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Petrotrin refinery shut down

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Re: Petrotrin refinery shut down

Postby sMASH » September 24th, 2019, 10:00 am

Work-to-own refinery.

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Re: Petrotrin refinery shut down

Postby hydroep » September 24th, 2019, 10:41 am

Now if Tantie Kams and dem de do dat...........:|

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Re: Petrotrin refinery shut down

Postby The_Honourable » September 24th, 2019, 2:09 pm

There are three sources the OWTU could get US$750 million from:

(1) Investors
(2) Government
(3) Maduro/Russia/China

#1 is least likely. Investors would only have put up that kind of money if there was some kind of write-off for the expenditure needed to modernise the refinery so it could make a profit.

#2 is quite possible. It gives Roget a golden parachute, the PNM a campaign talking point, including, when the OWTU fails, an irrefutable “I told you so”. However, any such deal will come to light and have a backlash (including the $5 billion in additional debt) but the PNM may have calculated that the electoral benefit outweighs cost.

#3. This is the elephant that no commentator, no media house, is talking about. If the OWTU has leveraged its socialist links to get this money, it’s not because Maduro/Russia/China want to refine oil. In the case of the first two, it’s because a refinery will make an excellent avenue to launder cocaine money. Petrotrin was losing about US$3 million annually – if the Venezuelan cocaine trade brings in $US10 billion annually (a VERY conservative estimate) the US$750 million investment is peanuts. If it’s China behind the investment, the reasons are more geopolitical, but still dangerous since this would include putting in a puppet government headed by somebody like David Abdulah.

I think #2 is most likely, but I would hope the TT government is already talking to the Americans in case it’s #3.

Source: https://www.facebook.com/vulcansatirist ... 3732952756

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Re: Petrotrin refinery shut down

Postby abducted » September 24th, 2019, 3:29 pm

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Re: Petrotrin refinery shut down

Postby The_Honourable » September 25th, 2019, 10:40 am

Bharath: Refinery heading for catastrophe

THE Government’s proposed deal to sell the Pointe-a-Pierre refinery to an OWTU company is clearly a case of petty politicking which will end in catastrophe, former trade minister Vasant Bharath told Newsday yesterday.

Last Friday, Finance Minister Colm Imbert said the mothballed refinery will be sold for US$700 million, with a three year moratorium after which the OWTU firm, Patriotic, will have 10 years to make payments.

Bharath said, “I’m very passionate about it because of how much money this country has squandered in the past 50 years in shady deals that the population has had to swallow and it is the citizens who ultimately pay for it.”

He said the most recent issue was the unexplained cancellation of a US$72 million contract between the HDC and the China Gezhouba Group for high-rise public housing. “Even with this Petrotrin the country has had to swallow $13 billion worth of bad deals signed by previous regimes. With the World GTL and Ultra Low Sulphur Project the country has had to swallow it and nobody has been held to account. We’ve just swept it under the carpet and on we go again.”

Bharath’s two concerns were the moratorium and Patriotic’s capability.

Firstly, he said Imbert had said Patriotic was the only bidder with an up front cash offer, namely US$700 million. Bharath said in normal accounting parlance, “up front” means a company is handing over cash at the start, so it was self-contradictory for Imbert to then grant a moratorium. Bharath also said a moratorium as defined can only be granted by a lender of money, which the Government was not, even as they had insinuated the funds would come from elsewhere. “Imbert believes the country is made of complete fools and whatever he says we must take at face value.”

Secondly, Bharath lamented Patriotic’s lack of any track record. “They came to the Government, almost cap in hand. They have no financial statements to present. They have no collateral against which they are making the offer to use as security. They have no cash on any balance sheet because they have no balance sheet, and no audited accounts. They have no due diligence that would have been performed on the organisation. They have no organisational structure to show who are the people who are going to run the organisation."

He said Patriotic doesn't even have a web-site.

“The OWTU has no track record of having done any business endeavour anywhere in the world.”

