Petrotrin refinery shut down

[K74T]

[sMASH]

Does the av drilling fraud scene have a stutute of limitations to pursue it, for recovery of funds and criminal charges?

[Redman]

Does the av drilling fraud scene have a stutute of limitations to pursue it, for recovery of funds and criminal charges?

That’s in arbitration.

Early next year they will have the initial position.

[zoom rader]

Does the av drilling fraud scene have a stutute of limitations to pursue it, for recovery of funds and criminal charges?

That’s in arbitration.

Early next year they will have the initial position.

Arbitration with whom ?

Independent or red Goverment stooges?

[sMASH]

Does the av drilling fraud scene have a stutute of limitations to pursue it, for recovery of funds and criminal charges?

That’s in arbitration.

Early next year they will have the initial position.

Arbitration with whom ?

Independent or red Goverment stooges?

https://newsday.co.tt/2019/07/16/former ... bitration/

https://www.guardian.co.tt/news/av-seek ... 00500db640

oh, no. that arbitration is not for the state and authorities to recover the $100m that av drilling swindled out of petrotrin.
that arbitration is against the petrotrin, by av drilling for termination of thier contract services and reclaiming thier wells.

this is where the state delaying prosecuting that theft will lead to wrongful termination of contract, and thus allow av to win thier claim

[Redman]

Agreed- but they cant prove whether the oil was actually delivered or not.

Which is not to say that it WAS delivered.

I think the substantiation of the claim is the problem, the cross checks at Petrotrin that were there to protect Petrotrins interest,and the MOEEIs interest were Deokisinghed.

[zoom rader]

Agreed- but they cant prove whether the oil was actually delivered or not.

Which is not to say that it WAS delivered.

I think the substantiation of the claim is the problem, the cross checks at Petrotrin that were there to protect Petrotrins interest,and the MOEEIs interest were Deokisinghed.

Spin doctor protecting the red Goverment.

[sMASH]

Agreed- but they cant prove whether the oil was actually delivered or not.

Which is not to say that it WAS delivered.

I think the substantiation of the claim is the problem, the cross checks at Petrotrin that were there to protect Petrotrins interest,and the MOEEIs interest were Deokisinghed.

the action by av drilling on petrotrin was wrongful termination of contract. meaning, petrotrin did not follow the stipulations for termination of the contract. the real cause for termination of the contract is of no consequence or consideration in this case.
this case is about following the rules that tehy both agreed to.
hence why rlm decided to take it pro bono, cause is easy money.

the fact that the authorities in trinidad is sticking to bring criminal case against the 100m stolen, will prevent the state from using the 100m fraud as the reason for termination. legally, there is no entity of fraud that can be referenced, therefore there isnt even a reason that can be tendered as to why the contract was terminated.... but this case isnt even about the reason for termination, its about the method of termination.

same ting coudl go on in industrial court, if an employer terminates an employee not according the the greivence procedure, the worker could seek damages for violation of the greivence procedure. the reason for the termination is not the issue in that case.

[Redman]

Agreed- but they cant prove whether the oil was actually delivered or not.

Which is not to say that it WAS delivered.

I think the substantiation of the claim is the problem, the cross checks at Petrotrin that were there to protect Petrotrins interest,and the MOEEIs interest were Deokisinghed.

Spin doctor protecting the red Goverment.

No- I think it was happening...hands down.
And you know the players.


That said I dont think Petrotrin can prove it.

2009 to now....AV was bad so long before he get into oil.

[sMASH]

if petrotrin cant prove it is because the documents no longer exist, cause it was shut down and lord knows what happend to their assets.

[zoom rader]

Agreed- but they cant prove whether the oil was actually delivered or not.

Which is not to say that it WAS delivered.

I think the substantiation of the claim is the problem, the cross checks at Petrotrin that were there to protect Petrotrins interest,and the MOEEIs interest were Deokisinghed.

Spin doctor protecting the red Goverment.

No- I think it was happening...hands down.
And you know the players.


That said I dont think Petrotrin can prove it.

2009 to now....AV was bad so long before he get into oil.

Petrotrin and red Goverment know exactly what they doing.

Had this been a non red Goverment doing this then the media would have field day and Rowlee bumping gumbs

[shake d livin wake d dead]

Anybody else hearing that a vene company could be in contention for Pechochin??

[shake d livin wake d dead]

Pdvsa under 1 of their subsidiary controlled gas stations in the US...when the sheit started they had to pull out...in our recent budget all of a sudden gas stations for sale and before that how many loans we got from the latin american bank???? CAL again ...1 for road which was 200million and another for plane ....in d covid time for 250mil...if we can't see how this cookie crumbling me ain't know nah and mind you the immigrants that our hardworking cmo said it's them that bringing the covid got extension to stay here


I know allyuh like to read...I like to post common sense

[sMASH]

every tin foil arrow pointing to that.

