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Petrotrin refinery shut down

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kstt
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Re: Petrotrin refinery shut down

Postby kstt » August 23rd, 2019, 5:24 pm

Hope all who were clamouring for Petrotrin to shutdown because employees get too much pay, I hope you seeing the consequences of your happiness.

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Re: Petrotrin refinery shut down

Postby zoom rader » August 23rd, 2019, 5:34 pm

kstt wrote:Hope all who were clamouring for Petrotrin to shutdown because employees get too much pay, I hope you seeing the consequences of your happiness.

Jah bless PNM

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Re: Petrotrin refinery shut down

Postby kstt » August 23rd, 2019, 5:36 pm

kstt wrote:https://trinidadexpress.com/opinion/columnists/franklin-khan-s-strange-mentorship-scheme/article_38289a32-c478-11e9-83a0-9b96b70f0c83.html


anyone saw the ad to apply?

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Re: Petrotrin refinery shut down

Postby toyolink » August 23rd, 2019, 5:54 pm

The group of companies which have been vested with the responsibility for things once under the purview of Petrotrin are clearly in utter chaos.
T&T needs to understand that the existing condition means that the security of our fuels requirement and the possible oil revenues are in jeopardy and more than likely is going to hit us all.
This whole process, regardless of its genesis seems to have been constructed by poor business solution architects and the resultant structures mat soon come crashing down.
One wonders who really is managing the store?

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Re: Petrotrin refinery shut down

Postby hydroep » August 23rd, 2019, 8:09 pm

Nepotism, conflicts of interest...

David Lee to Rowley: Who you trying to fool?
Seeta Persad

GIVEN the government's announcement that Wilfred Espinet has been removed as chairman of Trinidad Petroleum Holdings (TPH) and as a board member of its subsidiaries, the Prime Minister must be asked: Who is he trying to fool?

UNC MP for Pointe-a-Pierre David Lee called on the PM to tell the nation what has changed, causing this sudden, out-of-the-blue removal of Espinet, when only in March he said in Parliament he had confidence in Espinet. In an address to the nation in January, too, he expressed support for Espinet.

“The Prime Minister was quite content when Espinet was undertaking his reign of destruction which resulted in over 9,000 being placed on the breadline, hundreds of businesses being closed, our fuel security being jeopardised and our national patrimony being torn apart,” Lee charged.

“When Espinet told the nation, 'All, all, all going home,' the Prime Minister didn’t utter a single word to the citizens who elected him.”

For over 11 months, Lee said, the PM sat by as Espinet engaged in "the most callous, compassionless and cruel modus operandi."

“What is even worse is, during Espinet’s tenure the PM allowed the views and calls of Espinet to supersede some of his own Cabinet members.” An upset Lee said the PM must give answers to the nation as to why he has now acted after the carnage and destruction has been done.

“The country will never forget nor forgive the hatchet job Wilfred Espinet undertook for the Rowley regime,” he said.

However overdue Espinet’s removal may be, Lee said his replacements give no confidence, comfort or hope for the growth of these entities.

The Rowley administration has placed “square pegs in round holes.” he said, and the company identified by government to be the pillar and saviour of the national energy sector will now have leaders with no experience in this field.

“How would the government achieve their plans of increased oil production, energy security, and industrial efficiency when none of these individuals have a track record of any substance within the energy sector?”

As a matter of fact, he said besides the concerns generated by the high-profile relations and family ties of some of these new appointees, the greater concern is over what he called the conflict of interest of some of these individuals. He pointed out that the new chairman of Trinidad Petroleum Holdings Ltd was also the PM’s lawyer in his defence against the "fake oil" allegations.

“Given that these investigations are still outgoing, how can he now chair the company which is a critical player in these investigations?”

He also questioned the appointment of Newman George, who besides serving on numerous boards already, was chairman of the HDC when numerous allegations were raised against housing minister at the time, Marlene McDonald.

“These appointments have not only thrown the future performance of these companies into doubt, given the lack of experience, but have further thrown their integrity into disrepute, given the questions surrounding these individuals,” Lee said.


https://newsday.co.tt/2019/08/23/david-lee-to-rowley-who-you-trying-to-fool/

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Re: Petrotrin refinery shut down

Postby gastly369 » August 23rd, 2019, 9:19 pm


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Re: Petrotrin refinery shut down

Postby The_Honourable » August 23rd, 2019, 9:23 pm

RUNNING OUT OF TIME
by Kevin Ramnarine

Yesterday at post Cab, the Minister of Finance was proud that the Espinet led board was able to refinance the $US 850 million bond but what he didnt say is persons holding almost half of the bond did not agree to the refinancing and opted to receive their money in cash last week. That meant that TPH had to take a loan for around $US 405 million to pay those bondholders. Those who opted for the rollover to 2026 did so because they got 9.75% interest. Can you get 9.75% interest for your US dollars in T&T ?

