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Petrotrin refinery shut down

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mitch1980
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Re: Petrotrin refinery to shut down?

Postby mitch1980 » August 24th, 2018, 10:04 am

based on their published financials of 2016 their operational cost is crazy. this represents their salaries and administrative cost to run annual operations. their Admin expense are 1.3 billion for 2016. for staff of 4000-5000 people.
using that figure =
1,300,000,000 / 5000 = 26,000 per employee.

Espinet was actually right the salaries are about 2 billion as the 2016 figures are before the salary increase from last January which was funded from another loan from the government.

people fail to understand that their liabilities as of 2016 was over 28 Billion dollars.
how else are they to pay that.

a Nigerian refinery with 2 times the capacity has the same staff. and profitable as well.


the excuses have to stop for the direct relation of inefficiencies and the direct cost of manpower.
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Re: Petrotrin refinery to shut down?

Postby sMASH » August 24th, 2018, 10:06 am

gasoline, dieseline, kerosene... some of that 'etc' can u name a few more of those,, of the top of my head i know about NP oils.

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Re: Petrotrin refinery to shut down?

Postby airuma » August 24th, 2018, 10:20 am

nervewrecker wrote:Diversity into what though?

Tourism?

Trinidad and Tobago has so much potential but we allow the worst people to become politicians who eventually form governments. AFAIK, there is a ship out in the gulf, run by a German company I believe, using that location as a trans-shipment point for iron ore. They have been in operation even before mittal shut down.
We have oil (which translates to fuel), pitch and beaches that can compete with the best the world has to offer. We have some of the best tasting cocoa in the world and apparently this cannot be replicated since the taste varies depending on the location...... I would say we could even pull a "champagne" kind of thing with the cocoa!
BUT..... we cannot expect to KNOW what to diversify into, it has to be a measured approach depending on the resources we have and a determination to make it work!
Singapore does excellent with trans-shipping.

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Re: Petrotrin refinery to shut down?

Postby hydroep » August 24th, 2018, 10:32 am

All of this diversification talk has been discussed before in various threads.

Basically T&T is suffering from a bad case of Dutch Disease which was exacerbated by certain politicans who demonised once profitable agriculture as a remnant of slavery. Caroni was then systematically dismantled with the additional probable goal of disenfranchising that portion of the population who still found value in working the land.

Who de arse going to work the land now? All dem li'l chirren with their head stick up in a phone whole day? I think not.

Yuh might have a better chance with the Venezuelans. Bring dem come...:|
Last edited by hydroep on August 24th, 2018, 11:17 am, edited 2 times in total.

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Re: Petrotrin refinery to shut down?

Postby Dizzy28 » August 24th, 2018, 10:33 am

airuma wrote:
nervewrecker wrote:Diversity into what though?

Tourism?

Trinidad and Tobago has so much potential but we allow the worst people to become politicians who eventually form governments. AFAIK, there is a ship out in the gulf, run by a German company I believe, using that location as a trans-shipment point for iron ore. They have been in operation even before mittal shut down.
We have oil (which translates to fuel), pitch and beaches that can compete with the best the world has to offer. We have some of the best tasting cocoa in the world and apparently this cannot be replicated since the taste varies depending on the location...... I would say we could even pull a "champagne" kind of thing with the cocoa!
BUT..... we cannot expect to KNOW what to diversify into, it has to be a measured approach depending on the resources we have and a determination to make it work!
Singapore does excellent with trans-shipping.


You are referring to Oldendorff Carriers.
However in typical Trinidadian fashion there were trying to get into the Gulf for around 5-6 years before they finally got approval in 2012.

Trinidad frustrates the life out of foreign investors and it represents one of the single biggest hindrances to diversification. Our difficulties for businesses is best represented in our ranking on the Global Competitiveness Index where we are 83rd in the World and the Doing Business where we are 102nd in the world and below countries such as Jamaica who are 70th.

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Re: Petrotrin refinery to shut down?

