL would enter a default judgment, with a demand for the compensation. No one could say with any certainty if Petrotrin was served with the US court documents. In the lawsuit, World GTL and its subsidiary are seeking compensation against Petrotrin for alleged fraud, negligent misrepresentation, breach of contract, unjust enrichment, negligence and expropriation (take from the owner for public use or benefit).

Not sure where these reporters does get they information from... from a procedural standpoint when a foreign state is sued, for jurisdicitional purposes the suit takes place in federal court and for reasons of comity (reciprocal courtesy), that foreign state is given 60 days to respond to the suit, not 21 days as this article states.  Additionally, at the expiration of the 60 days there is no automatic default judgment as the article erroneously states, default judgment is only entered at that point if the claimant offers sufficient evidence to support the claim.  In other words if World GTL shows enough evidence of injury caused by Petrotrin and Petrotrin fails to respond w/in 60 days, only then would default judgment be entered.

As for the substance of the claim, World GTL seems to be angling for the sabotage route, claiming that Petrotrin deliberately frustrated their ability to perform under the contract by creating delays and an unsafe work environment.  These are serious charges since these unsafe conditions resulted in at least one death.  Corporate espionage is one thing... criminal negligence in causing this death is a whole different matter and World GTL better pray they could support those charges... or in the alternative, pray that Petrotrin's counsel don't know what they doing.
As for Petrotrin, had they been smart they would have included terms in the contract allowing for them to take over the project in the event of prolonged delays or failure to perform.  It seems apparent that they didn't because that would have headed off any suits of this nature.  Even so, arguing that the incompetence of World GTL created unnecessary risks to workers and that delays threatened financial harm to Petrotrin may be a compelling tact to take, arguing further that assumption of the loan was prompted by the need to mitigate further damages.  By no means is the case cut and dry... but I see an initial challenge for the plaintiff being proof of culpability on the part of Petrotrin in frustrating performance on the contract.

Incidentally, the "former T&T Finance Minister... at Credit Suisse", mentioned in the first article is Wendell Mottley.

Offline Brownsugar

  • Hero Warrior
  • *****
  • Posts: 10129
  • Soca in mih veins, Soca in mih blood!!
    • View Profile
Re: Petrotrin sued for $12b
« Reply #8 on: March 03, 2010, 10:48:10 AM »
Aye, aye Bakes....whey you come out from just so, just so??....long time no see a post....
"...If yuh clothes tear up
Or yuh shoes burst off,
You could still jump up when music play.
Old lady, young baby, everybody could dingolay...
Dingolay, ay, ay, ay ay,
Dingolay ay, ay, ay..."

RIP Shadow....The legend will live on in music...

Offline lefty

  • Hero Warrior
  • *****
  • Posts: 5610
  • would u like to buy an 'O'.........
    • View Profile
Re: Petrotrin sued for $12b
« Reply #9 on: March 03, 2010, 11:01:35 AM »
Aye, aye Bakes....whey you come out from just so, just so??....long time no see a post....

vincent twice....vincent twice.......
I pity the fool....

Offline Deeks

  • Hero Warrior
  • *****
  • Posts: 17458
    • View Profile
Re: Petrotrin sued for $12b
« Reply #10 on: March 03, 2010, 11:37:09 AM »
Bakes, Bakes, Bakes. The return of the prodigal warrior!!!!!!!

Offline Bakes

  • Promethean...
  • Hero Warrior
  • *****
  • Posts: 21979
    • View Profile
Re: Petrotrin sued for $12b
« Reply #11 on: March 03, 2010, 11:59:43 AM »
Aye, aye Bakes....whey you come out from just so, just so??....long time no see a post....

Massa lashing hard on de plantation deez days.



Deeks whey yuh saying dred?

Offline weary1969

  • Hero Warrior
  • *****
  • Posts: 27225
    • View Profile
Re: Petrotrin sued for $12b
« Reply #12 on: March 03, 2010, 07:12:09 PM »
TV6 news say d media reports got it wrong iz Petrotrin who suinin d company. Dey shoulda say d express our sister media house report has been refuted by Petrotrin.

Nah, nah....on the news last night CNC 3 (I think cuz ah does switch between them) Petrotrin say the haven't received the court documents as yet but are willing to fight any such action...where TV 6 get that from??   ???

