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Petrotrin refinery shut down

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Re: Petrotrin refinery to shut down

Postby kstt » November 23rd, 2018, 3:43 pm

Did Petrotrin Appeal the Industrial Court decision? I heard they wanted to but didn't hear if they did in fact appeal.

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Re: Petrotrin refinery to shut down

Postby kstt » November 23rd, 2018, 3:45 pm

Joshie23 wrote:
Redman wrote:They remaining quiet until some judgement-meanwhile Sagicor and the broker getting away with murder with that health plan they trying to shovel down retirees throat


Something we can both agree on. Reading through those terms..Espinet and the crew are really something else yes. I know he said there's no emotion in business but wow. These guys are different.


When you have the backing of a pnm government, you are untouchable.

GREAT IS THE PNM!!

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Re: Petrotrin refinery to shut down

Postby Redman » November 23rd, 2018, 5:55 pm

AFAIK there is only one med plan.
And I was wrong on the 5000 per year.
It's 5000 over two years
Last edited by Redman on November 24th, 2018, 5:41 am, edited 1 time in total.

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Re: Petrotrin refinery to shut down

Postby kstt » November 23rd, 2018, 7:25 pm

2018-11-23 18.25.50.png

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Re: Petrotrin refinery to shut down

Postby K_J_R » November 23rd, 2018, 8:45 pm

Pointman-IA wrote:Word on the ground is that the company cannot pay severance this month end.



supposed to be paid in Jan or Feb 19. not paid in 2018.

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Re: Petrotrin refinery to shut down

Postby kstt » November 24th, 2018, 8:42 am

2018-11-24 08.05.21.jpg

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Re: Petrotrin refinery to shut down

Postby kstt » November 24th, 2018, 9:26 am

Ma$$y☆T$TT☆PetroChin

http://www.massygroup.com/About_Us/Boar ... Young.aspx

http://www4.guardian.co.tt/business/201 ... y-holdings

Rileey ☆ Espineet
Family

Campbull ☆ Kenny ☆ Linn ☆ Rileey ☆ BeePee

#oilmafia
#oilcabal

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Re: Petrotrin refinery to shut down

Postby Allergic2BunnyEars » November 24th, 2018, 9:36 am

https://newsday.co.tt/2018/11/23/pensions-at-risk/

PENSIONS AT RISK

Bank demands Petrotrin answers on fund
REPUBLIC Bank’s Trust Services Division has threatened to go to court next week to wind up Petrotrin’s employees' pension plan, should the company fail to address several issues which include a prediction that the fund would be “exhausted” in the next 23 years.

The bank said unfunded liabilities would be approximately $4 billion. The bank’s concerns were contained in a letter dated November 20, and addressed to Petrotrin chairman Wilfred Espinet.

Republic Bank, which is a trustee of the pension fund, said in its letter that the fund’s “solvency deficit” as of September 2016, stood at a "staggering" $2.73 billion, up from $501 million in 2013. The letter warned, “The current solvency position of the plan is likely to be impacted by the termination of all employees and granting of full pensions to all members above 50 years old without any actuarial reduction.

BANK CONCERNED

“The trustee is very concerned that due to Petrotrin's intention to cease all operations, if the plan is run as a closed scheme (based on the actuary’s most recent estimate as advised at the meeting on November 15, 2018 assuming the fund yields 4 per cent per annum), the fund will be exhausted in 23 years with unfunded liabilities of TT $4.0 billion.”

The letter said there would therefore be no remaining funds to pay any outstanding benefits from that time, and as a trustee the bank "considers this position to be alarming.” The bank asked Petrotrin to provide proposals or suggestions on a package of security measures to ensure all members received all the benefits contained in the fund.

“The trustee would, of course, be comfortable if Petrotrin were able to put an immediate lump sum into the plan equal to the plan’s ‘self-sufficiency’ funding deficit.”

The bank also asked for an independent actuary to be appointed to do “an independent verification of the plan’s actuary assessment of the plan’s funding position and advise on what funding should be put in place to ensure all members receive all of their benefits.”

It said it if does not see "good progress" on these matters this week, it will apply to the court next week "for the plan to be wound up under its inherent jurisdiction and also for the trustee to receive directions from the court on how it should best proceed in this situation.”

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Re: Petrotrin refinery to shut down

Postby kstt » November 24th, 2018, 9:54 am


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Re: Petrotrin refinery to shut down

Postby kstt » November 24th, 2018, 9:58 am

Income tax legislation as a distraction from Petrotrin last week.

