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Petrotrin update

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The_Honourable
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Re: Petrotrin update

Postby The_Honourable » June 27th, 2019, 9:58 pm

kstt wrote:Can you guess who the new operator will be? According to Khan the new operator "will be supplying their OWN supply of crude to be refined"

#donedeal


So Patriotic/OWTU get blank then...

#weshallovercome

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Re: Petrotrin update

Postby Pointman-IA » June 27th, 2019, 10:01 pm

Page cannot be found
kstt wrote:http://www.guardian.co.tt/news/foreign-operator-will-likely-get-nod-for-refinerykhan-6.2.874221.3e58e4c6e3

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Re: Petrotrin update

Postby kstt » June 27th, 2019, 10:02 pm

The_Honourable wrote:
kstt wrote:Can you guess who the new operator will be? According to Khan the new operator "will be supplying their OWN supply of crude to be refined"

#donedeal


So Patriotic/OWTU get blank then...

#weshallovercome


According to the article it was lol

All dem jackass who went labour day must be vex they holding on to the owtu still lol

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Re: Petrotrin update

Postby kstt » June 27th, 2019, 10:04 pm

Pointman-IA wrote:Page cannot be found
kstt wrote:http://www.guardian.co.tt/news/foreign-operator-will-likely-get-nod-for-refinerykhan-6.2.874221.3e58e4c6e3


Foreign operator will likely get nod for refinery—Khan

by

Kevon Felmine

less than hour ago

Thu Jun 27 2019

The refinery at Pointe-a-Pierre. © Elmo Griffith

Petrotrin's Pointe-a-Pierre Re­fin­ery, now called Guaracara Re­fin­ing Com­pa­ny Ltd, will "most like­ly" be leased to a for­eign op­er­a­tor, En­er­gy Min­is­ter Franklin Khan.

He was speak­ing at a PNM meet­ing in Point Fortin on Thurs­day night un­der the theme Let's Talk En­er­gy.

"Guaracara Re­fin­ing and ter­mi­nalling (stor­age) fa­cil­i­ties is very like­ly to be leased to a pri­vate op­er­a­tor. Very like­ly, an in­ter­na­tion­al op­er­a­tor be­cause there is no in­dige­nous ca­pac­i­ty to run a re­fin­ery of that size and com­plex­i­ty. We will be fo­cus­ing on Her­itage," Khan said.

This means that the OW­TU's bid along some oth­er 50 op­er­a­tors has been ruled out.

Up un­til Labour Day, June 19, the union which rep­re­sent­ed the for­mer Petrotrin work­ers was con­fi­dent that its bid to lease and op­er­ate the re­fin­ery would be suc­cess­ful.

Khan said the re­fin­ery will be re­opened un­der a new op­er­a­tor and the same work­ers who were re­trenched from Petrotrin and giv­en "at­trac­tive sev­er­ance pack­ages" would be re-em­ployed.

He main­tained that the Gov­ern­ment's de­ci­sion to close Petrotrin saved the coun­try from be­ing down­grad­ed by in­ter­na­tion­al rat­ings agen­cies. He said Petrotrin's down­fall was as a re­sult of bad in­vest­ments in the Gas Op­ti­miza­tion Project, the Ul­tra Low Sul­phur Diesel plant and the World Gas to Liq­uid plant. It was pro­ject­ed that Petrotrin would have lost $2 bil­lion year­ly if it had been al­lowed to con­tin­ue.

Ear­li­er dur­ing the meet­ing, for­mer Petrotrin Trin­mar Op­er­a­tion work­ers booed Prime Min­is­ter Dr Kei­th Row­ley as he en­tered the meet­ing.

It was an un­usu­al wel­come for Row­ley as the Bor­ough has been a strong­hold of the PNM since the par­ty re­claimed the seat from the Na­tion­al Al­liance for Re­con­struc­tion in the 1991 gen­er­al elec­tions.