[The_Honourable]

Prime Minister Dr. Keith Rowley Hosts Media Conference - Wednesday November 11th 2020

[Lou Screuz]

I think he has said opposition at least 23 times in the last 2 minutes

[aaron17]

Beginning of speech ..
'First of all...I would like to blame kamla..'

[Lou Screuz]

so if i hear right so far

all the bacchanal that went on with petrotrin

is the opposition fault

and if patriotic cannot get the refinery

it will be the opposition fault

because the largest traders and bankers in the world are 'skittish'

and get scared easily when nations' opposition politicians make what we should assume to be false allegations


smart man is still trying hard to make the case

that Afra Raymond asking questions about the sandals deal

made sandals afraid

and cause them to run away

[zoom rader]

so if i hear right so far

all the bacchanal that went on with petrotrin

is the opposition fault

and if patriotic cannot get the refinery

it will be the opposition fault

because the largest traders and bankers in the world are 'skittish'

and get scared easily when nations' opposition politicians make what we should assume to be false allegations


smart man is still trying hard to make the case

that Afra Raymond asking questions about the sandals deal

made sandals afraid

and cause them to run away

I did say a few months ago that Kams will be blamed for the closure and sellimg of Petrotrin failure.

Ent the red Goverment said Panday was to blame for closing Caroni

Once the sheep like redman with 320000 hear the word kams or opposition you know it will true coming fron their king of Ghana

[K74T]

Prime Minister Dr the Hon Keith Rowley has condemned the Opposition Leader’s false accusations regarding the State’s negotiations with Patriotic for the sale of the Petrotrin refinery.

Speaking at a media conference at the Diplomatic Centre today (Wednesday 11 November, 2020) Dr Rowley said Persad-Bissessar’s behaviour could derail the deal and disadvantage all the citizens who stand to benefit from the restart of the refinery.

The Prime Minister said the Government’s intention to sell the refinery was no secret.

Dr Rowley said, “Anybody who was paying attention to the business of Government in Trinidad and Tobago for the last four years will know that this is no disclosure." He added, “I as Prime Minister and other members of the Government, every step of the way, have told the public what we were doing and why we were doing it.”

The Opposition leader on Monday night put this project in jeopardy because people who Patriotic rely on to go forward in dealing and in committing itself to the Government - banker and fuel supplier - are now the target of political attack in Trinidad and Tobago.”

The Prime Minister said, “A higher level of responsibility is to be expected from a former Prime Minister, not to go on a platform and seek to undermine the process for your own personal benefit … putting at risk all the work that we have done.”

Dr Rowley said he remains hopeful that the deal with Patriotic could be finalized by the given deadline.

[K74T]

Key Points from Prime Minister Dr. Keith Rowley’s Media Conference On UNC’s Claims On Patriotic’s Bid To Purchase Refinery And Assets– Wednesday November 11th, 2020

Prime Minister Dr. Keith Rowley held a Media Conference to clarify statements made by Opposition Leader Kamla Persad-Bissessar on Patriotic’s proposed bid to purchase the Guaracara Refinery and other assets. At a UNC Virtual Meeting on Monday, the Opposition Leader claimed that Patriotic’s 2020 bid, which included ongoing negotiations in commercial matters and Non-Disclosure Agreements, was ‘dropped in her mailbox.’

The Prime Minister believes the Opposition Leader made the statements as an act of desperation for the heat she was facing over plagiarising a congratulatory message to the US President Elect, Joe Biden. He said negotiations with Patriotic is at a sensitive stage and the Opposition Leader is implying that the Government is doing something “under the table” but this is not the case. He stated that Patriotic remains the preferred bidder but if negotiations fall apart with Patriotic, Government will have to end the relationship and go back to market.

PM Rowley said the revelations by the Opposition are a blow and shot under the belly to the OWTU and Patriotic in their attempt to break a mould and try to get into business. He stated that the Opposition Leader has put this project in jeopardy by engaging in “self-destructive, undermining conduct, hoping to destroy any success in this matter." He called on her to stop campaigning and attempting to scare bankers and fuel suppliers who are now the target of political attacks in Trinidad and Tobago. He believes the Opposition is attempting to undermine the project in the same way which led to Sandals pulling out of the Tobago project. But he said the election is over and she should let good sense to prevail.

In his response, Finance Minister Colm Imbert said it was public knowledge that Patriotic was the preferred bidder for the sale of the Guaracara Refinery and Paria Fuel Trading. He clarified that the Opposition Leader was incorrect to say that the Refinery cannot be sold because there is a lien on some of the assets at this time. He also confirmed that Patriotic was asked what fiscal incentives or tax concessions they would require over a year ago, and their requests would be considered.