Dat is what I heard on d tv6 news at 10
Today you're the dog, tomorrow you're the hydrant - so be good to others - it comes back!"

AirMan

  • Guest
Re: Petrotrin sued for $12b
« Reply #13 on: March 08, 2010, 10:04:25 PM »

OWTU calls for forensic audit into Petrotrin.


<a href="http://www.youtube.com/v/0qGimAzdwmA" target="_blank" class="new_win">http://www.youtube.com/v/0qGimAzdwmA</a>

Offline Brownsugar

  • Hero Warrior
  • *****
  • Posts: 10129
  • Soca in mih veins, Soca in mih blood!!
    • View Profile
Re: Petrotrin sued for $12b
« Reply #14 on: March 09, 2010, 05:35:45 AM »
So they get the legal documents confirming the lawsuit yet??.....lawd ah smelling ah next bachanal brewing in Petrotrin....
"...If yuh clothes tear up
Or yuh shoes burst off,
You could still jump up when music play.
Old lady, young baby, everybody could dingolay...
Dingolay, ay, ay, ay ay,
Dingolay ay, ay, ay..."

RIP Shadow....The legend will live on in music...

Offline maxg

  • Hero Warrior
  • *****
  • Posts: 6033
    • View Profile
Is the govt making 1$ by spending 1.25 or I reading it wrong
« Reply #15 on: January 25, 2018, 07:46:20 AM »
Trinidad Guardian

Petrotrin’s overtime bill stands at $22m
Shaliza Hassanali
Published:
Thursday, January 25, 2018


Finance Minister Colm Imbert.
Despite facing a financial bind, the monthly overtime bill at State-owned Petrotrin is $22 million, while its annual wage bill to its 5,000 employees amounts to $2 billion.

This was what was revealed before a Joint Select Committee (JSC) chaired by Finance Minister Colm Imbert on Energy Affairs, as senior management of Petrotrin was yesterday interrogated into the operations of the energy company at the ANR Robinson Room, Tower D, Port-of-Spain.

Vice chairman Stuart Young asked if anyone at Petrotrin could say what was the company’s monthly or annual overtime bill compared to payments of salaries.

In response, the company’s vice president of Human Resources and Corporate Services Neil Derrick responded saying “it’s about $22 million a month in overtime for the entire company.”

Young questioned what was Petrotrin’s annual salary bill. Derrick answered, stating that it was $2 billion, which included overtime.

“So the ratio of your $2 billion salary a year how much of that is overtime?”

Petrotrin’s outgoing president Fitzroy Harewood said the figure was about 18 per cent.

“So near to 20 per cent of our salary bill at the end of the year is overtime? “Young asked.

That figure amounts to $400 million in overtime.

Imbert read from the Lashley report which stated that Petrotrin’s cash flow was currently tight, its working capital eroded, margins negatives and salaries were estimated at 50 per cent of operating costs, while the company had an over leverage system.

“If there is a statement such as this that 50 per cent of operating cost being paid to salaries is too high, what is the correct figure? What should it be 25, 30, 40 per cent? Somebody must know what is the standard international benchmark for salaries in terms of operating cost,”Imbert said.

Petrotrin chairman Wilfred Espinet, in response, said it was “twice as much as it should be,” stating the Petrotrin cannot exist in its present form with its high operational costs.

Member Gerald Ramdeen asked Espinet how the board intended to reduce the company’s huge salary bill.

“One of the proposals that has come out of it is to separate the operational activities and to focus our management and employees in their specific operational activities rather than as we have them now as an integrated company where we have operational and a super structure that manages it. That, we see as being an opportunity to reduce the labour force, for sure,”Espinet said.

Espinet said he was not sure if they can convince employees to reduce their salaries down “that you may be able to work four days a week or three days a week rather than five days a week if you want to keep numbers.”

These are issues, Espinet said would have to be discussed.

The chairman said to reduce the labour force and for employees to work less days would have to be part of a negotiated process “because I think there is about six ways to skin the cat.”



