Petrotrin refinery shut down

[sinister_14]

Probably have a discounted price for the fuels....this has happened in the past when there were issues in the refinery...they would import from Vene.

The refinery will likely be upgraded and brought back into production.

Who is going to upgrade and bring it back? Are we decommissioning or privatizing the refinery?

Wouldn't privatizing mean that whoever acquires it would also include the huge loans which need to be paid back?

The 800m and 900m USD loans from 2007 and 2009 and due for payment shortly.

I would like to think even if petrotrin sells the refinery, petrotrin still has ownership of the loans since the agreement to get the loans wasn't made with the refinery itself but with petrotrin. Petrotrin can sell the refinery with the loans attached to it... which nobody will buy, or sell the refinery without it. Unless there are clauses in the loan agreements that can't separate the loans from the refinery.

So the question still remains, is the refinery going to stay there and grow bush or an entity will take it over and upgrade it?

What about E&P/Trinmar operations? A french company Perenco eyeing it for some time now.

Guess which board member involved in perenco......

@Sinister

Or and the hard hitting news eh hit yet...let someone else post it..

Well if you notice they sold gtl to niquan and the people of trinidad have that loan to pay..still..so when they sell of the refinery all them loan will be paid by the people of trinidad...remember the loan would be tied to petro....petro not closing down just d refinery...this is how we getting screw over n over no body wants to riot ...the govt doing whats best for them and their friends while we the people have to pick up the bill for their mess....(1)only i alone seeing this???... this is the govt master plan....so let all them people in petro sit down n take fackk now....(2)dont stand up for their jobs...let d govt get away with this.....i hope they know when they re opening d refinery those vacancies gonna be public and everyone gonna apply....so let the relax...and take it slow.....dont stand up for whats right....

1) Apparently so, explain it for those less inclined, like me please.

2) Wait..stand up? I thought the employees were getting extraordinary severance packages?? Why stand up if this is what's best for the country?

Explain what?...all the info is out there do your research.... and if you feel those workers getting any big compensation package....well bai.... you still believe anything the govt say.....then if there are more ppl out there who think like you....may the good lord help us......

[Joshie23]

1) Apparently so, explain it for those less inclined, like me please.

2) Wait..stand up? I thought the employees were getting extraordinary severance packages?? Why stand up if this is what's best for the country?

Explain what?...all the info is out there do your research.... and if you feel those workers getting any big compensation package....well bai.... you still believe anything the govt say.....then if there are more ppl out there who think like you....may the good lord help us......

Lol, I know exactly where you're coming from. I was being sarcastic. Some of us called it as it was, Gov't fairy tales and all, from the beginning.

[neilsingh100]

Not sure what is in the Petrotrin collective agreement for severance but seen the following severance benefits in another OWTU collective agreement.

1- 4 years; One (1) months’ salary for each year of service
5-10 years: The further sum of two (2) months’ salary for each year of service during this period.
11-14 years: The further sum of two and one-half (2½) months’ salary for each year of service during this period.
15 years and over: The further sum of three (3) months’ salary for each year of service during this period.

[sMASH]

quick question thou...since they decide on firing everyone - ie everyone will loose their job
does this also apply to espinet or does he remain on the board of the new company ???

Who knows.

i hadda ask cause on one front you cant say we eah making $$$ close up fire everyone.... and want to hire everyone and still be expected to manage the new ppl....

if the espinet guy remains - the only constant will be the espinet led board - which will undoubtedly find they eah making $$$ - prob realize this next 5-10 yrs from now... and want to close down .....again... ....rebrand and reopen with new ppl.??

sound familiar.....??

lets see ...
TTT... closed down..... reopened as CTV...closed down and reopend as TTT

BWIA >>>> closed down..... reopened as CAL ......soon to be closed down to due - inefficiencies (wait for it - loss of revenue ..mismanagement etc )

petrotrin....closed down....... reopened as >>>>>>>?????????

Golden parachutes.
I wanna say half of the pay out billions, going towards board members and managers

[Allergic2BunnyEars]

[Redress10]

Less than 1% of Dubai's GDP is oil based yeh.

So alluh keep believing Rouget and them who telling alluh that oil is still Black Gold.

The world changing quick and TnT getting left behind even more.

