Petrotrin update: now Trinidad Petroleum Holdings Ltd

[Redman]

I don't know about mashing up.
Whatever the new model...there has to be a downsizing.

Do you want to be among the last group employed?

[vaiostation]

Hearing all temporary people gonna get sent home...
That's about half the company...
Not sure where all these people gonna find work, or if a lot of them can even work outside petro..

[Specialist Baboons]

The union made their stance clear “no worker must be sent home” ent Roget preaching that, but rowley don’t listen to the union at all....

[vaiostation]

I think owtu only business about de permanent workers, everybody else could suck salt...

[kstt]

Hearing all temporary people gonna get sent home...
That's about half the company...
Not sure where all these people gonna find work, or if a lot of them can even work outside petro..

Temporary is like 75% employees bai.

Funny thing is that the temporary people is the ones that actually do the work. The permanent workers are political appointees who do nothing because they can't be fired. Petrotrin digging a bigger hole and will implode.

[kstt]

The union made their stance clear “no worker must be sent home” ent Roget preaching that, but rowley don’t listen to the union at all....

Another $15 million will change his mind. An investigative reporter should do a story on the assets of union leaders one day. Deals are made at the cost to workers.

[kstt]

I think owtu only business about de permanent workers, everybody else could suck salt...

Solidifies my point that permanent employees are political appointees. At least those in senior positions.

[Specialist Baboons]

Well Roget was Red and Ready in 2015, let’s see how he’ll take it when he’s Red and Dead

[hong kong phooey]

Well Roget was Red and Ready in 2015, let’s see how he’ll take it when he’s Red and Dead

nah they get morneey to keep then mouth shut .
really and truly a great achievement by goberment to silence the unions.

[airuma]

Well Roget was Red and Ready in 2015, let’s see how he’ll take it when he’s Red and Dead

nah they get morneey to keep then mouth shut .
really and truly a great achievement by goberment to silence the unions.

It was a great achievement for Margaret aka the iron lady, not our PM/ government, our unions are almost non existent in the private sector.

[zoom rader]

Well Roget was Red and Ready in 2015, let’s see how he’ll take it when he’s Red and Dead

nah they get morneey to keep then mouth shut .
really and truly a great achievement by goberment to silence the unions.

It was a great achievement for Margaret aka the iron lady, not our PM/ government, our unions are almost non existent in the private sector.

Unions are an extension of the PNM

[airuma]

I think owtu only business about de permanent workers, everybody else could suck salt...

Can the union represent temporary (contract) employees? I know they can only be a bargaining body if they represent 50%, or more, of the permanent employees.

[Specialist Baboons]

I think owtu only business about de permanent workers, everybody else could suck salt...

Can the union represent temporary (contract) employees? I know they can only be a bargaining body if they represent 50%, or more, of the permanent employees.

Both categories are on the payroll so why not?

[airuma]

Looks like the refinery up for capital injection by the private sector, since the government went at lengths to convince us that they have no money.

[Redman]

The reality is that Petrotrin is a good asset-at the right price and in the right structure.

Oil is not dead- You have multinationals making multi billion investments globally.

So the challenge is to improve operations.
Optimize the refinery
Optimize E and P
Optimize HR.

Each of these have to be quantified in terms of time and money.

This is being done-or has been done.

I will be happy if the GORTT/people of TnT retain a majority shareholding, and an operating entity has full operational control...with some small caveats...in exchange for a capital injection/equity injection.
The HR/employee count should be less than half of existing.

Farm out the E and P-under the current models.Goal being to import as little oil as possible for as long as possible.

[vaiostation]

Hearing all temporary people gonna get sent home...
That's about half the company...
Not sure where all these people gonna find work, or if a lot of them can even work outside petro..

Temporary is like 75% employees bai.

Funny thing is that the temporary people is the ones that actually do the work. The permanent workers are political appointees who do nothing because they can't be fired. Petrotrin digging a bigger hole and will implode.

This...
Outside of the political appointments and other pencil pushers in petrotrin, the company needs workers. Plus men gonna retire soon and the company has done little succession planning...

[De Dragon]

The reality is that Petrotrin is a good asset-at the right price and in the right structure.

Oil is not dead- You have multinationals making multi billion investments globally.