Offline Deeks

  • Hero Warrior
  • *****
  • Posts: 17458
    • View Profile
Re: Is the govt making 1$ by spending 1.25 or I reading it wrong
« Reply #18 on: January 25, 2018, 09:01:50 AM »
maxg, the govt has to figure how to reduce spending, but not hurt workers and public in that process. The reality is plain as a blind man can see. They putting out more than they taking in. They subsidize energy, water, health. The tax system is uneven and inconsistent.

The rate we are going, we will be at the IMF in the very near future. We really don’t want that. Some things got to give. It is going to be more painful. All these numerical calculation and crunching numbers demonstrates the fact that energy based economy of TT needs an overhaul. We have to spend a lot of money to find oil or allow mutinationals to find it for us. In any case the govt has to find the money somewhere. We do not have an abundance of oil. Whenever we make oil find, within 5 years we have to explore for more.

The important question.  Is Rowley capable of taking TT to a more effective diversification program? So that we are a little less dependent on an energy based economy?
« Last Edit: January 25, 2018, 05:48:31 PM by Deeks »

Offline maxg

  • Hero Warrior
  • *****
  • Posts: 6033
    • View Profile
Re: Is the govt making 1$ by spending 1.25 or I reading it wrong
« Reply #19 on: January 25, 2018, 01:12:06 PM »
Let's make a list of alternatives available to us than an energy based economy, that can be achieved in Rowley's tenure. I not sure where to start.

https://en.wikipedia.org/wiki/Economy_of_Trinidad_and_Tobago

Not new Tourism, as the crime situation the way it is, even old Tourism may decline. It also requires a total attitude, maybe even cultural change.

Offline Brownsugar

  • Hero Warrior
  • *****
  • Posts: 10129
  • Soca in mih veins, Soca in mih blood!!
    • View Profile
Re: Is the govt making 1$ by spending 1.25 or I reading it wrong
« Reply #20 on: January 27, 2018, 06:26:08 AM »
Ah sorry eh.....but, while I don't wish retrenchment on anyone, Petrotrin on shit.  Almost every major player in the energy sector who actually still making money sent home people in the past 2 - 3 years.  But Petrotrin, who relying on my 25% PAYE per month to keep them afloat, marching up and down the place at the mere hint of such an exercise coming their way.

And we wonder why the place in a mess.....steups!!
"...If yuh clothes tear up
Or yuh shoes burst off,
You could still jump up when music play.
Old lady, young baby, everybody could dingolay...
Dingolay, ay, ay, ay ay,
Dingolay ay, ay, ay..."

RIP Shadow....The legend will live on in music...

Offline Jah Gol

  • Hero Warrior
  • *****
  • Posts: 8493
  • Ronaldinho is the best player of our era
    • View Profile
    • The Ministry of Noise
Re: Is the govt making 1$ by spending 1.25 or I reading it wrong
« Reply #21 on: February 06, 2018, 07:40:18 AM »
Quote
Petrotrin chairman Wilfred Espinet, in response, said it was “twice as much as it should be,” stating the Petrotrin cannot exist in its present form with its high operational costs.

This reality gives support to the idea of privatization of the company. Something most of us really don't want, at least not in whole anyway. It is highly unlikely that shareholders in a private entity would abide those conditions for long.

The corrective action is plain for us to see. The truth is austerity really isn't necessary if you were practicing good corporate governance in the first place.  The adjustment will be very difficult but what is the alternative ?

Offline Flex

  • Administrator
  • Hero Warrior
  • *****
  • Posts: 16305
  • A Trini 4 Real.
    • View Profile
    • Soca Warriors Online
Re: Petrotrin Thread
« Reply #22 on: February 02, 2020, 06:27:01 PM »
2000 ex-workers still awaiting compensation from Petrotrin
BY YVONNE WEBB (NEWSDAY).


Just over one year since state-owned Petrotrin closed its doors in November 2018, approximately 2000 workers are still awaiting proper compensation packages from the company.

On Friday, the Oilfield Workers Trade Union (OWTU) – the representing union for the workers, and Petrotrin representatives went to the Industrial Court, San Fernando to have these unresolved matters addressed.

The union said it is bent on ensuring the workers are treated fairly and has also filed similar matters before the High Court on their behalf.

First vice president of the union, Ricky Benny, and representatives from six of the bargaining units which represented workers in the former oil company, bowed their heads and prayed before entering the Irving Street court for a preliminary case-management hearing with Petrotrin before the registrar.