Postby Redman » August 24th, 2018, 11:18 am

hydroep wrote:All of this has diversification talk been discussed before in various threads.

Basically T&T is suffering from a bad case of Dutch Disease which was exacerbated by certain politicans who demonised once profitable agriculture as a remnant of slavery. Caroni was then systematically dismantled with the additional probable goal of disenfranchising that portion of the population who still found value in working the land.

Who de arse going to work the land now? All dem li'l chirren with their head stick up in a phone whole day? I think not.

Yuh might have a better chance with the Venezuelans. Bring dem come...:|


Factually the cane growers could have still been growing cane to supply a paper mill that was to be set up.
but Gopaul kung fu was stronger.

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Re: Petrotrin refinery to shut down?

Postby pjfred » August 24th, 2018, 1:12 pm

Petrotrin first and second quarter profits currently showing $45 billion dollars.

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Re: Petrotrin refinery to shut down?

Postby Redman » August 24th, 2018, 1:28 pm

pjfred wrote:Petrotrin first and second quarter profits currently showing $45 billion dollars.

This sounds legit....especially since they did 18B IN REVENUE for the nine months ending June 2018.

:roll:
Last edited by Redman on August 26th, 2018, 8:39 am, edited 1 time in total.

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Re: Petrotrin refinery to shut down?

Postby bushwakka » August 24th, 2018, 2:21 pm

pjfred wrote:Petrotrin first and second quarter profits currently showing $45 billion dollars.


leff de man be nuh....is a simple mistake, he meant billion bolivars

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Re: Petrotrin refinery to shut down?

Postby pjfred » August 24th, 2018, 2:26 pm

Actually these are accurate figures, when the 1% owns the refinery the price of fuel will be 4 times what you pay now. Similar to all other products. Reason being thats the foreign market price. God bless Rowley and his wisdom. Sabgas forever! Hail the Almighty Syrians!

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Re: Petrotrin refinery to shut down?

Postby hydroep » August 24th, 2018, 2:51 pm

pjfred wrote:Actually these are accurate figures, when the 1% owns the refinery the price of fuel will be 4 times what you pay now. Similar to all other products. Reason being thats the foreign market price. God bless Rowley and his wisdom. Sabgas forever! Hail the Almighty Syrians!


It's funny how local businessmen love to quote "the foreign price" when it comes to charging for their goods and services but quick to negate any comparision of wages in the same markets. Some will call that "good business" but the fair-minded calls it what it is: a Double Standard...:|

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Re: Petrotrin refinery to shut down?

Postby gastly369 » August 24th, 2018, 2:57 pm

pjfred wrote:Actually these are accurate figures, when the 1% owns the refinery the price of fuel will be 4 times what you pay now. Similar to all other products. Reason being thats the foreign market price. God bless Rowley and his wisdom. Sabgas forever! Hail the Almighty Syrians!
Let the public keke....dey eh know the trickle effect that would take place yet nah

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Re: Petrotrin refinery to shut down?

Postby sMASH » August 24th, 2018, 3:30 pm

well imbert will be in his glee... he luvs the idea of cost of living increases. puts on little gremlin smile at the thought.

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Re: Petrotrin refinery to shut down?

Postby matix » August 24th, 2018, 3:34 pm

Panic buying start some places already. Seeing some excessively long lines

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Re: Petrotrin refinery to shut down?

Postby jhonnieblue » August 24th, 2018, 3:38 pm

This isn't going to be a privatization of the company but creation of new entities that will be void of union action as well as adhere to outline for profitable management by the bondholders for refinancing of the bullet payments.
What we will see most likely is the creation of TTUDco
Trinidad and Tobago upstream and downstream company
Trinmar activity will prob be separated as well as the creation of an exploration and development arm of the company.
As it stands it's the only way to make to company viable and relevant going forward with changes to the international energy landscape
From an operations management point of view, for and oil and gas company between 20-30% of cash flow should be allocated to operational/admin costs.

