TriniTuner.com  |  Latest Event:  

Forums

Petrotrin update

this is how we do it.......

Moderator: 3ne2nr Mods

User avatar
Specialist Baboons
Chronic TriniTuner
Posts: 524
Joined: August 27th, 2017, 12:01 pm

Petrotrin update

Postby Specialist Baboons » September 1st, 2017, 8:14 am

Attachments
IMG_7999.jpg

Advertisement
User avatar
Specialist Baboons
Chronic TriniTuner
Posts: 524
Joined: August 27th, 2017, 12:01 pm

Re: Petrotrin update

Postby Specialist Baboons » September 1st, 2017, 8:16 am

Image

User avatar
Specialist Baboons
Chronic TriniTuner
Posts: 524
Joined: August 27th, 2017, 12:01 pm

Re: Petrotrin update

Postby Specialist Baboons » September 1st, 2017, 8:17 am

Image

User avatar
Monkey Man
Riding on 17's
Posts: 1588
Joined: September 2nd, 2008, 8:57 pm
Location: throwing kaka

Re: Petrotrin update

Postby Monkey Man » September 1st, 2017, 8:18 am

and the average sheit head on the street will read this and expect it to happen over night.

User avatar
Allergic2BunnyEars
TriniTuner 24-7
Posts: 7577
Joined: September 15th, 2011, 12:32 am

Re: Petrotrin update

Postby Allergic2BunnyEars » September 1st, 2017, 8:33 am

Redman must be happy.

User avatar
hong kong phooey
30 pounds of Boost
Posts: 2528
Joined: July 10th, 2006, 8:37 am
Location: ah lorse

Re: Petrotrin update

Postby hong kong phooey » September 1st, 2017, 8:36 am

monkey any relation to baboon

User avatar
hong kong phooey
30 pounds of Boost
Posts: 2528
Joined: July 10th, 2006, 8:37 am
Location: ah lorse

Re: Petrotrin update

Postby hong kong phooey » September 1st, 2017, 8:39 am

so for the last 20 years petrotrin wasn't supposed to be profitable ?

only one way to make it profitable give it to the 1% to run. Black people could destroy anything

User avatar
Specialist Baboons
Chronic TriniTuner
Posts: 524
Joined: August 27th, 2017, 12:01 pm

Re: Petrotrin update

Postby Specialist Baboons » September 1st, 2017, 8:51 am

Converted FROM a ward of the state TO a profitable business......


Redman
3ne2nr Toppa Toppa
Posts: 5789
Joined: August 19th, 2004, 2:48 pm

Re: Petrotrin update

Postby Redman » September 1st, 2017, 8:57 am

Allergic2BunnyEars wrote:Redman must be happy.


Not so sure nah....
The audit (submitted last week resulted in a scene like pirates of the Caribbean ...a 5 man stand off 10 gun pointing.
M.A.D

but when you have operators getting paid 3x their due......000s BOPD worth in extra cash is generated....
meaning your operation has cost for producing 5 BOPD, you getting paid for 15 BOPD.
That over invoicing spreads far and wide as far as Tobago even.


The board that is to be replaced was defending the company.

Keep in mind that Espinet presided over TCLs buy out by CEMEX.

User avatar
Allergic2BunnyEars
TriniTuner 24-7
Posts: 7577
Joined: September 15th, 2011, 12:32 am

Re: Petrotrin update

Postby Allergic2BunnyEars » September 1st, 2017, 9:08 am

Image

Petrotrin's Board has been replaced
...PM makes announcement

http://www.trinidadexpress.com/20170901 ... n-replaced

Prime Minister Dr Keith Rowley announced today that State owned Petrotrin will be restructured.

He also said a new board will be installed to spearhead this exercise.

He shared some of the issues plaguing Petrotrin which has rendered it in a woeful financial state with a US$850 million debt due in 2019 which it cannot pay and on of that its infrastructure is outdated and poses a safety risk.