Consultant, Harrison Thompson, took lead role in presenting the union’s side of the matter to the court. There was no information regarding the company’s team.

Benny said a grave injustice was done to approximately 2000 workers – casual, temporary and permanent – and the union will take an aggressive approach to ensure workers get their just due.

He said the units present on Friday represented workers across the entire Petrotrin organisation from Penal, Forest Reserve, Santa Flora, Pointe-a-Pierre, Trinmar including those previously working in the hospital services.

“We are dealing with all matters regarding the closure of Petrotrin, from pensions to medical and incorrect calculations of termination benefits. There are members who did not receive any items.”

After the case management phase, the next step will be to file evidence and arguments and set a date for hearing.

Benny said the union is hoping to secure a victory for all workers to get the compensation they are entitled to.

He said since the closure, life has been very difficult for most of the workers who are still unable to find jobs.

Benny blamed this on the “stereotyping of oil workers as highly paid and lazy.

“These stereotypes affected workers to the point where they still can’t get jobs. The market is very tight.”

He said the workers are hopeful the union’s Patriotic Energies and Technologies Co, which Trinidad Petroleum Holdings Limited has offered to operate the refinery, will be able to absorb some of their unemployed members.

Asked for an update on the progress of that arrangement, Benny said OWTU’s president general Ancel Roget will address that issue.

Benny said, going forward, opportunities in Guyana with its new oil find is also an option for some of their members to pursue.

The real measure of a man's character is what he would do if he knew he would never be found out.

Offline Flex

  • Administrator
  • Hero Warrior
  • *****
  • Posts: 16305
  • A Trini 4 Real.
    • View Profile
    • Soca Warriors Online
Re: Petrotrin Thread
« Reply #23 on: February 02, 2020, 06:29:01 PM »
No plan for Petrotrin
T&T Newsday Reports.


AGRICULTURE Minister Clarence Rambharat dismissed Opposition Leader Kamla Persad-Bissessar's claim that the UNC would reopen Petrotrin's Pointe-a-Pierre refinery if re-elected next year. Rambharat made this statement during the budget debate in the Senate on Thursday, hours after the UNC withdrew an injunction in the High Court in Port of Spain, to block

the sale of Petrotrin’s refinery in Pointe-a-Pierre to Patriotic Energies and Technologies Company Ltd. The company is wholly owned by the Oilfield Workers Trade Union (OWTU).

Rambharat told opposition senators, "You have never offered a plan for Petrotrin except to hide the debts in the bogus accounting."

He said this is also reflected by the UNC marching with and then against the OWTU about Petrotrin.

Rambharat also said the UNC continues to try to fool the population with "bogus job-loss figures."

Referring to Persad-Bissessar's budget response on October 7, Rambharat said the opposition does not understand its "transformation plan" was unworkable and could land the country in the hands of the International Monetary Fund (IMF). In such a circumstance, he said, "The public service will be decimated."

Rambharat added that the UNC had failed to provide the public with any sensible solution to pay the public debt or pay the monthly bill for the public service.

He said none of the opposition senators who had spoken in the debate had focused on revenue and expenditure. Declaring this was what the debate was about, Rambharat said, "If you are not talking about revenue, then you are wasting the country's time."

We must do all to save Petrotrin
By ARTHUR DASH (NEWSDAY).


THE EDITOR: Trinidad (and Tobago) has from its inception has always been a land of mystery and wonder, beginning with Columbus sailing in a flotilla of three ships and sighting the three mountain peaks, thereafter naming the island La Trinity.

we are blessed with radiant sunshine, an abundance of natural resources, creativity and beautiful people of diverse races, hues and religions dwelling side by side together in absolute harmony.

We are now at a juncture where the nation's patrimony is balancing on a precarious scale in the form of Petrotrin; and do or die, this important venture must succeed.

After this national bread basket was shut down and thousands of workers lost their jobs, the OWTU was surprisingly chosen from several other bids to acquire the refinery with a proposal offer of US$700 million and another US$200 million to restart the process.

The obvious mystery here is that US$900 million is a hell of a lot of money and any intelligent mind will gasp aloud and then ask, "Whey dem getting all dat money from?"