Energy Minister Franklin Khan reminded that the oil and gas industry is international, and Trinidad and Tobago is highly respected globally, especially when it comes to the “sanctity of the contract.” Minister Khan said the Opposition Leader committed a "cardinal sin against the people of Trinidad and Tobago."

[elec2020]

^ why you putting facts to dispute the claims of the UNC fanatics. Its clear that rowley and them is why the deal for the refinery is under pressure. Not because of the former PM's mis-information on the deal and lies on the health of the financial system (which would detract lenders willing to provide Patriotric with the capital needed for their investment). Rowley lying to we and looking to sell the refinery to he partners in the 1 per cent.

[zoom rader]

^ why you putting facts to dispute the claims of the UNC fanatics. Its clear that rowley and them is why the deal for the refinery is under pressure. Not because of the former PM's mis-information on the deal and lies on the health of the financial system (which would detract lenders willing to provide Patriotric with the capital needed for their investment). Rowley lying to we and looking to sell the refinery to he partners in the 1 per cent.

You understand the play and I exposed this back in 2015. Redman and the red Goverment mob attacked me wanting to know I knew that Petrotrin is at the time was going to be sold. Fast forward 4 years later and we seeing it all falls in to place.

[bluefete]

Plot twist:

Suppose Rowley and Kamla team up to shaft Roget??

[bluefete]

^ why you putting facts to dispute the claims of the UNC fanatics. Its clear that rowley and them is why the deal for the refinery is under pressure. Not because of the former PM's mis-information on the deal and lies on the health of the financial system (which would detract lenders willing to provide Patriotric with the capital needed for their investment). Rowley lying to we and looking to sell the refinery to he partners in the 1 per cent.

You understand the play and I exposed this back in 2015. Redman and the red Goverment mob attacked me wanting to know I knew that Petrotrin is at the time was going to be sold. Fast forward 4 years later and we seeing it all falls in to place.

Ent the IMF said that under certain stress test conditions that our banks could be at risk of collapse?

[zoom rader]

^ why you putting facts to dispute the claims of the UNC fanatics. Its clear that rowley and them is why the deal for the refinery is under pressure. Not because of the former PM's mis-information on the deal and lies on the health of the financial system (which would detract lenders willing to provide Patriotric with the capital needed for their investment). Rowley lying to we and looking to sell the refinery to he partners in the 1 per cent.

You understand the play and I exposed this back in 2015. Redman and the red Goverment mob attacked me wanting to know I knew that Petrotrin is at the time was going to be sold. Fast forward 4 years later and we seeing it all falls in to place.

Ent the IMF said that under certain stress test conditions that our banks could be at risk of collapse?

Our banks are propped by the underworld and Rowlee and his 40 thieves tried to stop it with the ridiculous money exchange program that failed.

They targeted the small man when in fact it's big bussiness that are the underworld.

Stop the underworld and watch how fast the banks will sink.

This country is fillied with 320000 idiots

[elec2020]

^ i am not going to go into detail as i did not read the report. But "a bank stress test is an analysis conducted under hypothetical scenarios designed to determine whether a bank has enough capital to withstand a negative economic shock. These scenarios include unfavorable situations, such as a deep recession or a financial market crash." The key things here are hypothetical scenario and unfavorable situations. So essentially stress tests aim to find what conditions would cause an institution to fall below capital requirements. Whether or not these conditions will ever be realized is another thing. For example in this paper used stress tests where there was a 20 per cent reduction in GDP http://onlinepubs.trb.org/onlinepubs/nc ... RP20-83(07)_TechMemo1.pdf. The only time TnT hit such crazy numbers was in the late 1980s and early 1990s. Since then we haven't done anything to go back to that situation so it is very likely that the scenarios in the IMF report would not be realized.

[elec2020]

Because ZR made a comment let me get more technical here. The following parts in quotation marks were taken from the report and I will say why they are an issue when validating the report's stress testing results:

(i). "The resilience of commercial banks was assessed by three illustrative stress scenarios: two COVID-19 scenarios, and a pre-COVID-19 adverse scenario. It is worth mentioning that while these illustrative scenarios represent severe but plausible macroeconomic shocks, they do not represent staff’s economic forecasts for Trinidad and Tobago, and are subject to an unusually high degree of uncertainty given the unfolding impact of the ongoing pandemic." So they already making it known here to interpret ate their results with care.

(ii). "Although the scenarios differ, including with respect to their assumptions on financial conditions, the same methodology is used to quantify their implications on bank solvency. In all three scenarios, credit losses were estimated from cross-country analysis and loan classification and loan loss provisioning were adjusted." Cross-country analysis makes it sound like they did not use solely TnT data to determine loan classification and loan loss provisioning, which should call into question how reflective are the results of TnT.