As Na­tion­al Se­cu­ri­ty Min­is­ter Stu­art Young spoke, the for­mer oil work­ers, as well as those wear­ing PEP shirts, heck­led and called for an ex­pla­na­tion on the shut­down of At­lantic's Train 1.

The com­mo­tion led po­lice of­fi­cers to cau­tion the group and threat­en­ing to ex­pel OTWU mem­ber Nigel White from the meet­ing.

White said that he came to the meet­ing to lis­ten to what the gov­ern­ment had to say. How­ev­er, he said while peo­ple cheered when they agreed with what was be­ing said, he chose to re­spond when he did not agree.

"If they say some­thing and I don't agree, I say no. They are ly­ing to the peo­ple. If they say some­thing that is not true, I will say no, but the po­lice are say­ing that they are of the opin­ion that I am dis­rupt­ing the meet­ing.

"They're not telling any­body what they are about to do where en­er­gy is con­cerned, they come to blame Kam­la. We did not come to hear that. We can not strive as a peo­ple when the gov­ern­ment is fool­ing the peo­ple. They closed down Train 1 and Petrotrin and telling peo­ple to come and work for $10 and $15 per hour," White said.

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Re: Petrotrin update

Postby Pointman-IA » June 27th, 2019, 10:05 pm

LOL
kstt wrote:
The_Honourable wrote:
kstt wrote:Can you guess who the new operator will be? According to Khan the new operator "will be supplying their OWN supply of crude to be refined"

#donedeal


So Patriotic/OWTU get blank then...

#weshallovercome


According to the article it was lol

All dem jackass who went labour day must be vex they holding on to the owtu still lol

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Re: Petrotrin update

Postby The_Honourable » June 27th, 2019, 10:12 pm

Pointman-IA wrote:
kstt wrote:
The_Honourable wrote:
kstt wrote:Can you guess who the new operator will be? According to Khan the new operator "will be supplying their OWN supply of crude to be refined"

#donedeal


So Patriotic/OWTU get blank then...

#weshallovercome


According to the article it was lol

All dem jackass who went labour day must be vex they holding on to the owtu still lol
LOL


Roget and Abdulah going and call press conference for sure :lol:

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Re: Petrotrin update

Postby kstt » June 27th, 2019, 10:18 pm


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Re: Petrotrin update

Postby kstt » June 27th, 2019, 10:23 pm

The OWTU now have a reason to pray :lol: :lol: :lol:

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Re: Petrotrin update

Postby wing » June 28th, 2019, 2:12 pm


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Re: Petrotrin update

Postby kstt » June 29th, 2019, 10:55 am

http://www.guardian.co.tt/news/pm-new-r ... c3189f4685

Will the price of fuel be set by the international company having a monopoly on our fuel. Will we the driving public be at their mercy?

How/what will our national budget be based on since we would not be a "owner" of the drilling and refining process? Gaining no Forex.

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Re: Petrotrin update

Postby wing » June 29th, 2019, 11:44 am

kstt wrote:http://www.guardian.co.tt/news/pm-new-refinery-operator-will-supply-fuel-to-tt-6.2.875159.c3189f4685

Will the price of fuel be set by the international company having a monopoly on our fuel. Will we the driving public be at their mercy?

How/what will our national budget be based on since we would not be a "owner" of the drilling and refining process? Gaining no Forex.
I suspect we will be paying international market prices for fuel. Of course all product exports will earn forex which will be taxed as per legal requirements ( hopefully). Hopefully the new entity will be operated and managed properly and the true potential of the Refinery will be realized, ie a real gold mine....

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Re: Petrotrin update

Postby kstt » June 29th, 2019, 7:03 pm

https://www.trinidadexpress.com/news/lo ... 499c7.html

Didn't Roget have a cozy private dinner for the $15 million deal? I am certain it wasn't discussed in the public domain.

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Re: Petrotrin update

Postby The_Honourable » June 29th, 2019, 7:14 pm

Since is election season, I say Growlers would give Roget and the OWTU a bligh for the refinery... but :lol: :lol: :lol:

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Re: Petrotrin update

Postby sleepertercel » June 30th, 2019, 12:41 am

kstt wrote:Can you guess who the new operator will be? According to Khan the new operator "will be supplying their OWN supply of crude to be refined"

#donedeal


Pay attention to the name SOCA in the near future.