“So, on what basis are you granting these people a golden handshake, this huge asset, where this country’s energy security now lies in these people’s hands? It makes no sense.”

Bharath predicted TT heading to a catastrophic ending in this matter.

“And what happens then is that the Government walks away from it saying, ‘Well, we made a mistake. We gave them an opportunity. It didn’t work out.’

“But who suffers? Who suffers because this company don’t have the expertise and experience to do any of these things? Who is going to stand up when for example they make a boo-boo because they didn’t bring enough fuel in? And they are not storing enough fuel and the country runs out? Or they can’t get the refinery up and running?

“I suspect one of the incentives they are going to ask the Government for, because they clearly have no money, is funding to start up the refinery.”

He said a newspaper put this cost as US$1.4 billion. “Where’s that money coming from?”

He said the Government is relying on people to ultimately just write it off, as for the Malcolm Jones and World GTL issue.

“A lot of people told me to leave this alone because it’s about the union and people will say you are anti-worker. I am not anti-worker. I’ve absolutely no problem whatsoever with employee participation and sharing profits and endorse this, but to just give away something like this in haste knowing that what’s presented to you doesn’t make sense and doesn’t add up, it is just reckless and irresponsible and is pure politicking.

“I can just imagine Imbert in the background grinning, he’s gotten away with it. It sickens me that we can accept this nonsense in this country.”

Newsday asked how severe is the legal culpability for any lack of due diligence, that is, a check on a company’s financial soundness before contracting with them.

Bharath replied that it is very difficult to prove.

However he said the initial evaluation of 77 bidders had been done by an evaluation committee under Scotia Bank of Houston, Texas, but for the subsequent whittling down of bidders the exercise was taken out of Scotia and handed over to a group of local individuals whom he alleged “knew what they were going to do.” Bharath said the Government is calculating on the deal to win them the 2020 general election, with them ready to pick up the tab if the deal fails. “I’ve never felt so sickened by something. It is just in your face.”

Source: https://newsday.co.tt/2019/09/24/bharat ... tastrophe/

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Re: Petrotrin refinery shut down

Postby Slartibartfast » September 25th, 2019, 12:39 pm

What's the punishment for stealing a refinery?

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Re: Petrotrin refinery shut down

Postby vaiostation » September 25th, 2019, 12:47 pm

^^^A job as a minister with access to government contracts...

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Re: Petrotrin refinery shut down

Postby MG Man » September 25th, 2019, 1:57 pm

all these opposition nitwits desperately grasping to hold on to relevance

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Re: Petrotrin refinery shut down

Postby 16 cycles » September 25th, 2019, 2:18 pm

hope it is not another billion dollar bailout in the making...

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Re: Petrotrin refinery shut down

Postby wickedtuna » September 25th, 2019, 2:29 pm

Inmates running the prison? ....well dong here we does do Dat ......any foreign examples of this working workers running the company profitable? Jus asking

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Re: Petrotrin refinery shut down

Postby The_Honourable » September 25th, 2019, 2:59 pm

Energy minister urges public to ‘not say much’ on refinery deal

"We did not give away anything and we did not favour anybody."

This was the point made by Minister of Energy Franklin Khan as he addressed the recent national conservations surrounding the sale of the former Petrotrin Pointe-a-Pierre refinery.

At the official opening of the NP El Socorro service station, Khan took the opportunity to defend the process by which the government selected Pa­tri­ot­ic En­er­gies and Tech­nolo­gies Com­pa­ny Ltd (PET­CL) as the preferred bidder for the refinery.

Highlighting the bidding process as an international one, conducted by a multidisciplinary team he said, "Patriotic through a transparent process has been determined to be the preferred bidder." Taking aim at critics who may be questioning PETCL's ability to properly finance the bid he said, "This is a process and we must take our time."