Rowley was speaking at the VIP lounge of the Piarco International airport at 6.30 a.m. today before departing the country for a vacation in the United States. Finance Minister Colm Imbert is the acting Prime Minister.

He said on Wednesday Cabinet took a decision to install a new board with a mandate to make the company sustainable, work towards profitability and restructure it in the best interest of the national community taking into account all the competing interests and challenges.

The new board will include Wilfred Espinet, Reynold Ajodha-Singh, Nigel Edwards, Anthony Chan Tack, Eustace Nances, Joel Harding, Linda Rajpaul, Ranvir Rampersad and permanent secretary Selwyn Lashley.

He said these nine people who were "carefully selected" come from both private and public sector and are very experienced in their various endeavour of business.

Some, he said, have "deep" experience on Petrotrin itself and they are all highly qualified.

"We are hoping that within a period of two to three years we can turn around the arrangements at Petrotrin so that company can get out of or at least be on a path towards making a contribution of its promise," he said.

Rowley said in doing this, Government acknowledges the challenges elsewhere in the national community especially in the Finance Ministry where there is "dire situations" in some other State enterprises.

He made reference to WASA and T&TEC.

He said WASA's payment to its supplier of desalinated water put it in a financial situation which realises the concerns they had when the company entered into the process of desalination as a means of supplying water to the country.

He said T&ETC owes the National Gas Company (NGC) billions of dollars and cannot pay at this point in time and if not paid will leave the NGC with a bottom line that could "reflect itself in the red,".

With respect to Petrotrin he reminded that a committee was established to look into the company's affairs and a report was submitted to the Cabinet which was further examined by a Cabinet sub committee on energy which he chairs and comprises a large body of persons from the energy sector.

"On Wednesday a decision was taken to begin the process of restructuring Petrotrin by converting Petrotrin in the shortest possible time from being a ward of the State to a company that not only conducts a stable business but conducts business as profitable and will continue to contribute profits to other benefits of national improvement," said Rowley.

He said this requires certain resolutions, robust examination and a certain amount of acceptance as the situation is "very serious"

He explained that Petrotrin has incurred significant liabilities in the form of "huge debts" which the Government cannot now discharge.

The Prime Minister said one of these debts is due in 2019 and the Finance Minister cannot be undertaking activities to repay US$850 million in one single payment.

He disclosed that a payment of a similar nature leans just beyond this debt.

Rowley said Finance Minister Colm Imbert is "struggling" to pay other expenses in his Ministry.

He noted the company has been suffering numerous challenges as its oil production has been falling considerably.

He added that its infrastructure is "very worrisome" as it is outdated and could see significant problems arising with safety.

Rowley said there is also question on its sustainability of meeting its contractual agreements as the Finance Minister is having to provide money to Petrotrin to buy oil and refine and lose money on that process.

He said these serious matters, if not addressed definitively threaten the very foundation of the country.

He said this could lead to the "downgrading of the country as a whole" and impact on the country's ability to borrow and the cost of borrowing etc.

ron_28
3NE 2NR for life
Posts: 179
Joined: June 12th, 2009, 10:31 am

Re: Petrotrin update

Postby ron_28 » September 1st, 2017, 9:10 am

what the PM was really trying to say here is that it will be
Converted FROM state owned TO a privately owned company
Lake Asphalt next??? sources say they sent a man to oversee their operations who was very instrumental in the TCL buy out.

User avatar
Monkey Man
Riding on 17's
Posts: 1588
Joined: September 2nd, 2008, 8:57 pm
Location: throwing kaka

Re: Petrotrin update

Postby Monkey Man » September 1st, 2017, 9:13 am

VACATION AGAIN???????

User avatar
wickedtuna
Trinituner Peong
Posts: 456
Joined: July 29th, 2017, 2:31 am

Re: Petrotrin update

Postby wickedtuna » September 1st, 2017, 9:42 am

Petrotrin "ipo"op in the works

User avatar
VexXx Dogg
TriniTuner 24-7
Posts: 11515
Joined: May 1st, 2003, 10:23 am
Location: @fsociety

Re: Petrotrin update

Postby VexXx Dogg » September 1st, 2017, 9:47 am

Well done.
It's a start.