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Re: Petrotrin update

Postby wing » June 30th, 2019, 6:21 am

Interesting.

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Re: Petrotrin update

Postby zoom rader » June 30th, 2019, 7:00 am

kstt wrote:http://www.guardian.co.tt/news/pm-new-refinery-operator-will-supply-fuel-to-tt-6.2.875159.c3189f4685

Will the price of fuel be set by the international company having a monopoly on our fuel. Will we the driving public be at their mercy?

How/what will our national budget be based on since we would not be a "owner" of the drilling and refining process? Gaining no Forex.
Taxes, from oil & gas and from you paying your taxes.

We are a tax nation now.

Only problem is our taxes does not bring in forex

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Re: Petrotrin update

Postby hydroep » June 30th, 2019, 4:44 pm

Khan rejects OWTU claims
Ken Chee Hing

ENERGY Minister Franklin Khan has rejected claims from the Oilfields Workers Trade Union (OWTU) that he indicated the Petrotrin refinery in Pointe-a-Pierre could be operated by a foreign entity. In a statement on Sunday, Khan said OWTU president Ancil Roget attempted to create an issue where none exists.

Khan indicated that at no time, was any specific company indicated or vaguely referred to, when he spoke at a People's National Movement meeting in Pt Fortin last Thursday. He also indicated that he never said the preferred bidder is known to the Government. Khan said both the Prime Minister and himself have dealt extensively and in detail with the justification for the restructuring of Petrotrin, in particular, the need to get out of the refining business.

"We articulated the rationale to the nation for the new companies (Heritage Petroleum Company Ltd., Guaracara Refining Company Ltd, Paria Fuel Trading Company Ltd. and Trinidad Petroleum Holdings Ltd.). We outlined the optimistic and sustainable future ahead for the new company." Khan said both he and Dr Rowley indicated there was great interest from several entities about the refinery, provided an update as per the status of the bidding process and approximately when a preferred bidder would be identified. He said the meeting discussed purely policy issues.

Khan explained the divestment of Petrotrin refinery’s assets is complex and part of a sophisticated process. He gave the assurance that this process " is being conducted in the most transparent and ethical way possible and the final decision will redound to the benefit of the people of TT."


https://newsday.co.tt/2019/06/30/khan-rejects-owtu-claims/

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Re: Petrotrin update

Postby Redman » July 1st, 2019, 2:44 pm

But isnt that what Frankie said.....just before the PM stated that the process is not complete

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Re: Petrotrin update

Postby kstt » July 1st, 2019, 5:23 pm

So apparently the crowd at the PNM meeting in Pt Fortin was not Pt Fortin residents but "crowd padders"

I for one am certain I saw Stewart Young's father seated in the crowd.

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Re: Petrotrin update

Postby rspann » July 1st, 2019, 7:38 pm

kstt wrote:So apparently the crowd at the PNM meeting in Pt Fortin was not Pt Fortin residents but "crowd padders"

I for one am certain I saw Stewart Young's father seated in the crowd.


You mean Gary Sobers father?

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Re: Petrotrin update

Postby pugboy » July 1st, 2019, 7:49 pm

Don’t forget the “sir”
Have some manners

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Re: Petrotrin update

Postby De Dragon » July 1st, 2019, 8:47 pm

Redman wrote:But isnt that what Frankie said.....just before the PM stated that the process is not complete

Frankie you say?

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Re: Petrotrin update

Postby Gladiator » July 1st, 2019, 9:17 pm

zoom rader wrote:
kstt wrote:http://www.guardian.co.tt/news/pm-new-refinery-operator-will-supply-fuel-to-tt-6.2.875159.c3189f4685

Will the price of fuel be set by the international company having a monopoly on our fuel. Will we the driving public be at their mercy?