Now the OWTU representatives have not been open and transparent in articulating this burning question so it's hoped and expected that the Joint Select Committee on Energy can extract these details to inform the national community, because at the end of the process, we have to ensure that TT isn't sacrificed or mortgaged away to whom, where or whatever source.

As we await the results, I envisage that citizens will be invited to purchase shares to which I beckon all and sundry regardless of political or other persuasions, even down to the children to burst their piggybanks and be counted in this national endeavour to propel our nation forward. Let us together engage in some real meaningful national pride and commitment to success. Remember, "Together we Aspire, Together we Achieve."

VON DUFONT
Maracas


The real measure of a man's character is what he would do if he knew he would never be found out.

Offline Flex

  • Administrator
  • Hero Warrior
  • *****
  • Posts: 16305
  • A Trini 4 Real.
    • View Profile
    • Soca Warriors Online
Re: Petrotrin Thread
« Reply #24 on: July 16, 2020, 06:05:49 AM »
Govt ready to sign refinery deal with Patriotic
By Sascha Wilson (Guardian).


Prime Minister Dr Keith Rowley says the Government is ready to sign off on the sale of the defunct Petrotrin refinery to Patriotric Energies and Technologies Company Ltd.

He made the announcement at the launch of Petrotrin Land Distribution Programme for terminated Petrotrin employees at the Palo Seco Government Primary School yesterday.

“It is the intention of the Government of Trinidad and Tobago, in the coming days, to sign off with the OWTU and beginning of the way back for the Petrotrin refinery, known today as the Guaracara, as soon as the OWTU is ready to commit itself to what I had said in this statement today and provide its commitment by its signature.”

The Oilfields Workers’ Trade Union’s Patriotic Energies and Technologies Company Ltd was chosen as the preferred bidder for the refinery from amongst 77 companies that showed interest in acquiring the assets after the Government closed down the refinery in November 2018.

Patriotic Energies was the only company that made an upfront payment offer of US$700 million. Calls to OWTU president general Ancel Roget for comment yesterday were unsuccessful. However, Guardian Media understands Roget was in a meeting with executives of Patriotic Energies up to later last evening.

Speaking in Fyzabad last month, however, Roget said they were close to acquiring the refinery.

Yesterday, Rowley said with the signing of the agreement the country would have solved yet another one of its major problems, as the restart of the refinery will stimulate the creation 7,000 jobs in the short and medium-term.

However, the Prime Minister said this outcome has not been without pain and acrimony.

Outlining the salient points included in the draft agreement Government had sent to Patriotic Energies in March, Rowley said this includes the schedule of work and costs of the refinery start-up activities and the restart date of the refinery to be 12 months from the closing date.

Rowley warned, however, that this deal and all the successes his Government had made in Petrotin debacle will be decimated if the United National Congress wins the August 10 general election and called on the OWTU and citizens to prevent this from happening.

“So when you hear the Opposition that thinks it can win an election, because accidents do occur, saying that if they come into government they, the Opposition, which will be the government, the government will abandon all of this, this sane, sober, transparent and serious process, they will abandon this and the government will return to operate a government refinery in Pointe-a-Pierre,” Rowley said.

“Two things you need to note there, the Minister of Energy mentioned one and that is even as they are saying that, the bondholders who raised the money to allow the country, through Heritage (Petroleum), to service that US$850 million loan that we dealt with last year, they would have heard the incoming government saying that the government was going to open the money-losing refinery. That immediately would call into question the status of that loan and its documents and its contracts and if they proceed with their foolishness, God forbid that on August 10 they become the government and sometime after they proceed to keep that promise, it would mean that we are back not just to square one but square one minus because the Minister of Finance will then have to treat with the bondholders.

“Immediately the country would be downgraded and if they have to service that loan to save the day, immediately we will be a candidate on the road to the IMF.”

He added, “I want to say to all of you, OWTU and WTUO, on August 10 you have a responsibility to come out and defend the people of Trinidad and Tobago the same way they defended you when you were in there and we have dodged a bullet with that US$850 million loan because had we not conducted our business properly…it would have been a completely different state of affairs in Trinidad and Tobago again.”

The land distribution programme for former Petrotrin workers who were terminated will see them being given residential and agricultural plots around the country. The programme will be done in two phases, with 1,000 lots being given out in the first phase.