#whathappentothelastblacklist
#alwaysblacklisting
#justlikethesoldierbill
#nothing

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Re: Petrotrin refinery to shut down

Postby hydroep » November 24th, 2018, 11:17 am

I asked the doubles man this morning how they go make out when things close off Friday, man say is weeks now the Petrotrin regulars stop coming...:|

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Re: Petrotrin refinery to shut down

Postby hydroep » November 25th, 2018, 6:09 am

As expected...:|


Stolen Petrotrin steel in scrap yards
Joel Julien

Since the an­nounce­ment of the clo­sure of State-owned oil com­pa­ny Petrotrin, peo­ple have been steal­ing tonnes ma­te­r­i­al from the com­pa­ny's in­stal­la­tions and pre­sent­ing them for sale at scrap yards through­out the coun­try, pres­i­dent of the Trinidad and To­ba­go Scrap Iron Deal­ers Al­lan Fer­gu­son has said.

This theft of ma­te­r­i­al from Petrotrin is a "ma­jor prob­lem" cur­rent­ly af­fect­ing the scrap iron in­dus­try, Fer­gu­son said and as such the as­so­ci­a­tion is now call­ing for a meet­ing with Po­lice Com­mis­sion­er Gary Grif­fith so they can prop­er­ly deal with the is­sue.

"Right now there is a ma­jor prob­lem which is Petrotrin. A lot of the ma­te­r­i­al from Petrotrin is be­ing stolen and the as­so­ci­a­tion is try­ing to get a meet­ing with Gary Grif­fith to give him that con­cern be­cause we as the as­so­ci­a­tion will get the bad name and this in­dus­try could be in se­ri­ous prob­lems if they don't put a stop to it," Fer­gu­son said.
Chairman of the Scrap Iron Dealers Association Allan Ferguson

"And the ma­jor­i­ty of the peo­ple buy­ing that ma­te­r­i­al is peo­ple who come from out­side of Trinidad and To­ba­go and have scrap yards here and they are buy­ing the ma­te­r­i­al and if any­thing hap­pens they can move out and go and we as lo­cals here will be in se­ri­ous prob­lems if the in­dus­try crash­es," he said.

"We want to have a meet­ing with Gary Grif­fith with ref­er­ence to a lot of things go­ing in the in­dus­try so we can draw some light on where the steal­ing is tak­ing place," Fer­gu­son said.

This prob­lem of ma­te­r­i­al be­ing stolen from Petrotrin and be­ing bought by scrap yards with for­eign own­ers high­lights two of the ma­jor con­cerns now fac­ing the in­dus­try, Fer­gu­son said.

"We are try­ing to save our in­dus­try be­cause the last time be­cause of a bridge they tried to close down our in­dus­try," Fer­gu­son said.

In 2012 thieves stole large chunks of the 68-foot met­al bridge across the Cap-de-Ville Riv­er, Ce­dros for sale as scrap met­al.

The thieves used a blow­torch to cut away huge beams from the base of the bridge, as well as large chunks of the rail­ings.

This prompt­ed then Min­is­ter of Works and Trans­port Jack Warn­er to ques­tion whether the scrap iron in­dus­try should be out­lawed.

Fer­gu­son is fear­ful that if the Petrotrin is­sue is not prop­er­ly ad­dressed the au­thor­i­ties may again use the in­dus­try as the scape­goat.

"The last gov­ern­ment want­ed to close down the in­dus­try and we had to fight and we don't want to have to be put in that po­si­tion again so we want to try and solve a prob­lem that has start­ed to oc­cur," he said.

"We know this sit­u­a­tion will cause a lot of prob­lems, we drew it to some peo­ple's at­ten­tion al­ready but noth­ing is tak­ing place, a lot of steal­ing is tak­ing place with Petrotrin ma­te­r­i­al," Fer­gu­son said.
Scrap iron yard off St Helena Bypass Road, Kelly Village.

The theft of ma­te­r­i­al from Petrotrin, how­ev­er, is not an anom­aly though as oth­er lo­cal util­i­ties have over the years com­plained of their in­fra­struc­ture be­ing stolen as part of the scrap met­al trade.

Telecom­mu­ni­ca­tion ca­bles, wa­ter pumps, man­hole cov­ers, and con­vey­or sys­tems have all been re­port­ed stolen due to the in­crease in the lev­el of eco­nom­ic ac­tiv­i­ty with scrap met­als.