User avatar
hong kong phooey
30 pounds of Boost
Posts: 2528
Joined: July 10th, 2006, 8:37 am
Location: ah lorse

Re: Petrotrin update

Postby hong kong phooey » September 1st, 2017, 1:43 pm

wonder what the remuneration package is like for the board members?

User avatar
tr1ad
2NR phototakerouter
Posts: 10676
Joined: October 23rd, 2006, 1:02 pm
Location: Is ah ranking ting
Contact:

Re: Petrotrin update

Postby tr1ad » September 1st, 2017, 2:50 pm

guess this is how the split begins...

User avatar
nervewrecker
3NE 2NR Power Seller
Posts: 20777
Joined: July 31st, 2007, 2:27 pm
Location: The world is fl4t

Re: Petrotrin update

Postby nervewrecker » September 1st, 2017, 2:56 pm

They already split it, no?
E&P, Trinmar and R&M.
Who have links inside moved their people to trinmar some time back.
E&P to get leased out. A&V haffi eat ah food, if not, well charlie finally gt.
Charlie owns well services (that drills for petro) and if im not mistaken - paria suites, lease operators and talk is IOCL. Long time he want to buy the place and bit by bit men from inside sabotaging e&p. LOL getting all the good producing wells and petro keeping all the low producers. Thats why LOL looking good and petro production down.
I think one contractor has a set of 100 barrel / wells. Given to them just like that.

If E&P wanted a future they wouldnt have given it to their pardners
Last edited by nervewrecker on September 1st, 2017, 2:56 pm, edited 1 time in total.

User avatar
10-01
punchin NOS
Posts: 2933
Joined: September 29th, 2003, 4:24 pm

Re: Petrotrin update

Postby 10-01 » September 1st, 2017, 2:59 pm

o dear .. ..... i for see a strike soon and lost of jobs .... and in the comin months 1% buy over ...

Redman
3ne2nr Toppa Toppa
Posts: 5789
Joined: August 19th, 2004, 2:48 pm

Re: Petrotrin update

Postby Redman » September 1st, 2017, 3:08 pm

So.....we install a Bess board (Jupiter Board), then hire a sawati steering committee (Riley committee) ......then change the board that was the bess.....to install a transition board???

User avatar
hydroep
punchin NOS
Posts: 2997
Joined: February 4th, 2007, 9:16 pm

Re: Petrotrin update

Postby hydroep » September 1st, 2017, 3:43 pm

We'll see how this plays out, especially when Roget start squeezing their balls.

Numb3r4
Riding on 16's
Posts: 1120
Joined: May 22nd, 2013, 8:48 am
Location: Fyzabad

Re: Petrotrin update

Postby Numb3r4 » September 1st, 2017, 6:19 pm

Does anyone know what is going in the refinery?

Passed by last night and the flare was particularly bright...were they "flaring"?

Was there a problem on one of the plants or maintenance?

User avatar
Specialist Baboons
Chronic TriniTuner
Posts: 524
Joined: August 27th, 2017, 12:01 pm

Re: Petrotrin update

Postby Specialist Baboons » September 1st, 2017, 10:11 pm

Numb3r4 wrote:Does anyone know what is going in the refinery?

Passed by last night and the flare was particularly bright...were they "flaring"?

Was there a problem on one of the plants or maintenance?


They flare 24/7

airuma
Chronic TriniTuner
Posts: 692
Joined: September 1st, 2007, 7:19 pm
Location: Central

Re: Petrotrin update

Postby airuma » September 1st, 2017, 10:38 pm

"He said on Wednesday Cabinet took a decision to install a new board with a mandate to make the company sustainable, work towards profitability and restructure it in the best interest of the national community taking into account all the competing interests and challenges.