How/what will our national budget be based on since we would not be a "owner" of the drilling and refining process? Gaining no Forex.
Taxes, from oil & gas and from you paying your taxes.

We are a tax nation now.

Only problem is our taxes does not bring in forex
Taxes are being used by imbert as a deterrent to the consumer and to reduce consumer purchasing power.

It's a pathetic attempt to curb Forex expenditure. Rather than stimulate local industry to earn Forex these idiots increase taxes and call it revenue...

It's just lazy governance....

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Re: Petrotrin update

Postby zoom rader » July 2nd, 2019, 5:56 am

Gladiator wrote:
zoom rader wrote:
kstt wrote:http://www.guardian.co.tt/news/pm-new-refinery-operator-will-supply-fuel-to-tt-6.2.875159.c3189f4685

Will the price of fuel be set by the international company having a monopoly on our fuel. Will we the driving public be at their mercy?

How/what will our national budget be based on since we would not be a "owner" of the drilling and refining process? Gaining no Forex.
Taxes, from oil & gas and from you paying your taxes.

We are a tax nation now.

Only problem is our taxes does not bring in forex
Taxes are being used by imbert as a deterrent to the consumer and to reduce consumer purchasing power.

It's a pathetic attempt to curb Forex expenditure. Rather than stimulate local industry to earn Forex these idiots increase taxes and call it revenue...

It's just lazy governance....
The Syrians killed off local Industry to tote away forex.

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Re: Petrotrin update

Postby Redman » July 2nd, 2019, 9:09 am

De Dragon wrote:
Redman wrote:But isnt that what Frankie said.....just before the PM stated that the process is not complete

Frankie you say?


Yeah the Newsday article-quoting Franklin Khan

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Re: Petrotrin update

Postby hydroep » July 9th, 2019, 1:35 pm

Kamla: Paria Fuel in serious trouble
Lincoln Holder

After less than eight months of existence Paria Fuel Trading Ltd is in serious financial trouble, and this is a significant threat to the supply of fuel to the nation, says Opposition leader Kamla Persad-Bissessar.

Speaking at the UNC's Monday Night Forum in Fyzabad, she said a letter was dropped in her mailbox. It was from the chairman of Paria, Wilfred Espinet, to Energy Minister Franklin Khan and was dated June 7. She quoted, “An ongoing shortfall of US$20 million per month to purchase refined fuels to ensure supply to the country – this is a structural problem that is going to result in a shortage of fuels unless corrected.”

Persad-Bissessar commented, “That is a very serious issue. The chairman of Trinidad Petroleum Holdings, Wilfred Espinet, said so. What is that US $0 million shortfall about?"

She asked whether the oil company is losing US$20 million per month, saying at today’s rate of exchange, that was TT$140 million.

“That is not losing money. It is hemorrhaging money,” she said.

She told supporters if this company has to find US$20 million of TT dollars per month to buy fuel it may have to increase the price of fuel at the pumps for the everyday citizen.

It is clear, she said, that Paria Fuel Trading, the company with the sole responsibility for importing this country’s fuels, such as super, diesel, premium, kerosene and jet fuel, is in big trouble.

“This is what you get when you shut down Petrotrin and you had no plan post-Petrotrin,” Persad-Bissessar said, and the decision to close down Petrotrin would be the biggest economic debacle in the history of this country.

The letter she quoted mentioned another immediate risk the failure to implement ex-terminal pricing for imported fuel, despite the company's implementing a formula since November.

This, she said. was the height of incompetence on the part of Khan. She said Espinet went on in the letter to add another immediate risk" "The inability to secure two letters from the Ministry of Energy and the BIR to close the 2018 year-end audit and finalise long-term financing. Requests for both these letters have been pursued daily for several months."

This means Petrotrin cannot publish financial statements for 2018, she said, because of outstanding issues regarding royalty payments to the Energy Ministry and outstanding issues over taxes owed to the Board of Inland Revenue.