Lo­cal util­i­ty com­pa­nies such as the Trinidad and To­ba­go Elec­tric­i­ty Com­mis­sion (T&TEC), the Telecom­mu­ni­ca­tion Ser­vices of Trinidad and To­ba­go (TSTT), the Wa­ter and Sew­er­age Au­thor­i­ty (WASA) have all been ad­verse­ly af­fect­ed in this re­gard.

Apart from this sit­u­a­tion, Fer­gu­son said a lack of prop­er reg­u­la­tion in the in­dus­try has al­so al­lowed for­eign­ers to be able to set up shop here with rel­a­tive ease and ben­e­fit fi­nan­cial­ly.

"These peo­ple who come from for­eign and open up yards, we had brought them here to buy scrap iron from us and they are now open­ing up yards," Fer­gu­son said.

"And they are caus­ing a lot of prob­lems in the in­dus­try and that is why we are ask­ing the Gov­ern­ment to please as­sist us to try to deal with this be­cause you see if we don't put a halt to it this in­dus­try will crash," he said.
Michael Reyes shows a section of the scrap yard off St Helena Bypass Road, Kelly Village.

Phe­nom­e­nal rise in

scrap iron busi­ness

In 2013 the Min­istry of Trade, In­dus­try, and In­vest­ment pre­pared a Scrap Met­al Pol­i­cy for this coun­try.

"Over the last decade, the Scrap Met­al In­dus­try has pro­vid­ed vi­able busi­ness op­por­tu­ni­ties for a num­ber of small and mi­cro en­ter­pris­es in Trinidad and To­ba­go. The in­dus­try con­tributes to the at­tain­ment of some of the coun­try’s so­cio-eco­nom­ic ob­jec­tives as en­vi­sioned in the pol­i­cy of the Gov­ern­ment which in­cludes em­ploy­ment cre­ation and trade pro­mo­tion. De­spite these ben­e­fits, there are many is­sues that have been raised by stake­hold­ers re­lat­ing to pro­cure­ment, pric­ing, and the mar­ket­ing and dis­tri­b­u­tion of scrap met­al that con­tin­ue to stymie the de­vel­op­ment of this in­dus­try in Trinidad and To­ba­go. The de­vel­op­ment of this Scrap Met­al Pol­i­cy is, there­fore, an at­tempt to in­tro­duce new reg­u­la­to­ry mea­sures to gov­ern the in­dus­try. Specif­i­cal­ly, the pol­i­cy seeks to pro­vide the frame­work that will en­sure com­pli­ance with health and en­vi­ron­men­tal re­quire­ments, reg­is­tra­tion and oth­er is­sues to en­sure sus­tain­able de­vel­op­ment of this In­dus­try," it stat­ed.

The pol­i­cy came about as re­sult of con­sul­ta­tions held with the Scrap Iron Deal­ers As­so­ci­a­tion but since then noth­ing has been done, Fer­gu­son said.

Among the con­cerns the as­so­ci­a­tion raised then was the fact that the in­dus­try has evolved well be­yond the Old Met­al and Ma­rine Stores Act of 1904 which reg­u­lates it.

"The glob­al Scrap Met­al In­dus­try has been grow­ing at a rapid rate over the past decade. Since 2001 the in­dus­try processed more than 1,451 mil­lion tonnes of re­cy­clable ma­te­r­i­al per an­num in­to raw ma­te­r­i­al feed­stock around the world, con­tribut­ing over US$65 bil­lion to glob­al GDP in the process. The growth of this in­dus­try glob­al­ly has al­so been re­flect­ed do­mes­ti­cal­ly. Ac­cord­ing to fig­ures pro­vid­ed by Trinidad and To­ba­go’s Cen­tral Sta­tis­ti­cal Of­fice (CSO), scrap met­al ex­ports es­ca­lat­ed from TT$69 mil­lion in 2009 to TT$96 mil­lion 2010, reg­is­ter­ing an in­crease of 39 per cent over a 12 month pe­ri­od," sta­tis­tics have shown.


http://www.guardian.co.tt/news/stolen-petrotrin-steel-in-scrap-yards-6.2.722390.f57ddcb733

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Re: Petrotrin refinery to shut down

Postby kstt » November 25th, 2018, 7:31 am

^Going to get worse with the 1% security company that taking over.