So the challenge is to improve operations.
Optimize the refinery
Optimize E and P
Optimize HR.

Each of these have to be quantified in terms of time and money.

This is being done-or has been done.

I will be happy if the GORTT/people of TnT retain a majority shareholding, and an operating entity has full operational control...with some small caveats...in exchange for a capital injection/equity injection.
The HR/employee count should be less than half of existing.

Farm out the E and P-under the current models.Goal being to import as little oil as possible for as long as possible.

Unlikely. Who would inject that kind of capital, and then turn it over to the same idiots who ran it into the ground? Coupled with the kantish attitude of the unions, we're looking at nothing short of a majority request from any investor.

[Redman]

Unlikely?
ok.

2 ways for Petrotrin to raise capital
borrow--but any one willing to lend will want to know whats different-nothing material is different to the inputs that led us here.

Equity -minority shareholder, well defined capital injection plan and % responsibility- in return for operational control.

The world is awash in money.
Rates are low-and problematic to increase so its a great time to be in the market.

[De Dragon]

Unlikely?
ok.

2 ways for Petrotrin to raise capital
borrow--but any one willing to lend will want to know whats different-nothing material is different to the inputs that led us here.

Equity -minority shareholder, well defined capital injection plan and % responsibility- in return for operational control.

The world is awash in money.
Rates are low-and problematic to increase so its a great time to be in the market.

People are also more careful with that money. Any research into PT operations/business model will discover utter failure. PT debt to the GORTT is in the billions, so any investor looking at PT will have to assume this debt as part of any deal. Investment with potential capital loss and no majority say? Unlikely. Minority stake with full operational control in OWTU repped PT? Unlikely.

[airuma]

Unlikely?
ok.

2 ways for Petrotrin to raise capital
borrow--but any one willing to lend will want to know whats different-nothing material is different to the inputs that led us here.

Equity -minority shareholder, well defined capital injection plan and % responsibility- in return for operational control.

The world is awash in money.
Rates are low-and problematic to increase so its a great time to be in the market.

For the minority shareholder option, the potential investor will want to look closely at the history of TSTT!

[Triniak47]

Rumour has it VSEP coming and persons 1-10 years to go.

[nervewrecker]

The reality is that Petrotrin is a good asset-at the right price and in the right structure.

Oil is not dead- You have multinationals making multi billion investments globally.

So the challenge is to improve operations.
Optimize the refinery
Optimize E and P
Optimize HR.

Each of these have to be quantified in terms of time and money.

This is being done-or has been done.

I will be happy if the GORTT/people of TnT retain a majority shareholding, and an operating entity has full operational control...with some small caveats...in exchange for a capital injection/equity injection.
The HR/employee count should be less than half of existing.

Farm out the E and P-under the current models.Goal being to import as little oil as possible for as long as possible.

Farm it out to who? The same financiers?

Talk is E&P is the only section spinning a profit.

There is rumor of splitting into TRinmar, R&M and E&P. Why lease out the only profitable section that actually spinning a profit as is?

open to correction here

[jcrew]

Rumour has it VSEP coming and persons 1-10 years to go.

In non core areas

[hong kong phooey]

ah know they realy doh give a fork but everything they give vsep and 10 go within the next few months 20 will come in .
guess it job creation for the supporters

[Redman]

The reality is that Petrotrin is a good asset-at the right price and in the right structure.

Oil is not dead- You have multinationals making multi billion investments globally.

So the challenge is to improve operations.
Optimize the refinery
Optimize E and P
Optimize HR.

Each of these have to be quantified in terms of time and money.

This is being done-or has been done.

I will be happy if the GORTT/people of TnT retain a majority shareholding, and an operating entity has full operational control...with some small caveats...in exchange for a capital injection/equity injection.
The HR/employee count should be less than half of existing.

Farm out the E and P-under the current models.Goal being to import as little oil as possible for as long as possible.

Farm it out to who? The same financiers?

Talk is E&P is the only section spinning a profit.

There is rumor of splitting into TRinmar, R&M and E&P. Why lease out the only profitable section that actually spinning a profit as is?

open to correction here

Well I dont know -but there are mechanisms to tender out the block packages, with production related KPIs in order to get what we need....which is optimized production volume...Ultimately its most important to get economic benefit of those reserves and to minimize oil imports and usd leakage.