“This speaks to massive incompetence at the Ministry of Energy, the Ministry of Finance and at Trinidad Petroleum Holdings, where all the Petrotrin accountants and finance people were fired and they can’t find documents,” she said.

When you consider the loss of production, the loss of revenue, the loss of sales of refined products and the cost to settle with workers, she said, the closure of Petrotrin is a debacle because it was not properly thought out but done with spite, malice and contempt.

On Petrotrin bonds and loans she said next month Petrotrin has to pay US$850 million, which is more than TT$5 billion, to bondholders it owes for a bond taken out in 2009 by the Malcolm Jones PNM-appointed board of Petrotrin.

She claimed, “They cannot make that payment, and officials went to the bondholders and asked them to refinance the bond to 2026 at 9.75 per cent interest, which is an excellent interest rate, but bondholders refused the offer.”

As a result, she said, government had to borrow the remainder of the money from a syndicate of banks to make the US$850 million payment.

“It seems the Petrotrin candle is costing more than the funeral,” Persad-Bissessar said.

She declared that after four years the PNM had killed Petrotrin and now it was killing the National Gas Company. NGC, she said is also in trouble, thanks to political interference in natural-gas price negotiations in March 2017. She said the Prime Minister and National Security Minister Stuart Young arrogated unto themselves the responsibility for negotiating natural-gas prices for the NGC with EOG Resources in a hotel room in Houston.

“The result of that intrusion is, on the one hand, the NGC having to pay a lot more for natural gas, while on the other hand having to sell it to its customers in some cases at a loss,” she said. Maybe, Persad-Bissessar said, that was one reason why Gerry Brooks hustled and resigned from the NGC: he saw the writing on the wall.

She said at the PNM’s Let’s Talk Energy session in Point Fortin Khan said the Guaracara refining and storage facilities were very likely to be leased to an international operator because there is no indigenous capacity to run a refinery of that size and complexity. So, she said the Oilfield Workers Trade Union’s bid is in the wastebasket. She slammed the Rowley administration on the comment that there was "no indigenous capacity" to run the refinery, saying that was how highly the government thought of its people.

She said the UNC has a plan to reconsolidate Petrotrin into a fully integrated oil company, starting back up the Pointe-a-Pierre oil refinery on the most efficient and economical basis.

“By restarting Petrotrin, we will not have to import fuel and will avoid energy-price risk, save foreign exchange, provide meaningful jobs and ensure the company continues to contribute to the Treasury,” she said.

She also called on the PM to reveal the date of the local government elections.


https://newsday.co.tt/2019/07/09/kamla-paria-fuel-in-serious-trouble/

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Re: Petrotrin update

Postby The_Honourable » July 9th, 2019, 1:59 pm

Probably that is why Espinet (and others) wanted to get rid of Paria earlier in the year and the possible packaging it together with the refinery.

As with most state companies, it loosing money from jump.

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Re: Petrotrin update

Postby zoom rader » July 9th, 2019, 2:32 pm

hydroep wrote:
Kamla: Paria Fuel in serious trouble
Lincoln Holder

After less than eight months of existence Paria Fuel Trading Ltd is in serious financial trouble, and this is a significant threat to the supply of fuel to the nation, says Opposition leader Kamla Persad-Bissessar.

Speaking at the UNC's Monday Night Forum in Fyzabad, she said a letter was dropped in her mailbox. It was from the chairman of Paria, Wilfred Espinet, to Energy Minister Franklin Khan and was dated June 7. She quoted, “An ongoing shortfall of US$20 million per month to purchase refined fuels to ensure supply to the country – this is a structural problem that is going to result in a shortage of fuels unless corrected.”

Persad-Bissessar commented, “That is a very serious issue. The chairman of Trinidad Petroleum Holdings, Wilfred Espinet, said so. What is that US $0 million shortfall about?"

She asked whether the oil company is losing US$20 million per month, saying at today’s rate of exchange, that was TT$140 million.

“That is not losing money. It is hemorrhaging money,” she said.

She told supporters if this company has to find US$20 million of TT dollars per month to buy fuel it may have to increase the price of fuel at the pumps for the everyday citizen.