What we do not know is what were the terms of that loan. I expect we will get these details in the next session of Parliament. What we do know is the last published balance sheet of TPH indicates that the company has $TT 32 billion in total debt of which $TT 23 billion is short term debt. It is going to be a huge ask to service that debt, pay taxes, pay royalties, service operating costs, invest in drilling and upgrade infrastructure at the same time.

While that demand is on the back of TPH we have seen a big fall in oil production in the last three years and soft oil prices. There has been a 31% decline in Trinmar's production in the last three years alone. The US shale revolution is not about to let up anytime soon so we can expect the continuation of soft oil prices.

TPH also did themselves no good by discarding a lot of institutional capacity in the form of highly qualified and experienced people in the Exploration and Production side of the business. If Petrotrin's engineers and geologist were not good then why did so many of them end up in BP, Shell and overseas ?

Mr. Quamina is the third Chairman of Petrotrin / TPH since 2017. We have also had different iterations of boards and management. This cannot be good for stability. The new TPH/ Heritage boards are also lacking in Exploration and Production experience which is the core business of TPH/ Heritage. Michael Quamina has his work cut out for him. It is in the national interest that TPH succeeds. The first task is to find a replacement for Mike Wylie which is going to take several months. This is time we do not have. Time is not on our side.

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Re: Petrotrin refinery shut down

Postby kstt » August 23rd, 2019, 9:30 pm

Massy wins

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Re: Petrotrin refinery shut down

Postby gastly369 » August 24th, 2019, 12:27 pm

kstt wrote:Hope all who were clamouring for Petrotrin to shutdown because employees get too much pay, I hope you seeing the consequences of your happiness.
X100

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Re: Petrotrin refinery shut down

Postby Premchand1976 » August 24th, 2019, 12:54 pm

kstt wrote:Hope all who were clamouring for Petrotrin to shutdown because employees get too much pay, I hope you seeing the consequences of your happiness.
I read a company was paid $4.5M to recruit the employee that is now ill ?

In local language, " daiz plenty bribe money boi "....

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Re: Petrotrin refinery shut down

Postby zoom rader » August 24th, 2019, 2:12 pm

Now is a good time to buy shares in the foreign oil companies than are operating in Trini.

These companies will pull wool over an inexperience board in the oil exploration bussiness.

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Re: Petrotrin refinery shut down

Postby razi » August 25th, 2019, 12:05 pm

Beowulf Energy, coming soon to a refinery near you.

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Re: Petrotrin refinery shut down

Postby Ben_spanna » August 26th, 2019, 7:56 am

So foreign energy companies coming in to dominate this sector, and Chinese taking over construction.... nice... we are definitely heading into a dependency country...

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Re: Petrotrin refinery shut down

Postby hydroep » August 26th, 2019, 8:51 am

Remember when Eric Williams was the champion of Anti-colonialism ranting about gih we Independence, leh we chart we own destiny and all that dog toots?

What he really wanted was fuh he and he cronies to be in charge so they could get what the massas was getting and selling out to foreigners be it oil giants (or the Chinese Construction Companies of today) was/is a necessary part of the equation - because them apparently have "expertise and capital" that the 'chupid' locals doh have.

Since then politicians from both sides of the pond have continued the trend, some just smarter about how they do it..:|

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Re: Petrotrin refinery shut down

Postby Redman » August 26th, 2019, 8:58 am

Hate to break it to you guys..Foreign Companies have always dominated the Oil and Gas sector.

Facts of Life.

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zoom rader
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Re: Petrotrin refinery shut down

Postby zoom rader » August 26th, 2019, 9:54 am

Redman wrote:Hate to break it to you guys..Foreign Companies have always dominated the Oil and Gas sector.

Facts of Life.
Yup this is true.

They are listed on the UK stock market with one on the Canadian market.

Even Trinity oil is UK owned

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zoom rader
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Re: Petrotrin refinery shut down

Postby zoom rader » August 26th, 2019, 10:10 am

Theres a trini citizen that keeps a very low profile. He is the richest man in the Caribbean .

1% is jokers to this man

This guy sold his oil company to Bp and made billions .

https://gb.wallmine.com/lse/trin/office ... e-dingwall

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Re: Petrotrin refinery shut down

Postby Redman » August 26th, 2019, 10:47 am

Which company he sold to BP ?

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zoom rader
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Re: Petrotrin refinery shut down

Postby zoom rader » August 26th, 2019, 10:49 am

Venture plc, which is now Centrica

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Re: Petrotrin refinery shut down

Postby Redman » August 26th, 2019, 11:09 am

not BP

I thought Centrica bought out Venture.

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Re: Petrotrin refinery shut down

Postby Redman » August 26th, 2019, 11:12 am

zoom rader wrote:
Redman wrote:Hate to break it to you guys..Foreign Companies have always dominated the Oil and Gas sector.

