Petrotrin refinery shut down

[mitch1980]

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

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

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

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


the excuses have to stop for the direct relation of inefficiencies and the direct cost of manpower.

[sMASH]

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

[airuma]

Diversity into what though?

Tourism?

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

[hydroep]

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

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

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

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

[Dizzy28]

Diversity into what though?

Tourism?

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

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

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

[Redman]

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

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

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

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

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

[pjfred]

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

[Redman]

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

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

[bushwakka]

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

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

[pjfred]

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

[hydroep]

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

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

[gastly369]

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

Let the public keke....dey eh know the trickle effect that would take place yet nah

[sMASH]

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

[matix]

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

[jhonnieblue]

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

[nismo1325]

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

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

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

[pjfred]

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

[kstt]

Monday!

[shake d livin wake d dead]

So wah is d word?

[kstt]

So from 2005 to 2010 production dropped by 31%

Wonder what it is from 2015 to 2018/2020?

ie. When PNM in government

[tr1ad]

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

Isn't TTUDCo already in existence?

[Allergic2BunnyEars]

[nervewrecker]

Allyuh now seeing thing.
All this in my whatsapp

[nervewrecker]

Gas station ram out this evening yes..

[vaiostation]

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

[The_Honourable]

So... Mittal special before Independence weekend?

[*$kїđž!™]

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

[vaiostation]

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

[Allergic2BunnyEars]

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

Businesses and associated families that begin to suffer in the months afterward won’t forget closer to elections.

[nervewrecker]

All the people that petro money mining wont forget also.