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De Dragon
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Re: Petrotrin update

Postby De Dragon » February 8th, 2018, 12:25 am

Redman wrote:
De Dragon wrote:
Redman wrote:There are multiple parties that are in negotiations.

There are multiple options on capital.

But at what "cost?"


At what cost?

Certainly cheaper than the cost of leaving the problems as they are and pelting money at it.

You don't seem to get that Roget and the OWTU would rather see Petrotrin burn, than be privatized

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Re: Petrotrin update

Postby Redman » February 8th, 2018, 9:03 am

10 mill.
Solves that

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Re: Petrotrin update

Postby zoom rader » February 8th, 2018, 9:23 am

Redman wrote:10 mill.
Solves that
Yup that's the PNM

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Re: Petrotrin update

Postby The_Honourable » February 22nd, 2018, 11:28 am

Petrotrin to be split into two

From March 1, Petrotrin will be splitting into two distinct business units, one focusing on upstream production and the other on downstream.

The news was announced yesterday at a Parliamentary Joint Select Committee on Energy Affairs, by director Nigel Edwards, who presented to the committee on the Board’s strategy for taking the company on “A New Way Forward.”

Edwards this morning clarified for the Newsday that final decision was taken yesterday at a Board meeting and while the transition will begin at the start of next month, it will be fully executed within an 18-month period where the company will seek to streamline its operations to become more efficient, and hopefully, profitable.

Source: http://newsday.co.tt/2018/02/22/petrotr ... -into-two/


Petrotrin’s performance ‘lowest of low,’ company to be divided

A Joint Select Committee (JSC) has heard that Petrotrin’s performance is at the ‘lowest of low’ in the energy industry and also of plans to divide the company into two separate units.

On Wednesday, officials of the state-owned company appeared before the JSC on Energy Affairs where they presented a power-point presentation on the way forward.

Petrotrin Director Nigel Edwards told committee members that leading performance improvement company for the global energy industry, Solomon’s Associates has found that by every measure, both the upstream and downstream business units of Petrotrin are functioning within the bottom of the fourth quartile of the energy industry.

“We worked very closely with two entities in particular and one of them was a specialist in benchmarking against this industry. When we looked at the benchmarks by every single measure we could measure, this company fell at the bottom of the bottom quartile of the benchmarks,” the Petrotrin Director revealed to the committee on Thursday.

JSC Chairman Colm Imbert asked if in layman terms this meant that the state-owned company was performing at the ‘lowest of low’ in the energy industry.

“In lay man’s language, does that mean the bottom of the bottom? The lowest of the low? So Petrotrin is functioning at the lowest of the low in the energy industry?”

Edwards in response, indicated that this was indeed correct.

He also revealed that there are plans to separate Petrotrin in two business units.

“Structurally we are in the process of formally separating the company into two separate and distinct business units: one for the upstream and one for the downstream.”

The Petrotrin Director also added that a transition team will be installed and that each business unit will be adequately resourced to fulfil individual mandates.

Meanwhile, Petrotrin Chairman Wilfred Espinet noted that if money is not spent on the completion of the ultra-low sulphur diesel plant by 2021, Petrotrin will have to close down.

He said it will cost $300 US million dollars to complete the ultra-low sulphur diesel plant.

“If we don’t spend on it, we are closing down Petrotrin,” Espinet said.

Source: http://www.looptt.com/content/petrotrin ... be-divided

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Re: Petrotrin update

Postby Redman » February 22nd, 2018, 11:43 am

They they are finally publicly admitting that the ULSD is a necessary upgrade....so its fill or kill.

smh....

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Re: Petrotrin update

Postby The_Honourable » February 22nd, 2018, 12:05 pm

Petrotrin could face closure without US $300 million sulphur diesel plant:




Petrotrin chairman admits company will have to cut staff:


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Re: Petrotrin update

Postby lalloboy101 » February 22nd, 2018, 1:04 pm

Many might may not be aware, after the remedial works is done for ULSD (which is very time consuming ) there is no guarantee that the plant would be able to produce.
My biggest concern for this project is that the same project managers are being used for the remedial works that were responsible for the project initially , so if they didn't get it right the 1st time, can they now..