Steel vs fake oil and fake tanker

Steel more important!

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Re: Petrotrin refinery to shut down

Postby fatboy slim » November 25th, 2018, 7:49 pm

:angel: best friends 4 ever :oops:

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Re: Petrotrin refinery to shut down

Postby nervewrecker » November 25th, 2018, 10:17 pm

hydroep wrote:As expected...:|


Stolen Petrotrin steel in scrap yards
Joel Julien

Since the an­nounce­ment of the clo­sure of State-owned oil com­pa­ny Petrotrin, peo­ple have been steal­ing tonnes ma­te­r­i­al from the com­pa­ny's in­stal­la­tions and pre­sent­ing them for sale at scrap yards through­out the coun­try, pres­i­dent of the Trinidad and To­ba­go Scrap Iron Deal­ers Al­lan Fer­gu­son has said.

This theft of ma­te­r­i­al from Petrotrin is a "ma­jor prob­lem" cur­rent­ly af­fect­ing the scrap iron in­dus­try, Fer­gu­son said and as such the as­so­ci­a­tion is now call­ing for a meet­ing with Po­lice Com­mis­sion­er Gary Grif­fith so they can prop­er­ly deal with the is­sue.

"Right now there is a ma­jor prob­lem which is Petrotrin. A lot of the ma­te­r­i­al from Petrotrin is be­ing stolen and the as­so­ci­a­tion is try­ing to get a meet­ing with Gary Grif­fith to give him that con­cern be­cause we as the as­so­ci­a­tion will get the bad name and this in­dus­try could be in se­ri­ous prob­lems if they don't put a stop to it," Fer­gu­son said.
Chairman of the Scrap Iron Dealers Association Allan Ferguson

"And the ma­jor­i­ty of the peo­ple buy­ing that ma­te­r­i­al is peo­ple who come from out­side of Trinidad and To­ba­go and have scrap yards here and they are buy­ing the ma­te­r­i­al and if any­thing hap­pens they can move out and go and we as lo­cals here will be in se­ri­ous prob­lems if the in­dus­try crash­es," he said.

"We want to have a meet­ing with Gary Grif­fith with ref­er­ence to a lot of things go­ing in the in­dus­try so we can draw some light on where the steal­ing is tak­ing place," Fer­gu­son said.

This prob­lem of ma­te­r­i­al be­ing stolen from Petrotrin and be­ing bought by scrap yards with for­eign own­ers high­lights two of the ma­jor con­cerns now fac­ing the in­dus­try, Fer­gu­son said.

"We are try­ing to save our in­dus­try be­cause the last time be­cause of a bridge they tried to close down our in­dus­try," Fer­gu­son said.

In 2012 thieves stole large chunks of the 68-foot met­al bridge across the Cap-de-Ville Riv­er, Ce­dros for sale as scrap met­al.

The thieves used a blow­torch to cut away huge beams from the base of the bridge, as well as large chunks of the rail­ings.

This prompt­ed then Min­is­ter of Works and Trans­port Jack Warn­er to ques­tion whether the scrap iron in­dus­try should be out­lawed.

Fer­gu­son is fear­ful that if the Petrotrin is­sue is not prop­er­ly ad­dressed the au­thor­i­ties may again use the in­dus­try as the scape­goat.

"The last gov­ern­ment want­ed to close down the in­dus­try and we had to fight and we don't want to have to be put in that po­si­tion again so we want to try and solve a prob­lem that has start­ed to oc­cur," he said.

"We know this sit­u­a­tion will cause a lot of prob­lems, we drew it to some peo­ple's at­ten­tion al­ready but noth­ing is tak­ing place, a lot of steal­ing is tak­ing place with Petrotrin ma­te­r­i­al," Fer­gu­son said.
Scrap iron yard off St Helena Bypass Road, Kelly Village.

The theft of ma­te­r­i­al from Petrotrin, how­ev­er, is not an anom­aly though as oth­er lo­cal util­i­ties have over the years com­plained of their in­fra­struc­ture be­ing stolen as part of the scrap met­al trade.

Telecom­mu­ni­ca­tion ca­bles, wa­ter pumps, man­hole cov­ers, and con­vey­or sys­tems have all been re­port­ed stolen due to the in­crease in the lev­el of eco­nom­ic ac­tiv­i­ty with scrap met­als.