The new board will include Wilfred Espinet, Reynold Ajodha-Singh, Nigel Edwards, Anthony Chan Tack, Eustace Nances, Joel Harding, Linda Rajpaul, Ranvir Rampersad and permanent secretary Selwyn Lashley.

He said these nine people who were "carefully selected" come from both private and public sector and are very experienced in their various endeavour of business"
Most important part of that news report to me.
1. Does this mean that sustainability, profitability and the best interest of the national community was not part of the previous board's mandate or that this board is only responsible for these three objectives?
2. Is he admitting that all other state boards are not "carefully selected"?
3. He clearly states that that the private sector is now higher up on the stakeholder list!

I just hope it's not a fire sale, but Petrotrin needs radical change!

User avatar
hong kong phooey
30 pounds of Boost
Posts: 2528
Joined: July 10th, 2006, 8:37 am
Location: ah lorse

Re: Petrotrin update

Postby hong kong phooey » September 1st, 2017, 11:06 pm

hydroep wrote:We'll see how this plays out, especially when he start squeezing their balls.


lol lol lol
nah man you not serious. he collect his share already.
Notice how quiet he is . Watch all the grand charge . watch how many getting laid off and nothing

User avatar
10-01
punchin NOS
Posts: 2933
Joined: September 29th, 2003, 4:24 pm

Re: Petrotrin update

Postby 10-01 » September 2nd, 2017, 12:54 am

hong kong phooey wrote:
hydroep wrote:We'll see how this plays out, especially when he start squeezing their balls.


lol lol lol
nah man you not serious. he collect his share already.
Notice how quiet he is . Watch all the grand charge . watch how many getting laid off and nothing


$ x xxx xxx does hush mouth good ....

User avatar
lalloboy101
Sweet on this forum
Posts: 292
Joined: January 24th, 2013, 7:40 pm

Re: Petrotrin update

Postby lalloboy101 » September 2nd, 2017, 1:53 am

I wonder if the ULSD project will still go ahead, SNC hadda eat a food too

kstt
I LUV THIS PLACE
Posts: 924
Joined: February 3rd, 2013, 10:27 pm

Re: Petrotrin update

Postby kstt » September 2nd, 2017, 4:31 am

Ian said yesterday that a Canadian company trying to buy Petrotrin. He also hinted that the 1% was trying to make a deal to register a Canadian company to do the buy over.

User avatar
10-01
punchin NOS
Posts: 2933
Joined: September 29th, 2003, 4:24 pm

Re: Petrotrin update

Postby 10-01 » September 2nd, 2017, 11:07 am

kstt wrote:Ian said yesterday that a Canadian company trying to buy Petrotrin. He also hinted that the 1% was trying to make a deal to register a Canadian company to do the buy over.


every1 said that about mital .... and its wat a year and more the mill close dwn no buyers ... nothing ...

and if they have a debt of $850 M USD why would companies want to invest in Petrotrin ? is jus me alone find this not adding up ....

Numb3r4
Riding on 16's
Posts: 1120
Joined: May 22nd, 2013, 8:48 am
Location: Fyzabad

Re: Petrotrin update

Postby Numb3r4 » September 2nd, 2017, 12:47 pm

Specialist Baboons wrote:
Numb3r4 wrote:Does anyone know what is going in the refinery?

Passed by last night and the flare was particularly bright...were they "flaring"?

Was there a problem on one of the plants or maintenance?


They flare 24/7


No what I was wondering....the flare was particularly bright and voluminous and the fumes seemed more distinct, was something happening on one of the plants?

User avatar
pjfred
Sweet on this forum
Posts: 349
Joined: February 8th, 2011, 9:18 pm

Re: Petrotrin update

Postby pjfred » September 2nd, 2017, 2:34 pm

Up to 2015 petrotrin have to the government 23 billion dollars. The other years after have been hidden

Advertisement

Return to “Ole talk and more Ole talk”

Who is online

Users browsing this forum: goodear, Google Adsense [Bot], ingalook, Majestic-12 [Bot], redmanjp and 57 guests