Petrotrin refinery shut down

[The_Honourable]

70 bids for the refinery

https://newsday.co.tt/2019/04/03/colm-7 ... -refinery/

[sMASH]

new owners will hadda pay for raw material, pay for lease, pay for rental of the port and bunkering. and still will make a profit.

good one PNM

[zoom rader]

new owners will hadda pay for raw material, pay for lease, pay for rental of the port and bunkering. and still will make a profit.

good one PNM

1% will be excluded from those things and given a hugh tax break

[rspann]

They will lose their money. Espinet et Al say it not profitable . Seventy entities bidding on something that not profitable. That making any sense?

[zoom rader]

They will lose their money. Espinet et Al say it not profitable . Seventy entities bidding on something that not profitable. That making any sense?

It not profitable to outsiders , but mark my word 1% will make it profitable with under paying folk and getting tax breaks

[Redman]

They will lose their money. Espinet et Al say it not profitable . Seventy entities bidding on something that not profitable. That making any sense?

No.

Refinery here
Feedstock-40-60% here
Output-50-70% domestic demand, and regional for the rest.
Cheaper labor rates than many places.
Also-local oil is produced and sold to Petrotrin within a royalty and tax structure that equated to the producer receiving 50% WTI on every barrel.
So there can be enough fiscal space if govt gives it to enable the refinery to be buying oil at a discount -making it even more attractive.


The problem before-Union and political interference.

Remove those two its a clear run to a solid refinery biz.

[zoom rader]

They will lose their money. Espinet et Al say it not profitable . Seventy entities bidding on something that not profitable. That making any sense?

No.

Refinery here
Feedstock-40-60% here
Output-50-70% domestic demand, and regional for the rest.
Cheaper labor rates than many places.
Also-local oil is produced and sold to Petrotrin within a royalty and tax structure that equated to the producer receiving 50% WTI on every barrel.
So there can be enough fiscal space if govt gives it to enable the refinery to be buying oil at a discount -making it even more attractive.


The problem before-Union and political interference.

Remove those two its a clear run to a solid refinery biz.

And that's why PNM kill oil.

[The_Honourable]

They will lose their money. Espinet et Al say it not profitable . Seventy entities bidding on something that not profitable. That making any sense?

It not profitable to outsiders , but mark my word 1% will make it profitable with under paying folk and getting tax breaks

I believe that Espinet wants to do what he think is best (we can agree or disagree here) but there is an obvious conflict and interference from Cabinet.

https://newsday.co.tt/2018/08/28/no-title-19/

Responding to questions from journalists, Espinet said there is no likelihood that the refinery will be sold.

“Would you buy something that you can’t make a profit from?” he retorted.

https://newsday.co.tt/2018/08/29/no-fire-sale/

THERE are no buyers waiting on the sidelines to buy Petrotrin’s refinery, which is scheduled to cease operations in the company’s restructuring process.

Asked if there had been expressions of interest in it, in an interview on I95.5 FM, Espinet said no.

“Nobody indicated any interest of any sort to purchase the assets of Petrotrin. I have no idea. I don’t know a soul who have any interest in doing it."

He explained that across the region and in South America, approximately 15 similar plants have been closed over the last few years and he can only imagine those may be up for sale. So there is no rush by anyone to get their hands on the asset at Pointe-a-Pierre.

http://www4.guardian.co.tt/news/2018-09 ... inery-sale

Petrotrin chairman Wilfred Espinet is holding fast to his position that there is no plan to sell or privatise the refinery at Point-a-Pierre which is being shut down.

Espinet said he wanted to make it “absolutely clear” that he had “absolutely no knowledge of anybody wanting to buy the refinery,” nor had he “been in any discussion whatsoever with anybody, politician, public servant, union, anybody where I indicated to them that any part of the strategy was about selling the refinery.”

Told further of Rowley’s plan, he insisted he was “never involved in any discussion, recommendation or proposal regarding the sale of Petrotrin’s refinery. Never!”

http://www.guardian.co.tt/news/espinet- ... ac05293ce7

State-owned Petrotrin will re­trench all its work­ers and not just those in the re­fin­ery as was pre­vi­ous­ly an­nounced.

http://www.guardian.co.tt/news/espinet- ... 19d579dd4c

Petrotrin chair­man Wil­fred Es­pinet says while he told Gov­ern­ment of­fi­cials that the re­fin­ery would like­ly not be prof­itable in a meet­ing in Jan­u­ary, he nev­er ad­vised Gov­ern­ment to close down Petrotrin.

Es­pinet al­so de­nied that be­tween the Jan­u­ary meet­ing and his even­tu­al dis­cov­ery that the re­fin­ery was to be shut down in Au­gust, he had made a sug­ges­tion to the Gov­ern­ment that Petrotrin be closed down. In fact, he said he on­ly dis­cov­ered the de­ci­sion was to be made dur­ing a se­ries of work­ing ses­sions over a four-day pe­ri­od in the mid­dle of Au­gust.