(iii). "Using the methodology developed by Fund staff, 3 credit-loss sensitivities to GDP were applied to the adverse scenario to obtain bank-by-bank credit losses. Two adjustments were made to the pre-stress test position of banks. First, the initial level of provisions was adjusted to that in 2009, given its current relatively low level. Second, the NPLs and capital ratios were adjusted to reflect the higher risk in refinancing and debt consolidation loans. Households may have utilized lower interest rates to restructure debt but could also have been facing loan repayment difficulties given the 2016–18 slowdown. The NPL stock was therefore increased by the total stock of refinancing and consolidation loans and additional provisions applied (using the provisioning rate for sub-standard loans). The impact of these consolidated adjustments plus the adverse-scenario shock raised the aggregate NPL ratio to about 12 percent." So basically the TnT data was adjusted again based on there assumptions before running their stress tests. So once more how true is this data for TnT.

People stop taking what blurbs politicians or the media telling you about these reports and take the time to read these things properly for yourselves. I haven't opened that report till today and I find 3 issues already. Easy easy

[daxt0r]

me eh so old an ting like some ah d older and much smarter heads here, but ah sure somebody here could answer
Who PNM did blame from 1962 to 1986?
because boy it seems even when the govt own actions are exposed kamala is somehow to be blamed, is their anything kamala can't be blamed for lol?
Ah wonder who close the refinery in the first place after dey stand up in front d whole Trinidad and say the refinery wouldn't be closed or sold and did exactly just that?
Which party did the incompetent Malcolm Jones and countless other who saddled it with debt belong too?
Who party financier and friend get to duck PT ah 100milli no questions asked, and in fact turn around the lawsuits so that we the taxpayer go end up paying him for his crimes?
The incompetent redundant workers belonged to which union that contrived to suck productivity dry from way back in Tesoro days over the years while demanding pay increases and maximum benefits and luxuries?

Is it really so easy to pull the wool over 320000 people eyes by just saying blame Kamala? What does that say about the intelligence level of these people who choose to believe ah man who held up a clearly typed of microsoft word document claiming it to be an email? I feel dem like all d ppl who get scam in pyramid/iml/forex/sou sou, they does just stay quiet an take it an even encourages others to partake in the sufferation lol.

[The_Honourable]

This is why Rowley did jump out...

Kamla: Patriotic offered $200M less in 2020 bid for refinery

The Oilfields Workers' Trade Union’s (OWTU) Patriotic Energies submitted a bid for $200 million less than their initial promise to the government in the deal for the Petrotrin Refinery.

The information was revealed last night by Political Leader of the United National Congress (UNC) Kamla Persad Bissessar during the party’s virtual report.

“What is noteworthy in the statement, is that Patriotic offered, you’ll remember, USD$700 million for the refinery assets and USD$300 million for the non-core assets, there was no price in the bid for the Paria assets. I now have a document in my possession, as I said, with a Patriotic Energies letterhead dated October 29, 2020... it is now discovered from this document that Patriotic has now offered an upfront payment of $500 million for the assets,” she revealed.

She later said that the total figure was USD$526 million in total, but that Patriotic was prepared to pay USD$500 million and wanted the government to pay USD$26 million in fees on their behalf.

“In addition to dropping the price, they wanted the government to pay them $26 million, this is far less from their USD$700 million offer,” she added.

Another USD$500 million would have been required in order to fully restart operations at the refinery, bringing the cost to a grand total of USD$1 billion.

The UNC Leader also claimed that Patriotic approached the Royal Bank of Canada (RBC) to help with financing USD$500 million while another firm, Trafigura was set to finance the other half of the bill.

More than that, Patriotic also proposed that they’d be exempt from paying taxes as part of their deal with Trafigura.

“Trafigura has indicated that they will require exemptions and concessions from taxes, duties, levies; inclusive of taxes in income from Trinidad and Tobago.

“So, if the government cannot collect taxes from the refinery or Paria, what is the benefit to the people of Trinidad and Tobago?” she questioned.

Currently, through Paria’s operations, the company has contributed over $100 million in taxes.

Persad Bissessar said Patriotic’s 2020 bid was ‘dropped in her mailbox’. It was supposedly addressed to Minister of National Security, Stuart Young and Minister of Energy and Energy Industries, Franklin Khan.

After closing the refinery in 2018, the government said that Patriotic would have first preference to acquire the assets providing that they had a competitive bid.

After narrowly meeting the government’s October 31 deadline, Minister Khan returned two days later to say that Patriotic’s bid was denied and that the doors were now open for other, possibly international bidders.

Source: https://www.looptt.com/content/kamla-pa ... d-refinery