We fighting up over a couple millions of barrels of oil when countries that have billions diversifying at a rapid pace.

[Allergic2BunnyEars]

[De Dragon]

Less than 1% of Dubai's GDP is oil based yeh.

So alluh keep believing Rouget and them who telling alluh that oil is still Black Gold.

The world changing quick and TnT getting left behind even more.

We fighting up over a couple millions of barrels of oil when countries that have billions diversifying at a rapid pace.

Well in true asinine TrinBago style, we've waited until oil has run out, and now are looking to diversify.

[Pointman-IA]

Less than 1% of Dubai's GDP is oil based yeh.

So alluh keep believing Rouget and them who telling alluh that oil is still Black Gold.

The world changing quick and TnT getting left behind even more.

We fighting up over a couple millions of barrels of oil when countries that have billions diversifying at a rapid pace.

Can you list the others, for information purposes?

[kstt]

$1,000,000,000/5000 employees = $200,000 each which has to last 10 years if you are 50 years until you reach 60 to get your pension plan.

You think $200,000 could last 10 years?!!!

Considering the PRIVATE PAYROLL will be carrying home MILLIONS
Engineers carrying home MILLIONS
Doctors carrying home MILLIONS
Senior employees carrying MILLIONS


then you have junior employees who getting crumbs


ONE BILLION IS NO KIND OF MONEY TO TALK ABOUT!!

[kstt]

It is alleged that Nigel Campbell was hired as the new Finance Manager of Petrotrin from next week?

Are they firing or hiring?

[car]

$1,000,000,000/5000 employees = $200,000 each which has to last 10 years if you are 50 years until you reach 60 to get your pension plan.

You think $200,000 could last 10 years?!!!

Considering the PRIVATE PAYROLL will be carrying home MILLIONS
Engineers carrying home MILLIONS
Doctors carrying home MILLIONS
Senior employees carrying MILLIONS


then you have junior employees who getting crumbs


ONE BILLION IS NO KIND OF MONEY TO TALK ABOUT!!

Most doctors are on contract so they are supposed to go home with nothing.
You can access the plan before 60 but you have to pay tax.
Only permanent employees get the severance package. So divide by about 3700-3800

All the talk about casual and temps getting something to go is bull. They get nothing. Misleading the public again.

[gastly369]

Waittt for it ...this week it coming find nobody eh dropping de ball yet.

[Joshie23]

$1,000,000,000/5000 employees = $200,000 each which has to last 10 years if you are 50 years until you reach 60 to get your pension plan.

You think $200,000 could last 10 years?!!!

Considering the PRIVATE PAYROLL will be carrying home MILLIONS
Engineers carrying home MILLIONS
Doctors carrying home MILLIONS
Senior employees carrying MILLIONS


then you have junior employees who getting crumbs


ONE BILLION IS NO KIND OF MONEY TO TALK ABOUT!!

Most doctors are on contract so they are supposed to go home with nothing.
You can access the plan before 60 but you have to pay tax.
Only permanent employees get the severance package. So divide by about 3700-3800

All the talk about casual and temps getting something to go is bull. They get nothing. Misleading the public again.

Ouch. I don't know why people keep bashing the goodly Prime Minister for misleading the public. I thought everyone was saying it's best for the country, so being conniving, misleading, a liar by omission, etc. means nothing if the people will benefit from foreign entities in charge of our resources yet again. Great is the PNM.

[teems1]

ONE BILLION IS NO KIND OF MONEY TO TALK ABOUT!!

That's the kind of thinking that got Petrotrin to their current financial state.

Instead of saying 4700 workers going home, ask yourself were 4700 workers really needed?

Why still so much outside contractors, understaffed departments and overtime hours logged when you have such a huge workforce.

[Joshie23]

Waittt for it ...this week it coming find nobody eh dropping de ball yet.

Drop the ball nah man..

[gastly369]

Waittt for it ...this week it coming find nobody eh dropping de ball yet.

Drop the ball nah man..

Ah value meh life....

[Allergic2BunnyEars]

[Allergic2BunnyEars]

Waittt for it ...this week it coming find nobody eh dropping de ball yet.

Drop the ball nah man..

Ah value meh life....

man this is Trinidad. Not one fcuk would happen to you for posting “rumors” on tuner.