He said fol­low­ing re­ports com­piled by Solomon and As­so­ciates and pre­sen­ta­tions by the McK­in­sey group, the ini­tial rec­om­men­da­tion was that Petrotrin would be split in­to two com­pa­nies, with Petrotrin set to be a hold­ing com­pa­ny in that arrange­ment.

Es­pinet said when he told Gov­ern­ment his point of view in Jan­u­ary, he was ini­tial­ly told they want­ed to keep both the up­stream (Ex­plo­ra­tion/Pro­duc­tion) and down­stream (Re­fin­ery/Mar­ket­ing) op­er­a­tions of Petrotrin and the re­fin­ery. The two com­pa­nies were to han­dle the sep­a­rate op­er­a­tions as sub­sidiaries of Petrotrin, he said.

[Redman]

Buyers were in the refinery before Espinet

[zoom rader]

Buyers were in the refinery before Espinet

This was when PNM stole the last election as pay back

[teems1]

They will lose their money. Espinet et Al say it not profitable . Seventy entities bidding on something that not profitable. That making any sense?

It wasn't profitable due to the high capex, opex, repayments on debt and it's interest.

Whoever purchases it gets to start fresh.

No union, no political appointees and hires every election cycle, no political debt etc.

[sMASH]

when outsiders, but with a lot more weight, seeing the same irregular conduct and decisions, and personalities, that stemmed from and led to a cadre of big money losses for trinidad.

[The_Honourable]

Wow... just wow. No wonder people does say to get real justice, you go to the privy council. High court and Appeals down here are just stumbling blocks.

The first minute of the video shows where the law lords were going and how suspicious they are of Nelson and the withdrawal of the case against Jones. Thomas Roe QC who represents Petrotrin has trouble defending this. Richard Clayton QC hits it home.

[sMASH]

they saying the same things that many of us here have said, its just the titles behind thier names give the words more weight.

[zoom rader]

Yet still PNM ppl want that kangaroo CCJ to be the final court.

[The_Honourable]

Imbert: 25 ‘serious’ bidders for refinery



THE initial field of 70 companies vying to buy the moth-balled former Petrotrin refinery at Pointe-a-Pierre has now been whittled down to “25 serious bidders,” said Finance Minister Colm Imbert.

In the House of Representatives on Friday he piloted a bill to authorise the functioning of Paria Fuel Trade Company, that amends the Petroleum, Petroleum Production Levy and Subsidy and Income Tax Acts.

Imbert said 45 companies had been removed from the list of bidders by way of a pre-qualification process.

He said no fly-by-night company could run the refinery which he said was a one billion -dollar operation. Only serious bids were now being considered, he said.

Saying 25 bidders was a “huge number” and “a quite significant number,” he said the deadline for their bids is June 15 or 16.

Imbert reckoned the refinery would be up and running this year.

“We expect refinery to become operational by end of this year,” he said.

Imbert otherwise said the bill facilitates the operations of Paria whether it ends up trading in foreign imported oil and/or in oil refined at a newly-revived Pointe-a-Pierre refinery. The bill refers to both ex-terminal and ex-refinery prices respectively for imported and domestic refined oils.

Pointe-a-Pierre MP David Lee stoutly objected to the House having to debate a government bill on the one day in a month set aside for private members under the standing orders.

He said Imbert sounded like he did not know what he was doing in piloting the bill and said the minister might have been set up.

Lee said, “To be debating government business on a private members day and they don’t know what they brought, we have a problem with that.”

He questioned the bill. “This bill is not retroactive, so all transactions done by Paria are outside the law. That’s why we are here today. We are now trying to legalise something that is illegal.”

Lee said since 2018 the Government had ignored the urging of ministry technocrats to bring such legislation.

He lamented that overnight the country went from being a fuel exporter, Paria must now have to line up at private banks to seek US$20 million each month.

Lee hit the Government’s closure of the refinery as wicked.

Source: https://newsday.co.tt/2019/05/25/imbert ... r-refinery

[gastly369]

Buhhhhhhh wtf....

[The_Honourable]

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

[Pointman-IA]

Page cannot be found

http://www.guardian.co.tt/news/foreign-operator-will-likely-get-nod-for-refinerykhan-6.2.874221.3e58e4c6e3

[kstt]

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

[kstt]

Page cannot be found

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.

[Pointman-IA]

LOL

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

[The_Honourable]

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

[kstt]

https://www.facebook.com/22506511143956 ... 526438853/

[kstt]

The OWTU now have a reason to pray

[wing]

https://www.facebook.com/OilfieldsWorke ... =2&theater

[kstt]

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.

[wing]

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....

[kstt]

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.

[The_Honourable]

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