Prime Minister Dr Keith Rowley says the Government is ready to sign off on the sale of the defunct Petrotrin refinery to Patriotic Energies and Technologies Company Ltd.

He made the announcement at the launch of Petrotrin Land Distribution Programme for terminated Petrotrin employees at the Palo Seco Government Primary School yesterday.

“It is the intention of the Government of Trinidad and Tobago, in the coming days, to sign off with the OWTU and beginning of the way back for the Petrotrin refinery, known today as the Guaracara, as soon as the OWTU is ready to commit itself to what I had said in this statement today and provide its commitment by its signature.”

The Oilfields Workers’ Trade Union’s Patriotic Energies and Technologies Company Ltd was chosen as the preferred bidder for the refinery from amongst 77 companies that showed interest in acquiring the assets after the Government closed down the refinery in November 2018.

Patriotic Energies was the only company that made an upfront payment offer of US$700 million. Calls to OWTU president general Ancel Roget for comment yesterday were unsuccessful. However, Guardian Media understands Roget was in a meeting with executives of Patriotic Energies up to later last evening.

Speaking in Fyzabad last month, however, Roget said they were close to acquiring the refinery.

Yesterday, Rowley said with the signing of the agreement the country would have solved yet another one of its major problems, as the restart of the refinery will stimulate the creation 7,000 jobs in the short and medium-term.

However, the Prime Minister said this outcome has not been without pain and acrimony.

Outlining the salient points included in the draft agreement Government had sent to Patriotic Energies in March, Rowley said this includes the schedule of work and costs of the refinery start-up activities and the restart date of the refinery to be 12 months from the closing date.

Rowley warned, however, that this deal and all the successes his Government had made in Petrotrin debacle will be decimated if the United National Congress wins the August 10 general election and called on the OWTU and citizens to prevent this from happening.

“So when you hear the Opposition that thinks it can win an election, because accidents do occur, saying that if they come into government they, the Opposition, which will be the government, the government will abandon all of this, this sane, sober, transparent and serious process, they will abandon this and the government will return to operate a government refinery in Pointe-a-Pierre,” Rowley said.

“Two things you need to note there, the Minister of Energy mentioned one and that is even as they are saying that, the bondholders who raised the money to allow the country, through Heritage (Petroleum), to service that US$850 million loan that we dealt with last year, they would have heard the incoming government saying that the government was going to open the money-losing refinery. That immediately would call into question the status of that loan and its documents and its contracts and if they proceed with their foolishness, God forbid that on August 10 they become the government and sometime after they proceed to keep that promise, it would mean that we are back not just to square one but square one minus because the Minister of Finance will then have to treat with the bondholders.

“Immediately the country would be downgraded and if they have to service that loan to save the day, immediately we will be a candidate on the road to the IMF.”

He added, “I want to say to all of you, OWTU and WTUO, on August 10 you have a responsibility to come out and defend the people of Trinidad and Tobago the same way they defended you when you were in there and we have dodged a bullet with that US$850 million loan because had we not conducted our business properly…it would have been a completely different state of affairs in Trinidad and Tobago again.”

The land distribution programme for former Petrotrin workers who were terminated will see them being given residential and agricultural plots around the country. The programme will be done in two phases, with 1,000 lots being given out in the first phase.

Additional

Salient points of Govt’s proposed draft agreement deal for the Petrotrin refinery with Patrotric Energies and Technologies Company Ltd

• The completion of the detailed inspection of the assets, inclusive of an inspection test plan

• The schedule of work and costs of the refinery start-up activities

• The concluded definitive financing terms for the seller’s credit note with Trinidad Petrotrin Holdings Ltd and Trafigura or any other similar entity

• The receipt of all licenses and approvals and successful negotiations of all collateral agreements

• Associated land for leasehold will be for a period of 99 years

• The period of handover of the logistics assets, inclusive of the terminalling operations of Paria, following the start-up of the refinery assets by six months with written safeguards of national fuels supply and fuels supply security, meaning that the refinery will have to be up and running for six months before the Government concludes the handing over of the terminal arrangements and documentation of the required licenses with safeguards for the supply of fuel to the nation.

• The restart date of the refinery to be 12 months from the closing date.

The real measure of a man's character is what he would do if he knew he would never be found out.