Saying that in the next several weeks the details of the proposal and process will start to come together, he cautioned the public saying, "These loose statements in the general public is a detriment to the process." As the public waits for the ongoing process to move along he said, "I urge the population to not say much" as he notes that it is in the public's interest that the refinery becomes operational again.

Source: https://newsday.co.tt/2019/09/25/energy ... nery-deal/

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Re: Petrotrin refinery shut down

Postby hydroep » September 25th, 2019, 3:35 pm

Guy Smiley want people to keep quiet like how they was trying to shut people up with respect to the Sandals deal?

Like he sniffing too much methane from Rowlee butthole...:|

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Re: Petrotrin refinery shut down

Postby Slartibartfast » September 25th, 2019, 3:57 pm

The_Honourable wrote:Energy minister urges public to ‘not say much’ on refinery deal

"We did not give away anything and we did not favour anybody."

This was the point made by Minister of Energy Franklin Khan as he addressed the recent national conservations surrounding the sale of the former Petrotrin Pointe-a-Pierre refinery.

At the official opening of the NP El Socorro service station, Khan took the opportunity to defend the process by which the government selected Pa­tri­ot­ic En­er­gies and Tech­nolo­gies Com­pa­ny Ltd (PET­CL) as the preferred bidder for the refinery.

Highlighting the bidding process as an international one, conducted by a multidisciplinary team he said, "Patriotic through a transparent process has been determined to be the preferred bidder." Taking aim at critics who may be questioning PETCL's ability to properly finance the bid he said, "This is a process and we must take our time."

Saying that in the next several weeks the details of the proposal and process will start to come together, he cautioned the public saying, "These loose statements in the general public is a detriment to the process." As the public waits for the ongoing process to move along he said, "I urge the population to not say much" as he notes that it is in the public's interest that the refinery becomes operational again.

Source: https://newsday.co.tt/2019/09/25/energy ... nery-deal/

1. Does he know what the word "transparency" means. If so, where can I procure a copy of the bid and tender review documents?
2. What does he mean the details of the proposal and process will come together in the coming weeks? Aren't these things supposed to be finalised long before signing the contract? What details still need to be finalised?
3. How will us asking questions be detrimental to the process?

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Re: Petrotrin refinery shut down

Postby The_Honourable » September 25th, 2019, 4:27 pm

Hence why a FOIA request was made for those questions and more to be answered.

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Re: Petrotrin refinery shut down

Postby De Dragon » September 25th, 2019, 4:37 pm

MG Man wrote:^^^the ppl who allegedly buss the company with their high wages are now going to run it at a profit....

In B4 Joshie23............

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Re: Petrotrin refinery shut down

Postby rspann » September 25th, 2019, 8:00 pm

sMASH wrote:Work-to-own refinery.


Ah hear zoom rader take some time off from Trinituner to put together a team including the All Trindad Sugar and general workers trade Union to get Caroni LTD and assets without paying any money for three years and ten years no interest. He say it's only fair.

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Re: Petrotrin refinery shut down

Postby Joshie23 » September 25th, 2019, 8:51 pm

De Dragon wrote:
MG Man wrote:^^^the ppl who allegedly buss the company with their high wages are now going to run it at a profit....

In B4 Joshie23............


Hoss, I'm home, hugging up someone's daughter, and a man like me, is on the mind of you, another (?)man(?).

Kicks, yes. :lol: :lol:

You're probably still looking for a coping mechanism for that inferiority complex but this ain't it, chief.

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Re: Petrotrin refinery shut down

Postby Gladiator » September 25th, 2019, 9:03 pm

Where is ZR..... missing him these days

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Re: Petrotrin refinery shut down

Postby randolphinshan » September 25th, 2019, 9:04 pm

Joshie23 wrote:
De Dragon wrote:
MG Man wrote:^^^the ppl who allegedly buss the company with their high wages are now going to run it at a profit....

In B4 Joshie23............


Hoss, I'm home, hugging up someone's daughter, and a man like me, is on the mind of you, another (?)man(?).