Facts of Life.
Yup this is true.

They are listed on the UK stock market with one on the Canadian market.

Even Trinity oil is UK owned


The reason for this is that the local financial sector does not finance oil and gas-but more relevantly will not finance a drilling operation.

Its easier to raise money outside of the country to drill here

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zoom rader
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Re: Petrotrin refinery shut down

Postby zoom rader » August 26th, 2019, 11:22 am

Redman wrote:not BP

I thought Centrica bought out Venture.
My mistake, its BG that owns Centrica

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Re: Petrotrin refinery shut down

Postby Redman » August 26th, 2019, 12:05 pm

BG is owned by Centrica-
Trinity took Venture Productions local assets around 2005-for some cash debt and share exchange

Centrica took Venture 2009.

He now is a minority shareholder in Trinity

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Re: Petrotrin refinery shut down

Postby zoom rader » August 26th, 2019, 12:55 pm

Redman wrote:BG is owned by Centrica-
Trinity took Venture Productions local assets around 2005-for some cash debt and share exchange

Centrica took Venture 2009.

He now is a minority shareholder in Trinity
Yup the guy made a killing

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Re: Petrotrin refinery shut down

Postby hydroep » August 27th, 2019, 5:12 am

Kamla warns of possible fuel shortages
Radhica De Silva

Opposition Leader Kamla Persad-Bissessar says the Prime Minister's recent 'attack' on public servants could be an indication that he plans to fire them.

Speaking at the UNC's Monday night forum, Persad-Bissessar said the government is finding it difficult to find money to pay public servants because Prime Minister Dr Keith Rowley had shut down Petrotrin without creating new avenues for revenue generation.

She predicted a dire future saying there will also be fuel shortages because of the mishandling of T&T's petroleum resources.

"Dr Rowley says public servants are lazy. He denigrates public service. In every crop of people, there is good, bad and indifferent. Why he comes now to say public servants lazy?

Why would he attack the public servants? Did something happen recently? I think they don't have the money for public servants. They cannot pay the public servants so he is setting the stage. Is it that they intend to fire public servants?" Persad-Bissessar asked.

She added, " This is the man who said the government is not going to close down Petrotrin. Today I am asking, is the govt going to fire public servants?"

She noted that the changes in Petrotrin were "frightening."

"We used to get Foreign Exchange from Petrotrin but Forex has dried up. What do we get from the companies that replaced Petrotrin?

She said some gas stations were not getting their full quota of fuel.

" What I predict is that there is going to be a shortage of fuels at the gas station. They now have to buy the fuel to put in the pumps.

Someone who owns a gas station said they are not getting the supplies of fuel, " she added.

The Opposition Leader called on the prime minister to say where he was getting funds for fuel.

"Let us hear what is the situation with funding now that we have to import fuel. They shut down Petrotrin and say it was not working. They put Espinet and he licks up everyone and now they lick up him.

You are bringing people with no experience whatsoever. Tell us what experience they have in the energy sector, " she said, making reference to the new appointments. She said TT was facing an economic.tate of emergency as well as a criminal state of emergency.

" If we don't do what we have to do, then heaven help our children. There will be no future for the young people of our country, " she added.


http://www.guardian.co.tt/news/kamla-warns-of-possible-fuel-shortages-6.2.918858.f859e2999e

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Re: Petrotrin refinery shut down

Postby gastly369 » August 27th, 2019, 5:52 am

All in all tanty eh wrong eh

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Re: Petrotrin refinery shut down

Postby sMASH » August 27th, 2019, 9:47 am

gastly369 wrote:All in all tanty eh wrong eh


along the lines of what we were saying before they closed petrotrin, to explain why they should not.

jackass PNM

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Re: Petrotrin refinery shut down

Postby Redman » August 27th, 2019, 9:56 am

The man was hired like every other state enterprise chair-to do the bidding of the political directorate.
Gillette had relevant experience?

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Re: Petrotrin refinery shut down

Postby zoom rader » August 27th, 2019, 10:01 am

Redman wrote:The man was hired like every other state enterprise chair-to do the bidding of the political directorate.
Gillette had relevant experience?
What Gillette have to do with shutting down Petrotrin?

This is PNM they are the ones that shut it down.

You sound like a typical PNM that does not own up to Jack arse decisions.

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Re: Petrotrin refinery shut down

Postby Redman » August 27th, 2019, 10:28 am

Well if you want to bleat about experience-go ahead.
If you want to pretend that state enterprise boards are not staffed by POLITICAL appointees -whose sole directive is to follow PARTY policy then go ahead.

If you cant understand that Im agreeing that the new appointees are in fact POLITICAL LIKE EVERY OTHER CHAIR OF EVERY OTHER STATE ENTERPRISE EVAAAAARRRRR.....then it eh only typical PNM people that have jack arse tendencies.

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