Lo­cal util­i­ty com­pa­nies such as the Trinidad and To­ba­go Elec­tric­i­ty Com­mis­sion (T&TEC), the Telecom­mu­ni­ca­tion Ser­vices of Trinidad and To­ba­go (TSTT), the Wa­ter and Sew­er­age Au­thor­i­ty (WASA) have all been ad­verse­ly af­fect­ed in this re­gard.

Apart from this sit­u­a­tion, Fer­gu­son said a lack of prop­er reg­u­la­tion in the in­dus­try has al­so al­lowed for­eign­ers to be able to set up shop here with rel­a­tive ease and ben­e­fit fi­nan­cial­ly.

"These peo­ple who come from for­eign and open up yards, we had brought them here to buy scrap iron from us and they are now open­ing up yards," Fer­gu­son said.

"And they are caus­ing a lot of prob­lems in the in­dus­try and that is why we are ask­ing the Gov­ern­ment to please as­sist us to try to deal with this be­cause you see if we don't put a halt to it this in­dus­try will crash," he said.
Michael Reyes shows a section of the scrap yard off St Helena Bypass Road, Kelly Village.

Phe­nom­e­nal rise in

scrap iron busi­ness

In 2013 the Min­istry of Trade, In­dus­try, and In­vest­ment pre­pared a Scrap Met­al Pol­i­cy for this coun­try.

"Over the last decade, the Scrap Met­al In­dus­try has pro­vid­ed vi­able busi­ness op­por­tu­ni­ties for a num­ber of small and mi­cro en­ter­pris­es in Trinidad and To­ba­go. The in­dus­try con­tributes to the at­tain­ment of some of the coun­try’s so­cio-eco­nom­ic ob­jec­tives as en­vi­sioned in the pol­i­cy of the Gov­ern­ment which in­cludes em­ploy­ment cre­ation and trade pro­mo­tion. De­spite these ben­e­fits, there are many is­sues that have been raised by stake­hold­ers re­lat­ing to pro­cure­ment, pric­ing, and the mar­ket­ing and dis­tri­b­u­tion of scrap met­al that con­tin­ue to stymie the de­vel­op­ment of this in­dus­try in Trinidad and To­ba­go. The de­vel­op­ment of this Scrap Met­al Pol­i­cy is, there­fore, an at­tempt to in­tro­duce new reg­u­la­to­ry mea­sures to gov­ern the in­dus­try. Specif­i­cal­ly, the pol­i­cy seeks to pro­vide the frame­work that will en­sure com­pli­ance with health and en­vi­ron­men­tal re­quire­ments, reg­is­tra­tion and oth­er is­sues to en­sure sus­tain­able de­vel­op­ment of this In­dus­try," it stat­ed.

The pol­i­cy came about as re­sult of con­sul­ta­tions held with the Scrap Iron Deal­ers As­so­ci­a­tion but since then noth­ing has been done, Fer­gu­son said.

Among the con­cerns the as­so­ci­a­tion raised then was the fact that the in­dus­try has evolved well be­yond the Old Met­al and Ma­rine Stores Act of 1904 which reg­u­lates it.

"The glob­al Scrap Met­al In­dus­try has been grow­ing at a rapid rate over the past decade. Since 2001 the in­dus­try processed more than 1,451 mil­lion tonnes of re­cy­clable ma­te­r­i­al per an­num in­to raw ma­te­r­i­al feed­stock around the world, con­tribut­ing over US$65 bil­lion to glob­al GDP in the process. The growth of this in­dus­try glob­al­ly has al­so been re­flect­ed do­mes­ti­cal­ly. Ac­cord­ing to fig­ures pro­vid­ed by Trinidad and To­ba­go’s Cen­tral Sta­tis­ti­cal Of­fice (CSO), scrap met­al ex­ports es­ca­lat­ed from TT$69 mil­lion in 2009 to TT$96 mil­lion 2010, reg­is­ter­ing an in­crease of 39 per cent over a 12 month pe­ri­od," sta­tis­tics have shown.


http://www.guardian.co.tt/news/stolen-petrotrin-steel-in-scrap-yards-6.2.722390.f57ddcb733
Over the last few weeks they have stolen all the covers from the explosion proof starters in tank batteries and copper from a number 100 to 500 kva 3 phase transformers.
You ask me, its sabotage made to look like theft. There are a number of larger old transformers that have been decommissioned and classed as scrap as they have failed. Easy pickings. Instead they going through a lot of trouble to steal a lot less copper.