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Re: Petrotrin refinery to shut down?

Postby nismo1325 » August 24th, 2018, 3:51 pm

hydroep wrote:
pjfred wrote:Actually these are accurate figures, when the 1% owns the refinery the price of fuel will be 4 times what you pay now. Similar to all other products. Reason being thats the foreign market price. God bless Rowley and his wisdom. Sabgas forever! Hail the Almighty Syrians!


It's funny how local businessmen love to quote "the foreign price" when it comes to charging for their goods and services but quick to negate any comparision of wages in the same markets. Some will call that "good business" but the fair-minded calls it what it is: a Double Standard...:|


maybe if they wna charge us foreign price they should pay us "foreign rates" so we can live better.

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Re: Petrotrin refinery to shut down?

Postby pjfred » August 24th, 2018, 3:52 pm

This company brings in a minimum of a quarter billion us dollars every year. Now you know why the 1% wants it so bad.

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Re: Petrotrin refinery to shut down?

Postby kstt » August 24th, 2018, 4:22 pm

Monday!

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Re: Petrotrin refinery to shut down?

Postby shake d livin wake d dead » August 24th, 2018, 4:25 pm

So wah is d word?

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Re: Petrotrin refinery to shut down?

Postby kstt » August 24th, 2018, 4:44 pm

So from 2005 to 2010 production dropped by 31%

Wonder what it is from 2015 to 2018/2020?

ie. When PNM in government

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Re: Petrotrin refinery to shut down?

Postby tr1ad » August 24th, 2018, 4:55 pm

jhonnieblue wrote:This isn't going to be a privatization of the company but creation of new entities that will be void of union action as well as adhere to outline for profitable management by the bondholders for refinancing of the bullet payments.
What we will see most likely is the creation of TTUDco
Trinidad and Tobago upstream and downstream company
Trinmar activity will prob be separated as well as the creation of an exploration and development arm of the company.
As it stands it's the only way to make to company viable and relevant going forward with changes to the international energy landscape
From an operations management point of view, for and oil and gas company between 20-30% of cash flow should be allocated to operational/admin costs.


Isn't TTUDCo already in existence?

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Re: Petrotrin refinery to shut down?

Postby Allergic2BunnyEars » August 24th, 2018, 8:14 pm

Image

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Re: Petrotrin refinery to shut down?

Postby nervewrecker » August 24th, 2018, 8:31 pm

Allyuh now seeing thing.
All this in my whatsappImageImageImage

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Re: Petrotrin refinery to shut down?

Postby nervewrecker » August 24th, 2018, 8:34 pm

Gas station ram out this evening yes..

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Re: Petrotrin refinery to shut down?

Postby vaiostation » August 24th, 2018, 8:34 pm

Time for people to buy rope if it turns out to be true...

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Re: Petrotrin refinery to shut down?

Postby The_Honourable » August 24th, 2018, 8:38 pm

So... Mittal special before Independence weekend?

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Re: Petrotrin refinery to shut down?

Postby *$kїđž!™ » August 24th, 2018, 8:52 pm

Petrotrin running at low profitability due to high expenses...most likely high labour cost....thats what i was told

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Re: Petrotrin refinery to shut down?

Postby vaiostation » August 24th, 2018, 8:56 pm

If Petro men hadda get buss throat, now is probably the right time, since it not that close to an election...

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Petrotrin refinery to shut down?

Postby Allergic2BunnyEars » August 24th, 2018, 8:59 pm

vaiostation wrote:If Petro men hadda get buss throat, now is probably the right time, since it not that close to an election...


Businesses and associated families that begin to suffer in the months afterward won’t forget closer to elections.
Last edited by Allergic2BunnyEars on August 24th, 2018, 8:59 pm, edited 1 time in total.

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Re: Petrotrin refinery to shut down?

Postby nervewrecker » August 24th, 2018, 9:00 pm

All the people that petro money mining wont forget also.

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