It is clear, she said, that Paria Fuel Trading, the company with the sole responsibility for importing this country’s fuels, such as super, diesel, premium, kerosene and jet fuel, is in big trouble.

“This is what you get when you shut down Petrotrin and you had no plan post-Petrotrin,” Persad-Bissessar said, and the decision to close down Petrotrin would be the biggest economic debacle in the history of this country.

The letter she quoted mentioned another immediate risk the failure to implement ex-terminal pricing for imported fuel, despite the company's implementing a formula since November.

This, she said. was the height of incompetence on the part of Khan. She said Espinet went on in the letter to add another immediate risk" "The inability to secure two letters from the Ministry of Energy and the BIR to close the 2018 year-end audit and finalise long-term financing. Requests for both these letters have been pursued daily for several months."

This means Petrotrin cannot publish financial statements for 2018, she said, because of outstanding issues regarding royalty payments to the Energy Ministry and outstanding issues over taxes owed to the Board of Inland Revenue.

“This speaks to massive incompetence at the Ministry of Energy, the Ministry of Finance and at Trinidad Petroleum Holdings, where all the Petrotrin accountants and finance people were fired and they can’t find documents,” she said.

When you consider the loss of production, the loss of revenue, the loss of sales of refined products and the cost to settle with workers, she said, the closure of Petrotrin is a debacle because it was not properly thought out but done with spite, malice and contempt.

On Petrotrin bonds and loans she said next month Petrotrin has to pay US$850 million, which is more than TT$5 billion, to bondholders it owes for a bond taken out in 2009 by the Malcolm Jones PNM-appointed board of Petrotrin.

She claimed, “They cannot make that payment, and officials went to the bondholders and asked them to refinance the bond to 2026 at 9.75 per cent interest, which is an excellent interest rate, but bondholders refused the offer.”

As a result, she said, government had to borrow the remainder of the money from a syndicate of banks to make the US$850 million payment.

“It seems the Petrotrin candle is costing more than the funeral,” Persad-Bissessar said.

She declared that after four years the PNM had killed Petrotrin and now it was killing the National Gas Company. NGC, she said is also in trouble, thanks to political interference in natural-gas price negotiations in March 2017. She said the Prime Minister and National Security Minister Stuart Young arrogated unto themselves the responsibility for negotiating natural-gas prices for the NGC with EOG Resources in a hotel room in Houston.

“The result of that intrusion is, on the one hand, the NGC having to pay a lot more for natural gas, while on the other hand having to sell it to its customers in some cases at a loss,” she said. Maybe, Persad-Bissessar said, that was one reason why Gerry Brooks hustled and resigned from the NGC: he saw the writing on the wall.

She said at the PNM’s Let’s Talk Energy session in Point Fortin Khan said the Guaracara refining and storage facilities were very likely to be leased to an international operator because there is no indigenous capacity to run a refinery of that size and complexity. So, she said the Oilfield Workers Trade Union’s bid is in the wastebasket. She slammed the Rowley administration on the comment that there was "no indigenous capacity" to run the refinery, saying that was how highly the government thought of its people.

She said the UNC has a plan to reconsolidate Petrotrin into a fully integrated oil company, starting back up the Pointe-a-Pierre oil refinery on the most efficient and economical basis.

“By restarting Petrotrin, we will not have to import fuel and will avoid energy-price risk, save foreign exchange, provide meaningful jobs and ensure the company continues to contribute to the Treasury,” she said.

She also called on the PM to reveal the date of the local government elections.


https://newsday.co.tt/2019/07/09/kamla-paria-fuel-in-serious-trouble/
Eleit and rspann go say that's good bussiness

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Re: Petrotrin update

Postby rspann » July 9th, 2019, 7:13 pm

At least A&V safe.

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Re: Petrotrin update

Postby zoom rader » July 9th, 2019, 7:17 pm

rspann wrote:At least A&V safe.
Under PNM there is no corruption

It's call value for money

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