Kicks, yes. :lol: :lol:

You're probably still looking for a coping mechanism for that inferiority complex but this ain't it, chief.


Ignore DeDragon pal, it’s in your best interest. While me and u busy gusting out a lady he only have time to maco man.Let him be them so done reach where they going

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Re: Petrotrin refinery shut down

Postby Pointman-IA » September 25th, 2019, 9:41 pm

lol @ Joshie23 and randolphinshan.

is "gutsing" the man say yes...lmao.

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Re: Petrotrin refinery shut down

Postby rspann » September 25th, 2019, 9:44 pm

Wait, randolph and joshie guts out a lady?

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Re: Petrotrin refinery shut down

Postby maj. tom » September 25th, 2019, 10:00 pm

*u-turn, exits thread*

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Re: Petrotrin refinery shut down

Postby The_Honourable » September 25th, 2019, 11:39 pm

Imbert hits back at critics, defends OWTU's acquisition of refinery

Image

Finance Minister Colm Imbert has defended the government's decision to select Patriotic Energies and Technologies Company Ltd to take over the Point-a-Pierre refinery at the cost of US$700 million.

In a media conference on Wednesday, Minister Imbert reiterated that the OWTU-owned company was shortlisted and eventually chosen because it outbid its competitors and presented the most lucrative proposal. He said the organisation demonstrated its ability to raise finance and was also experienced in marketing. More importantly, Patriotic Energies presented a restart date of 12 months, the shortest among its rivals.

On the question of how Patriotic Energies - after only being incorporated at the end of 2018 - was able to afford to purchase the refinery, Minister Imbert said the Government decided to defer what was intended to be an upfront payment.

"We decided as a Cabinet that we would give them three years. We just felt it would guarantee the success of the restart of the refinery if Patriotic was not burdened with that requirement to come up with upfront cash needed. We looked at it in its totality and we decided that we would not require immediate payment from Patriotic so that they could get on with the business of refurbishing and restarting the refinery."

The Finance Minister said the refinery's restart is extremely important as it has a "profound" impact on the country's Gross Domestic Product (GDP).

He also hit back at "commentators" who he said misinterpreted and misconstrued his previous comments on the matter.

"I was very clear in my statement to Parliament that we were giving Patriotic one month to present to the evaluation committee, a satisfactory and comprehensive work plan on how they intend to address all the issues I mentioned; the confirmation of financing, the business plan, any fiscal incentives they require from the Government and so on. What the commentators have misinterpreted either deliberately or otherwise, is that we are giving Patriotic one moth to fulfil these requirements, we're not. We are giving them one month to come up with a workable, satisfactory plan to fulfil the requirements."

Meanwhile, Imbert said the Government will be relieved of paying a quarter billion US a year once the refinery is started.

"We have to give Paria Fuel Trading US$20 million a month for the liquidation of fuel, US$250 million a year. If the refinery is restarted then that obligation on the part of the Ministry of Finance will disappear."

Source: http://www.looptt.com/content/imbert-hi ... n-refinery

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Re: Petrotrin refinery shut down

Postby sMASH » September 26th, 2019, 6:55 am

the debt that was 'saddled' to the refinery, but not saddled now, where did it go?

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Re: Petrotrin refinery shut down

Postby dogg » September 26th, 2019, 10:31 am

This the same Barath who bought a Porsche with public funds for official use while minister?

Not that Barath right?

The_Honourable wrote:Bharath: Refinery heading for catastrophe

THE Government’s proposed deal to sell the Pointe-a-Pierre refinery to an OWTU company is clearly a case of petty politicking which will end in catastrophe, former trade minister Vasant Bharath told Newsday yesterday.

Last Friday, Finance Minister Colm Imbert said the mothballed refinery will be sold for US$700 million, with a three year moratorium after which the OWTU firm, Patriotic, will have 10 years to make payments.