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Re: Petrotrin update

Postby randolphinshan » February 22nd, 2018, 1:24 pm

What many do not know as well is that Uncle Khalid was the project team lead in Petrotrin that oversaw the work Samsung was doing on this plant.
This is the same Uncle Khalid that aunt Kamla made President of the company... A man who could not supervise the building of 1 plant was picked to lead the entire company
Under him there was numerous oil spills and political appointed unqualified persons became the norm.
So yes the pee pee is to blame. Zoom and dragon gonna say all sort of fakery like selling out to the 1% etc to deny this but I know better. Under Khalid the union leader in Trinmar was fired. Finally a regime headed by Keith is has the fortitude to fix this company..

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Re: Petrotrin update

Postby The_Honourable » February 22nd, 2018, 4:57 pm

randolphinshan wrote:What many do not know as well is that Uncle Khalid was the project team lead in Petrotrin that oversaw the work Samsung was doing on this plant.
This is the same Uncle Khalid that aunt Kamla made President of the company... A man who could not supervise the building of 1 plant was picked to lead the entire company
Under him there was numerous oil spills and political appointed unqualified persons became the norm.
So yes the pee pee is to blame. Zoom and dragon gonna say all sort of fakery like selling out to the 1% etc to deny this but I know better. Under Khalid the union leader in Trinmar was fired. Finally a regime headed by Keith is has the fortitude to fix this company..


That may very well be true but as stated before, it's not about fortitude. Rowley reached to the point that he doesn't have a choice. Again, best believe if energy prices was up, he would have done the same as previous governments with political appointees, overstaffing of friends and family, corruption and eat ah food.

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Re: Petrotrin update

Postby zoom rader » February 22nd, 2018, 5:09 pm

The_Honourable wrote:
randolphinshan wrote:What many do not know as well is that Uncle Khalid was the project team lead in Petrotrin that oversaw the work Samsung was doing on this plant.
This is the same Uncle Khalid that aunt Kamla made President of the company... A man who could not supervise the building of 1 plant was picked to lead the entire company
Under him there was numerous oil spills and political appointed unqualified persons became the norm.
So yes the pee pee is to blame. Zoom and dragon gonna say all sort of fakery like selling out to the 1% etc to deny this but I know better. Under Khalid the union leader in Trinmar was fired. Finally a regime headed by Keith is has the fortitude to fix this company..


That may very well be true but as stated before, it's not about fortitude. Rowley reached to the point that he doesn't have a choice. Again, best believe if energy prices was up, he would have done the same as previous governments with political appointees, overstaffing of friends and family, corruption and eat ah food.
Makes no sense explaining to the that PNM kant

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Re: Petrotrin update

Postby Allergic2BunnyEars » February 22nd, 2018, 6:30 pm

Heard some high level management was asked to resign today.

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Re: Petrotrin update

Postby nervewrecker » February 22nd, 2018, 7:01 pm

Talk is a partner to be introduced into e&p.
All non core departments to be contracted out.

Funny how e&p is the only profitable section and they getting a partner. Why no other section?

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Re: Petrotrin update

Postby Allergic2BunnyEars » February 22nd, 2018, 7:59 pm

nervewrecker wrote:Talk is a partner to be introduced into e&p.
All non core departments to be contracted out.

Funny how e&p is the only profitable section and they getting a partner. Why no other section?


Patience. I don’t think this gonna be a short rollercoaster ride. You might complain about a partner but then stop complaining when refinery sold

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Re: Petrotrin update

Postby nervewrecker » February 22nd, 2018, 8:06 pm

heard minor changes for R&M

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Re: Petrotrin update

Postby Allergic2BunnyEars » February 22nd, 2018, 8:10 pm

nervewrecker wrote:heard minor changes for R&M


For now. Can’t stay so indefinitely.

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Re: Petrotrin update

Postby nervewrecker » February 22nd, 2018, 8:23 pm

yea but I like how they give away the profitable section.

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Re: Petrotrin update

Postby Allergic2BunnyEars » February 22nd, 2018, 8:27 pm

nervewrecker wrote:yea but I like how they give away the profitable section.


“Give away”. What percentage the government would own?