[Gladiator]

Less than 1% of Dubai's GDP is oil based yeh.

So alluh keep believing Rouget and them who telling alluh that oil is still Black Gold.

The world changing quick and TnT getting left behind even more.

We fighting up over a couple millions of barrels of oil when countries that have billions diversifying at a rapid pace.

Yes but the stark difference is that those oil rich countries converted their oil revenue into sustainable alternatives.

we did jack sh!t with our oil money and shutting down our oil sector now means no other real source of income.

We not getting left behind... we leading the pack at the back of the class.

[Pointman-IA]

Less than 1% of Dubai's GDP is oil based yeh.

So alluh keep believing Rouget and them who telling alluh that oil is still Black Gold.

The world changing quick and TnT getting left behind even more.

We fighting up over a couple millions of barrels of oil when countries that have billions diversifying at a rapid pace.

Yes but the stark difference is that those oil rich countries converted their oil revenue into sustainable alternatives.

we did jack sh!t with our oil money and shutting down our oil sector now means no other real source of income.

We not getting left behind... we leading the pack at the back of the class.

Well said Gladiator.
This is what I was hoping for him to say.

[sMASH]

Figure just keep climbing. Didn't know the cost over run philosophy was applicable to retrenchment figures too, lol.



I telling allyuh, most of that billions in retrench package is for directors and managers.
Not ground level.

[The_Honourable]

Petrotrin news conference 18/09/2018

[screwbash]

why d workers just taking it in dey behind jus so... where is watson duke, budget suppose to be in 3 week and where is the various chamber of commerce. what obeah d pnm wuk so that no effin body opening dey doubles hole and squaking. the workers need to demand they call ah general election now and let all the caribbean islands come together and bail out petrotRin as trinidad bailing all the arse out for decades. we all need to be out brothers keepers and think of our children. call a dam GENERAL ELECTION NOW !!!!!!!

[kstt]

ONE BILLION IS NO KIND OF MONEY TO TALK ABOUT!!

That's the kind of thinking that got Petrotrin to their current financial state.

Instead of saying 4700 workers going home, ask yourself were 4700 workers really needed?

Why still so much outside contractors, understaffed departments and overtime hours logged when you have such a huge workforce.

LOL

Stay quiet if you know nothing about its operations nah bai. You will look lesser of a kaant!

[kstt]

Figure just keep climbing. Didn't know the cost over run philosophy was applicable to retrenchment figures too, lol.



I telling allyuh, most of that billions in retrench package is for directors and managers.
Not ground level.

EXACTLY! !

Hence the reason I said this one billion they buffing up their chest about is no kinda money when you consider the years of service, benefits and rank of some employees.


If you have 1000 senior employees. Each getting 1 million cash.

How much you think it have still?!!!!!

Last time I checked 1,000 x 1,000,000 = 1,000,000,000

I NOT NO MATHEMATICIAN but what the rest of the 4,000 employees getting?

[The_Honourable]

why d workers just taking it in dey behind jus so... where is watson duke, budget suppose to be in 3 week and where is the various chamber of commerce. what obeah d pnm wuk so that no effin body opening dey doubles hole and squaking. the workers need to demand they call ah general election now and let all the caribbean islands come together and bail out petrotRin as trinidad bailing all the arse out for decades. we all need to be out brothers keepers and think of our children. call a dam GENERAL ELECTION NOW !!!!!!!

I'm wondering if is something we get from slavery. Study Roget only praying...

This big bad OWTU we keep hearing for decades, they get complacent since Butler? With all the huff and puff they never thought that they will actually be challenged?

It's like when someone making a set of noise and threatening you. When you challenge them to do something, they just cussing but not doing anything at all.

[kstt]

PNM is a cult.

Them could lose they job and once the party say eat grass they will!

The feared Trinmar like a lamb

[Allergic2BunnyEars]

The OWTU legally cannot call strike action before 2020. That was one of the terms in the aftermath of the last salary increase in January 2017.

[Pointman-IA]

I hope my brethren and sistren of this once beloved country are not enraged when the price of goods and services begin to climb.

Lack of FOREX they claim. We better start back sucking oranges, hog plums and eating bananas for Christmas.