Bharath said, “I’m very passionate about it because of how much money this country has squandered in the past 50 years in shady deals that the population has had to swallow and it is the citizens who ultimately pay for it.”

He said the most recent issue was the unexplained cancellation of a US$72 million contract between the HDC and the China Gezhouba Group for high-rise public housing. “Even with this Petrotrin the country has had to swallow $13 billion worth of bad deals signed by previous regimes. With the World GTL and Ultra Low Sulphur Project the country has had to swallow it and nobody has been held to account. We’ve just swept it under the carpet and on we go again.”

Bharath’s two concerns were the moratorium and Patriotic’s capability.

Firstly, he said Imbert had said Patriotic was the only bidder with an up front cash offer, namely US$700 million. Bharath said in normal accounting parlance, “up front” means a company is handing over cash at the start, so it was self-contradictory for Imbert to then grant a moratorium. Bharath also said a moratorium as defined can only be granted by a lender of money, which the Government was not, even as they had insinuated the funds would come from elsewhere. “Imbert believes the country is made of complete fools and whatever he says we must take at face value.”

Secondly, Bharath lamented Patriotic’s lack of any track record. “They came to the Government, almost cap in hand. They have no financial statements to present. They have no collateral against which they are making the offer to use as security. They have no cash on any balance sheet because they have no balance sheet, and no audited accounts. They have no due diligence that would have been performed on the organisation. They have no organisational structure to show who are the people who are going to run the organisation."

He said Patriotic doesn't even have a web-site.

“The OWTU has no track record of having done any business endeavour anywhere in the world.”

“So, on what basis are you granting these people a golden handshake, this huge asset, where this country’s energy security now lies in these people’s hands? It makes no sense.”

Bharath predicted TT heading to a catastrophic ending in this matter.

“And what happens then is that the Government walks away from it saying, ‘Well, we made a mistake. We gave them an opportunity. It didn’t work out.’

“But who suffers? Who suffers because this company don’t have the expertise and experience to do any of these things? Who is going to stand up when for example they make a boo-boo because they didn’t bring enough fuel in? And they are not storing enough fuel and the country runs out? Or they can’t get the refinery up and running?

“I suspect one of the incentives they are going to ask the Government for, because they clearly have no money, is funding to start up the refinery.”

He said a newspaper put this cost as US$1.4 billion. “Where’s that money coming from?”

He said the Government is relying on people to ultimately just write it off, as for the Malcolm Jones and World GTL issue.

“A lot of people told me to leave this alone because it’s about the union and people will say you are anti-worker. I am not anti-worker. I’ve absolutely no problem whatsoever with employee participation and sharing profits and endorse this, but to just give away something like this in haste knowing that what’s presented to you doesn’t make sense and doesn’t add up, it is just reckless and irresponsible and is pure politicking.

“I can just imagine Imbert in the background grinning, he’s gotten away with it. It sickens me that we can accept this nonsense in this country.”

Newsday asked how severe is the legal culpability for any lack of due diligence, that is, a check on a company’s financial soundness before contracting with them.

Bharath replied that it is very difficult to prove.

However he said the initial evaluation of 77 bidders had been done by an evaluation committee under Scotia Bank of Houston, Texas, but for the subsequent whittling down of bidders the exercise was taken out of Scotia and handed over to a group of local individuals whom he alleged “knew what they were going to do.” Bharath said the Government is calculating on the deal to win them the 2020 general election, with them ready to pick up the tab if the deal fails. “I’ve never felt so sickened by something. It is just in your face.”

Source: https://newsday.co.tt/2019/09/24/bharat ... tastrophe/

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Re: Petrotrin refinery shut down

Postby The_Honourable » September 26th, 2019, 10:42 am

"Deferred" payment essentially means for OWTU... no payment?


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Re: Petrotrin refinery shut down

Postby Dizzy28 » September 26th, 2019, 10:57 am

dogg wrote:This the same Barath who bought a Porsche with public funds for official use while minister?