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Re: Petrotrin refinery to shut down

Postby kstt » November 26th, 2018, 7:42 pm

What did the union say at their meeting at Beaumomt Hill today?

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Re: Petrotrin refinery to shut down

Postby kstt » November 27th, 2018, 6:24 am

UTT grads with ZERO experience GT bai

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Re: Petrotrin refinery to shut down

Postby car » November 27th, 2018, 8:42 am

kstt wrote:What did the union say at their meeting at Beaumomt Hill today?

Petrotrin at the level of the Chairman has given an undertaking to honour all benefits under the Pension Plan. The Union has requested a written guarantee.

The Union has advised not to sign the Sagicor Medical because it is severely lacking, no dental, no optical, limited to 2 years. The Union has proposed another carrier with significantly better benefits including dental and optical and more than a much longer period.

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Re: Petrotrin refinery to shut down

Postby kstt » November 27th, 2018, 8:46 am

I read that the union will have a media briefing today. Not sure what time though.

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Re: Petrotrin refinery to shut down

Postby Joshie23 » November 27th, 2018, 8:50 am

kstt wrote:UTT grads with ZERO experience GT bai


Elaborate?

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Re: Petrotrin refinery to shut down

Postby hydroep » November 27th, 2018, 9:07 am

^Mussbe so they could pay them less...:|

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Re: Petrotrin refinery to shut down

Postby Rovin » November 27th, 2018, 11:47 am

3 more days & dise it , i guess its already set in stone ......... as if we didnt already know it

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Re: Petrotrin refinery to shut down

Postby neilsingh100 » November 27th, 2018, 11:56 am

kstt wrote:UTT grads with ZERO experience GT bai
Guess Heritage want young blood :)

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Re: Petrotrin refinery to shut down

Postby Redman » November 27th, 2018, 1:10 pm

car wrote:
kstt wrote:What did the union say at their meeting at Beaumomt Hill today?

Petrotrin at the level of the Chairman has given an undertaking to honour all benefits under the Pension Plan. The Union has requested a written guarantee.

The Union has advised not to sign the Sagicor Medical because it is severely lacking, no dental, no optical, limited to 2 years. The Union has proposed another carrier with significantly better benefits including dental and optical and more than a much longer period.


I was told that the union also blanked a move to a GHL plan a while back- miles better than this piece of crap the broker and SFC have concocted

Having the meetings with the retirees within weeks of the new plan start up (Dec 01) means that its a take it or leave it scenario....they dont care who signs up.

The union saying not to sign does what for a retiree on Dec 2???

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Joshie23
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Re: Petrotrin refinery to shut down

Postby Joshie23 » November 27th, 2018, 3:07 pm

hydroep wrote:^Mussbe so they could pay them less...:|


Possibly. It's funny how they spoke out of both sides of their mouths in that salaries/wages were a huge problem to them, yet they have no problem paying the CEO of their new 800 employee company a basic salary of around USD $420k annually, which btw, is not only well above the average (since we like that word so much) oil and gas executive/management salary (approx. USD $369,000/year) but even higher than the top tier figures, held by America (approx. USD $417,000), as per the SPE Membership Salary Survey. Then again, with lower salaries for operators, technicians, etc. coupled with 1/6 of the employee count, I guess they can afford/justify it.

It'll be interesting to see how they weather a low oil price environment as a specifically E&P company, which is on the horizon given what's going on in the Permian. Expect more 'restructuring' if things don't turn out well.

http://www.cnc3.co.tt/morning-brew/brow ... more-clico

Interesting views from MB. (I need to learn to embed).

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The_Honourable
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Re: Petrotrin refinery to shut down

Postby The_Honourable » November 27th, 2018, 6:01 pm

Joshie23 wrote:http://www.cnc3.co.tt/morning-brew/browne-petrotrin-will-cost-more-clico

Interesting views from MB. (I need to learn to embed).


I got you bro. Thanks for this.


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Joshie23
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Re: Petrotrin refinery to shut down

Postby Joshie23 » November 27th, 2018, 9:31 pm

The_Honourable wrote:
Joshie23 wrote:http://www.cnc3.co.tt/morning-brew/browne-petrotrin-will-cost-more-clico

Interesting views from MB. (I need to learn to embed).


I got you bro. Thanks for this.



And thank you. On the day of your wedding, I shall surely dance. Unless you're already married.