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Re: Petrotrin update

Postby nervewrecker » February 22nd, 2018, 8:42 pm

Well they fire Awah. News just in...

Handsome dude, no homo, real cool too.

Three Petrotrin Vice Presidents have been fired.

They are:

Astor Harris --- vice president of refining and marketing

Stephen Awah --- vice president of exploration and production

Neil Derrick --- vice president of human resource and corporate services


doh ask for sauce

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Re: Petrotrin update

Postby Allergic2BunnyEars » February 22nd, 2018, 9:05 pm

Senior Manager gone too.

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Re: Petrotrin update

Postby Monkey Man » February 22nd, 2018, 10:17 pm

ways boi, hard lucks for more ppl yes :(

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Re: Petrotrin update

Postby The_Honourable » February 22nd, 2018, 10:37 pm

Kevin Ramnarine's fb page:

What is happening at #petrotrin and who or what will run the company come March 1st 2018? All three Vice Presidents of Petrotrin have just been removed and the President demits office on Feb 28. Stakeholders including the public and bondholders need clarity asap.

https://www.facebook.com/kevin.ramnarin ... 4382728619

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Re: Petrotrin update

Postby De Dragon » February 22nd, 2018, 10:40 pm

randolphinshan wrote:What many do not know as well is that Uncle Khalid was the project team lead in Petrotrin that oversaw the work Samsung was doing on this plant.
This is the same Uncle Khalid that aunt Kamla made President of the company... A man who could not supervise the building of 1 plant was picked to lead the entire company
Under him there was numerous oil spills and political appointed unqualified persons became the norm.
So yes the pee pee is to blame. Zoom and dragon gonna say all sort of fakery like selling out to the 1% etc to deny this but I know better. Under Khalid the union leader in Trinmar was fired. Finally a regime headed by Keith is has the fortitude to fix this company..

It is well known that Petrotrin has been struggling for years now. What you conveniently don't mention is the Malcolm Jones BILLIONS wasted under the PNM. We could play this all day, and I actually want to commend JUHN Scarfy and Co. for making these decisions to save Petrotrin.

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Re: Petrotrin update

Postby Duane 3NE 2NR » February 22nd, 2018, 10:43 pm

https://www.petrotrin.com/Investor%20Re ... nance.aspx

BREAKING

Three Petrotrin Vice Presidents have been fired.

They are:

Astor Harris --- vice president of refining and marketing

Stephen Awah --- vice president of exploration and production

Neil Derrick --- vice president of human resource and corporate services

See information about the fired VPs here: https://www.petrotrin.com/Investor%20Re ... nance.aspx

The energy giant found itself in a TWO BILLION dollars debt between 2016 and 2017, under the Keith Rowley led PNM government. When the Kamla Persad-Bissessar PP government left office, Petrotrin was not in any debt. Petrotrin is now in debt because they stopped paying dues.

Former chairman of Petrotrin, Andrew Jupiter took guidance on the running of Petrotrin from militant trade union leader, Ancel Roget, much to the detriment of the company.

Petrotrin's president, Fitzroy Harewood has about one more week on the job since he tendered his resignation in December of 2017.

Read the Newsday article in context: http://newsday.co.tt/2017/12/02/petrotr ... t-resigns/

The three VPs who have been terminated, were hired by this PNM government. Previously, the government fired the management team left behind by the people's partnership government.

Braveboy Report broke the story in early 2016 about a possible sale of petrotrin to a member of the one percent crew.

The three VPs were terminated today -- Thursday, February 22nd, 2018.

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Re: Petrotrin update

Postby De Dragon » February 22nd, 2018, 11:03 pm

Duane 3NE 2NR wrote:https://www.petrotrin.com/Investor%20Relations/Governance.aspx

BREAKING

Three Petrotrin Vice Presidents have been fired.

They are:

Astor Harris --- vice president of refining and marketing

Stephen Awah --- vice president of exploration and production

Neil Derrick --- vice president of human resource and corporate services

See information about the fired VPs here: https://www.petrotrin.com/Investor%20Re ... nance.aspx

The energy giant found itself in a TWO BILLION dollars debt between 2016 and 2017, under the Keith Rowley led PNM government. When the Kamla Persad-Bissessar PP government left office, Petrotrin was not in any debt. Petrotrin is now in debt because they stopped paying dues.