Not that Barath right?

The_Honourable wrote:Bharath: Refinery heading for catastrophe

THE Government’s proposed deal to sell the Pointe-a-Pierre refinery to an OWTU company is clearly a case of petty politicking which will end in catastrophe, former trade minister Vasant Bharath told Newsday yesterday.

Last Friday, Finance Minister Colm Imbert said the mothballed refinery will be sold for US$700 million, with a three year moratorium after which the OWTU firm, Patriotic, will have 10 years to make payments.

Bharath said, “I’m very passionate about it because of how much money this country has squandered in the past 50 years in shady deals that the population has had to swallow and it is the citizens who ultimately pay for it.”

He said the most recent issue was the unexplained cancellation of a US$72 million contract between the HDC and the China Gezhouba Group for high-rise public housing. “Even with this Petrotrin the country has had to swallow $13 billion worth of bad deals signed by previous regimes. With the World GTL and Ultra Low Sulphur Project the country has had to swallow it and nobody has been held to account. We’ve just swept it under the carpet and on we go again.”

Bharath’s two concerns were the moratorium and Patriotic’s capability.

Firstly, he said Imbert had said Patriotic was the only bidder with an up front cash offer, namely US$700 million. Bharath said in normal accounting parlance, “up front” means a company is handing over cash at the start, so it was self-contradictory for Imbert to then grant a moratorium. Bharath also said a moratorium as defined can only be granted by a lender of money, which the Government was not, even as they had insinuated the funds would come from elsewhere. “Imbert believes the country is made of complete fools and whatever he says we must take at face value.”

Secondly, Bharath lamented Patriotic’s lack of any track record. “They came to the Government, almost cap in hand. They have no financial statements to present. They have no collateral against which they are making the offer to use as security. They have no cash on any balance sheet because they have no balance sheet, and no audited accounts. They have no due diligence that would have been performed on the organisation. They have no organisational structure to show who are the people who are going to run the organisation."

He said Patriotic doesn't even have a web-site.

“The OWTU has no track record of having done any business endeavour anywhere in the world.”

“So, on what basis are you granting these people a golden handshake, this huge asset, where this country’s energy security now lies in these people’s hands? It makes no sense.”

Bharath predicted TT heading to a catastrophic ending in this matter.

“And what happens then is that the Government walks away from it saying, ‘Well, we made a mistake. We gave them an opportunity. It didn’t work out.’

“But who suffers? Who suffers because this company don’t have the expertise and experience to do any of these things? Who is going to stand up when for example they make a boo-boo because they didn’t bring enough fuel in? And they are not storing enough fuel and the country runs out? Or they can’t get the refinery up and running?

“I suspect one of the incentives they are going to ask the Government for, because they clearly have no money, is funding to start up the refinery.”

He said a newspaper put this cost as US$1.4 billion. “Where’s that money coming from?”

He said the Government is relying on people to ultimately just write it off, as for the Malcolm Jones and World GTL issue.

“A lot of people told me to leave this alone because it’s about the union and people will say you are anti-worker. I am not anti-worker. I’ve absolutely no problem whatsoever with employee participation and sharing profits and endorse this, but to just give away something like this in haste knowing that what’s presented to you doesn’t make sense and doesn’t add up, it is just reckless and irresponsible and is pure politicking.

“I can just imagine Imbert in the background grinning, he’s gotten away with it. It sickens me that we can accept this nonsense in this country.”

Newsday asked how severe is the legal culpability for any lack of due diligence, that is, a check on a company’s financial soundness before contracting with them.

Bharath replied that it is very difficult to prove.

However he said the initial evaluation of 77 bidders had been done by an evaluation committee under Scotia Bank of Houston, Texas, but for the subsequent whittling down of bidders the exercise was taken out of Scotia and handed over to a group of local individuals whom he alleged “knew what they were going to do.” Bharath said the Government is calculating on the deal to win them the 2020 general election, with them ready to pick up the tab if the deal fails. “I’ve never felt so sickened by something. It is just in your face.”