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hydroep
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Re: Petrotrin refinery to shut down

Postby hydroep » November 28th, 2018, 6:41 am

Watch how the talk about price increases is slowly being introduced into the conversation eh. While the article focuses on the impact on regional markets it would be naive to think this isn't going to affect local consumers well...:|


T&T can lose Caricom market for fuel
Sampson Nanton


T&T faces the pos­si­bil­i­ty of los­ing Cari­com mar­kets for the ex­port of fu­el as the price of fu­el com­ing out of T&T is like­ly to in­crease.

Min­is­ter of En­er­gy Franklin Khan told the Sen­ate yes­ter­day that Cari­com coun­tries now have the op­tion of sourc­ing their prod­ucts on the open mar­ket. He said Petrotrin still has the abil­i­ty to sup­ply small car­goes, in­clud­ing avi­a­tion fu­el, to small Cari­com coun­tries, which gives it a strate­gic ad­van­tage. How­ev­er, with a change in the busi­ness mod­el, with Petrotrin hav­ing to im­port prod­ucts from out­side of the Cari­com re­gion, there is a pos­si­bil­i­ty of in­creas­es in prices.

"The Cari­com mar­ket is unique in that it calls for small pack­age sizes, so not all in­ter­na­tion­al traders can fa­cil­i­tate that mar­ket. That was the strate­gic ad­van­tage of Petrotrin. How­ev­er, there are oth­er play­ers in the mar­ket.

"We have gone in­to a free mar­ket sit­u­a­tion. We are im­port­ing fu­el for re­dis­tri­b­u­tion to Cari­com (and) they have the op­tion to con­tin­ue with Paria or Petrotrin as the case may be, and there is no CET (Com­mon Ex­ter­nal Tar­iff) now on fu­el, so they can go to the in­ter­na­tion­al mar­ket and source their fu­el at the most com­pet­i­tive prices in their opin­ion," Khan said.

The CET does not ap­ply any­more as T&T is no longer in the re­fin­ery busi­ness.

Bar­ba­dos has al­ready an­nounced that it has found a new sup­pli­er for pe­tro­le­um prod­ucts. It has al­so been re­ceiv­ing spot ship­ments of gas from the Unit­ed States.

The min­is­ter said no one com­pa­ny will be giv­en ex­clu­sive rights to sup­ply prod­ucts to T&T.

How­ev­er, he not­ed that in­ter­na­tion­al traders, re­fin­ers, and mar­keters will be in­vit­ed to par­tic­i­pate in the sup­ply of re­fined prod­ucts, with the com­pa­ny with the most com­pet­i­tive be­ing award­ed sup­ply con­tracts. Those prod­ucts will in­clude jet fu­el, gas, oil and un­lead­ed gaso­line.

Khan said ear­li­er this year, BP's Latin Amer­i­ca In­te­grat­ed Sales and Trad­ing Group, won the con­tract to sup­ply re­fined prod­ucts fol­low­ing a com­pet­i­tive bid­ding process. He said the com­pa­ny's of­fer was su­pe­ri­or on price and com­mer­cial terms on the com­pos­ite car­gos

The min­is­ter said that on Oc­to­ber 27 Petrotrin re­ceived its first ship­ment of re­fined fu­el, one of 16 car­goes that will be de­liv­ered in the next four months un­der the agree­ment.

He said the sched­ule of im­port­ed prod­ucts has been de­signed to as­sure that a 20-day sup­ply of all prod­uct grades is as­sured in the lo­cal mar­ket.

Khan added that sup­plies from Jan­u­ary 1, 2019, will be sourced un­der the new en­ti­ty, Paria Trad­ing Com­pa­ny Lim­it­ed.


http://www.guardian.co.tt/business/tt-can-lose-caricom-market-for-fuel-6.2.724542.a226f6f8f8

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sMASH
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Re: Petrotrin refinery to shut down

Postby sMASH » November 28th, 2018, 7:13 am

Hmmm. So, we couldn't afford to produce feuls.. Yet was able to have regional buyers...

Yes, buying and paying for shipping, wayyyy cheaper than taking it from the ground and making it urself...

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Re: Petrotrin refinery to shut down

Postby ADONI » November 28th, 2018, 8:31 am

sMASH wrote:Hmmm. So, we couldn't afford to produce feuls.. Yet was able to have regional buyers...

Yes, buying and paying for shipping, wayyyy cheaper than taking it from the ground and making it urself...


Yup! Producing something locally will always cost less, once yuh keep leeches out doh!

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