If I had my way... I would establish a trust or a fund....as a mechanism to bring new entities into the game.
So you throw your hat into the ring...come with a plan that is feasible....get financed with oversite from the fund-in exchange for 49% of the equity being owned by the fund. This fund can be then put onto the stock market -and sold to the public.

The new drillers will create employment-and bring down drilling costs,while keeping more of the profits here.
Also it will build the HR capacity that is globally attractive.

Is the profitability of E&P is defined how?
Production includes Lease Out,IPSC and Farm Out production?

As to the rumour -Im hearing that it is not breaking up-but in the same breath that anything is possible.

[Specialist Baboons]

OWTU plans Trinmar shutdown today


Radhica Sookraj
Published:
Wednesday, January 10, 2018

Vowing to resist any attempt by Government to retrench workers and privatise State-owned Petrotrin, the Oilfields Workers’ Trade Union says it will mobilise all Petrotrin workers today in a massive show of force.

The mass mobilisation is expected to begin from 7 am at Petrotrin’s Trinmar operations in Point Fortin and continue at the Pointe-a-Pierre refinery on Friday.

It follows a statement by Prime Minister Dr Keith Rowley on Sunday that cash-strapped Petrotrin will be restructured in 2018 as it owes the Government $2.75 billion.

In an interview yesterday, president general Ancel Roget said the OWTU was not opposed to restructuring Petrotrin. He said the union submitted a restructuring plan to Government since last year asking for autonomy of all of Petrotrin’s divisions including Trinmar offshore and Marine operation, Field Exploration and Production and the Refining and Marketing division.

Saying autonomy of the various divisions yielded maximum productivity at Petrotrin, Roget said it was time to go back to this model.

“The committee agreed this was our most productive years. That model was working before and we got the most out of Petrotrin. When they restructured Petrotrin to facilitate Malcolm Jones as an executive chairman presiding over Petrotrin operations which failed. It did not work because in that type of super structure the issue of accountability is compromised. Trinmar was sidestepped and neglected,” Roget added.

He added that instead of firing workers, Petrotrin should be hiring staff as there were over 800 vacancies to be filled.

Saying that the organisation was top heavy, Roget said redundant managerial positions must be cut.

“There are high paying positions that are not necessary. In refinery there are 100 vacancies for operators. How can you refine products if there are no skilled workers? When skilled people retire they are not filling vacancies,” Roget added.

He warned that now that Petrotrin is in an unstable position, workers should not be blamed for poor management.

Roget also denied that workers were under performing.

He added that constant political interference by the Government has hampered Petrotrin’s productivity.

Calling on all Petrotrin workers to stand ready in defence of their jobs, Roget said, “We are going to tell workers that this is a Government of incompetence and they are about to destroy the fabric of a State entity that has made a significant contribution to the economy of T&T.”

The president general said despite Petrotrin’s financial burdens, it continues to contribute towards the State’s coffers.

[vaiostation]

"In refinery there are 100 vacancies for operators. How can you refine products if there are no skilled workers? When skilled people retire they are not filling vacancies,” Roget added."

Strange thing is that they had a big ad in the papers for hiring Operator Apprentices in April last year. People did medical and was just waiting to sign contracts since September, but as of today no one was hired...
So, I am curious to know when some of the older refinery operators retire (which would be soon) what gonna happen? Unless their intention is actually to sell or lease out the refinery.

It looks more and more like decisions were already made behind closed doors and the public just getting a small trickle of the Government's master plan...

[airuma]

"In refinery there are 100 vacancies for operators. How can you refine products if there are no skilled workers? When skilled people retire they are not filling vacancies,” Roget added."

Strange thing is that they had a big ad in the papers for hiring Operator Apprentices in April last year. People did medical and was just waiting to sign contracts since September, but as of today no one was hired...
So, I am curious to know when some of the older refinery operators retire (which would be soon) what gonna happen? Unless their intention is actually to sell or lease out the refinery.

It looks more and more like decisions were already made behind closed doors and the public just getting a small trickle of the Government's master plan...

Is there a benefit to doing it any other way? What we really need are GOOD plans that are designed to provide the MAXIMUM benefit to the CITIZENS......

[kstt]

Any protest this morning?

[kstt]

Would you prefer a big international company like Shell to buy Petrotrin?