Source: https://newsday.co.tt/2019/09/24/bharat ... tastrophe/


Because Prados are significantly cheaper?

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Re: Petrotrin refinery shut down

Postby tr1ad » September 26th, 2019, 11:38 am

as usual opposition has a lot to say, but when they were in the seat of power to make changes... did they? or is it another vote for me and i will fix situation

Redman
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Re: Petrotrin refinery shut down

Postby Redman » September 26th, 2019, 2:02 pm

Bharath is being deliberately misleading-if not dishonest.
Asking all these questions-to sound intelligent-while knowing what the reality is.

How many of us had the money when we bought the first house?
Wasnt there a period after the agreement was made,where both sides had to prove up their claims-value and clear title on the sellers side-and money on the buyers side?


Same principles apply here.

Patriotic was formed for the purpose of buying the refinery.
They would have had to show that they were qualified in terms of being able to conclude the offer as they made.

So the fact that its a SPV negates the issue of financials.

The financing is likely contingent on Patriotic winning the bid and then subject to certain conditions being met.


The moratorium -while terribly communicated could be as a result of a limitation of funds-but that doesnt mean its bad.
Its likely that Patriotic could not get the purchas AND the upgrade

For example:
So defer the 700M on the condition that Patriotic does the necessary upgrades-and if unable to settle the 700M when the debt is called-ownership of the refinery would revert to GORTT.

GORTT gets what may be an upgraded refinery.

Or patriotic works-GORTT gets their money taxes and uptick in economic activity.

1.3M of us want this to work-if it does it certainly is better than foreign ownership of the refinery.

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Re: Petrotrin refinery shut down

Postby Slartibartfast » September 26th, 2019, 3:15 pm

Some questions. If I sound ignorant it is because I am way out of my element here, so bear with me.
Redman wrote:Bharath is being deliberately misleading-if not dishonest.
Asking all these questions-to sound intelligent-while knowing what the reality is.

How many of us had the money when we bought the first house?
Wasnt there a period after the agreement was made,where both sides had to prove up their claims-value and clear title on the sellers side-and money on the buyers side?Isn't this done before entering into any contract? I'm not aware of a bank giving you a loan or a mortgage and then asking you to prove you are good for it.


Same principles apply here.

Patriotic was formed for the purpose of buying the refinery.
They would have had to show that they were qualified in terms of being able to conclude the offer as they made.
The problem here is lack of transparency. Are we suddenly to accept the words of politicians without question? Were they really qualified? Were they the best option?

So the fact that its a SPV negates the issue of financials.
Please explain. I'm not too familiar with this and I can't see the benefit.

The financing is likely contingent on Patriotic winning the bid and then subject to certain conditions being met.
Again, transparency would be great here

The moratorium -while terribly communicated could be as a result of a limitation of funds-but that doesnt mean its bad.
Its likely that Patriotic could not get the purchas AND the upgradeWhat do you mean "not" get the purchase"? Isn't the deal already done?

"THE Oilfield Workers Trade Union (OWTU) has won the bid for the Pointe-a-Pierre refinery with a US$700 million offer which Government has accepted, Finance Minister Colm Imbert announced this afternoon."


For example:
So defer the 700M on the condition that Patriotic does the necessary upgrades-and if unable to settle the 700M when the debt is called-ownership of the refinery would revert to GORTT.After that whole Sandals fiasco, I will not be surprised if there is a "forgiveness" clause. The responsibility is on them to show that this move is good for the country. They have been trying to keep everything under wraps. Why?

GORTT gets what may be an upgraded refinery.When last have we (the country) ever come out on top in a major deal? All I could say is we need to see the contract documents

Or patriotic works-GORTT gets their money taxes and uptick in economic activity.

1.3M of us want this to work-if it does it certainly is better than foreign ownership of the refinery.

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