Former chairman of Petrotrin, Andrew Jupiter took guidance on the running of Petrotrin from militant trade union leader, Ancel Roget, much to the detriment of the company.

Petrotrin's president, Fitzroy Harewood has about one more week on the job since he tendered his resignation in December of 2017.

Read the Newsday article in context: http://newsday.co.tt/2017/12/02/petrotr ... t-resigns/

The three VPs who have been terminated, were hired by this PNM government. Previously, the government fired the management team left behind by the people's partnership government.

Braveboy Report broke the story in early 2016 about a possible sale of petrotrin to a member of the one percent crew.

The three VPs were terminated today -- Thursday, February 22nd, 2018.

Dis go live in de craw ah Redman, Zitski and............ wey is the token Injun one name again? Oho! randolphinshan! :lol: :lol: :lol:

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Re: Petrotrin update

Postby The_Honourable » February 22nd, 2018, 11:18 pm

wow... a "situation fluid" moment. Wonder what is going to happen tomorrow?

This setting up to be a black friday shocker for the T&T energy industry, similar to the news about clico that happened on a friday back in 2009 which shook up the T&T financial system.

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Re: Petrotrin update

Postby Allergic2BunnyEars » February 22nd, 2018, 11:46 pm

De Dragon wrote:
Duane 3NE 2NR wrote:https://www.petrotrin.com/Investor%20Relations/Governance.aspx

BREAKING

Three Petrotrin Vice Presidents have been fired.

They are:

Astor Harris --- vice president of refining and marketing

Stephen Awah --- vice president of exploration and production

Neil Derrick --- vice president of human resource and corporate services

See information about the fired VPs here: https://www.petrotrin.com/Investor%20Re ... nance.aspx

The energy giant found itself in a TWO BILLION dollars debt between 2016 and 2017, under the Keith Rowley led PNM government. When the Kamla Persad-Bissessar PP government left office, Petrotrin was not in any debt. Petrotrin is now in debt because they stopped paying dues.

Former chairman of Petrotrin, Andrew Jupiter took guidance on the running of Petrotrin from militant trade union leader, Ancel Roget, much to the detriment of the company.

Petrotrin's president, Fitzroy Harewood has about one more week on the job since he tendered his resignation in December of 2017.

Read the Newsday article in context: http://newsday.co.tt/2017/12/02/petrotr ... t-resigns/

The three VPs who have been terminated, were hired by this PNM government. Previously, the government fired the management team left behind by the people's partnership government.

Braveboy Report broke the story in early 2016 about a possible sale of petrotrin to a member of the one percent crew.

The three VPs were terminated today -- Thursday, February 22nd, 2018.

Dis go live in de craw ah Redman, Zitski and............ wey is the token Injun one name again? Oho! randolphinshan! :lol: :lol: :lol:


Statement is actually inaccurate. Petrotrin had bonds from 2007 and 2009. One is due in 2019 and is worth 850 million US dollars which has to be paid in one shot. The other, a 750 million US dollar bond, is due to be paid off in 2022. Whoever wrote that bolded part is highly misinformed or being disingenuous.

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Re: Petrotrin update

Postby Redman » February 23rd, 2018, 6:01 am

And any one believing that Newsday article just dumb...and dumber...

Awa neck on the block since 2016.

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Re: Petrotrin update

Postby De Dragon » February 23rd, 2018, 6:09 am

Redman wrote:And any one believing that Newsday article just dumb...and dumber...

Awa neck on the block since 2016.

:lol: :lol:
Still dotishly defending PNM dotishness, mismanagement and corruption I see. Next you'll tell us Ken Julien Eugene Tiah etc, are being victimized in the ETeck debacle :roll:

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Re: Petrotrin update

Postby Allergic2BunnyEars » February 23rd, 2018, 6:23 am

Redman wrote:And any one believing that Newsday article just dumb...and dumber...

Awa neck on the block since 2016.


Why since 2016?

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Re: Petrotrin update

Postby jcrew » February 23rd, 2018, 6:34 am

Glad to see they going back to the old org structure. Less managers more workers.

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