Petrotrin refinery shut down

[aaron17]

*reads how to take out all the gas from the tank when planning not using it for months end.

[sinister_14]

Shell
Niquan
Ansa
Massy
Trinidad and tobago upstream and downstream energy company......im just leaving this here.....

[sMASH]

Was a chartered plane necessary to carry journalists etal to sign the deal? Or was it a wine and dine event?

Team rocket blasted off again, I suppose.

[sinister_14]

Was a chartered plane necessary to carry journalists etal to sign the deal? Or was it a wine and dine event?

Team rocket blasted off again, I suppose.

Well they have our tax payers monies at their disposal why not spree a lil bit.....and ween of us....

[The_Honourable]

Shamfa take a lil ride too so no scene.

[sMASH]

once the lock she mobile devices to ONLY wifi and NO mobile data.

[Redress10]

ArcLight Capital Partners, a private equity firm expects the former Hovensa refinery on St. Croix to be able to process 200,000 barrels per day of crude and deliver fuels to market by January 2020, officials said at a news conference on the island.

The Boston-based company spent two years studying the market and developed “a refinery profile we see thriving in the current marketplace,” said John Erhard, an ArcLight partner.

https://www.reuters.com/article/us-refi ... SKBN1JS1TZ


We aint ready yet....Out there is the real world with real life situations...Beat ya pan and spoon Rouget

Beat away.

[2WNBoost]

63 billion in profit u say?

This is why they have a block on personal devices and systems within the company, to keep documents from going public. Check how many barrels of oil are processed every day. How much are the products worth per day. Ho find out.

You very special pjfred.

63billion in profit... or about 10Billion USD...IN PROFIT

That is Revenue-Expenses=63,000,000,000

You saying that Petrotrin Revenue is large enough to pay for 100,000 BOPD of imported oil(2.2B USD per year at $60 WTI) and STILL generate 10 Billion in profit.

A back of the envelope estimate of Refinery sales says the sell about 5.2 Billion USD per year locally and internationally.
(2018 Consolidated report is up to June 2018...so I just doubled Jan to June 2018)

So you are stating that the Petrotrin is generating 10 Billion USD in profit on refinery sales of 5.2 Billion while paying 2.2B to import 60% of their feedstock.

If that was the case Petrotrin is the best run refinery in the solar system...in fact it better than any business evarrrr....generating 200% of revenue in profit.

Petrotrin is making losses not profits!!
Revenue for all of 2017 was $20 Billion TTD and a loss of 2.194 Billion TTD.
Nothing close to that alleged profit of $93 Billion

Look at their financial statements and see for yourself
https://www.petrotrin.com/en/Investor%20Relations/Financial%20Reports.aspx

For the first half of the 2018 financial year they had revenue of $11.3 Billion TTD and recorded a loss of $571 Million TTD
http://www.guardian.co.tt/business/2018-06-01/revenue-increases-petrotrin-still-suffers-loss

Revenue increases but Petrotrin still suffers loss
Published:
Saturday, June 2, 2018

Petrotrin recorded revenue of $11.3 billion for the six month period ending March 31 —a 9.6 per cent increase compared with the corresponding period in 2017.
The company’s audited financial statements show earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA) increased to $984.6 million, or 4.4 per cent more than the 2017 result for the comparable period.
However, the state-owned energy company incurred a loss before tax of $513.8 million which translated to a loss after tax of $571.3 million.
Chairman Wilfred Espinet said the loss was largely due to a change in the accounting treatment of taxes related to losses in the Refining and Marketing division that resulted in a $218 million increase in losses, as well as a change in the accounting treatment of Interests cost on bank borrowing for the Ultra Low Sulphur Diesel (ULSD) project which increased losses by $94.3 million
He added: “For the period ending March 31, 2018, Crude Purchases—Cost of Sales—increased by $1,059 million over the corresponding period because of higher prices. This was partially offset by a $990 million increase in revenue from Refined Product sales, but the net effect was a $69 million loss.”
Petrotrin’s asset base decreased to $39.7 billion compared with $49.2 billion for the corresponding period in 2017, primarily because of the write down of its fixed asset balance for an impaired asset and the reclassification of previously capitalised borrowing cost on the ULSD project to expense.
Total debt to equity and current ratios as at March 31 2018 were 3.63 and 0.48 respectively, compared to ratios of 1.10 and 0.48 as at March 31, 2017.
“The Board remains committed to addressing all the issues confronting Petrotrin in the midst of challenging external circumstances. We continue with an aggressive programme to reduce costs and improve productivity and asset integrity in our drive for sustainability,” Espinet said

[The_Honourable]

Calm before the storm? or just a brouhaha?

[hydroep]

Calm before the storm my arse, that looked like a wake.

[shake d livin wake d dead]

I saw growlers gonna address the nation on some time this week about the fate of petrotrin...I think is on the 2nd

[vaiostation]

Roget believes refinery to be sold

Renuka Singh
Published:
Monday, August 27, 2018

Petrotrin workers during yesterday’s prayer protest outside the Diplomatic Centre in St Ann’s yesterday. PICTURE ANISTO ALVES
The Government is looking to sell the Petrotrin refinery and is trying to scale back on the number of workers in order to ensure a sale.

That is the firm belief of Oilfields Workers’ Trade Union (OWTU) leader Ancel Roget.

Roget, who led a prayer session outside the Prime Minister’s official residence in St Ann’s yesterday, said he believed Prime Minister Dr Keith Rowley wants to get rid of the refinery.

If that is the case, then hundreds of Petrotrin employees could face the axe tomorrow after Petrotrin’s planned announcement following a proposed meeting with the union.

Roget yesterday admitted he was sceptical of the meeting with Petrotrin executives. (See editorial on Page A20)

“It is not a meeting, they are going to make an announcement,” he said in a telephone interview after his union ended three-hour long prayer session outside the PM’s residence.

Tuesday’s announcement could affect the livelihood of hundreds of jobs at the refinery, he said.

“Whoever they (Government) planning to sell the refinery to they want a much smaller staff,” Roget said.

He said some of the union’s recommendations to the company were taken and he suspects these will be used by the incoming owners. He said Rowley told the union he had received a recommendation from advisers on the best move for the company but did not share that information with the union during a meeting last week.

“He would only say that it would be painful and that the country does not need to be a refinery, that the refinery is the problem. He (Rowley) said that the region is moving away from liquid fuel,” Roget said.

Roget asked if the PM believed this, why did NiQuan Energy receive the Government’s support to invest and purchase the failed World Gas to Liquids plant.

“It seems there is an agenda to ensure the sale of the refinery,” Roget said.

Yesterday, just hours before the prayer session, Energy Minister Franklin Khan said Petrotrin’s debt could bankrupt the country. Khan held a media conference to shed some light on the Petrotrin situation and the deal signed with Venezuela President Nicolas Maduro on Saturday. He said the restructuring of the state-owned company is expected to be rolled out tomorrow, following the meeting with the OWTU. (See page A5)

Over the weekend Rowley waded into the fray as well, saying that Petrotrin could not continue the way it was going and that things must change.

The T&T Guardian sent messages to both Rowley and Khan about Roget’s statement but did not receive a response up to last evening.

http://www.guardian.co.tt/news/2018-08- ... ry-be-sold

[Redman]

Based on Mr Khans statement-the refinery loses 2-3 USD per BBL refined.
Also-OUTSIDE of capex....Petrotrin's lifting cost is 30+ USD per BBL.

Thats almost TWICE the local private sector cost.....

[Joshie23]

Based on Mr Khans statement-the refinery loses 2-3 USD per BBL refined.
Also-OUTSIDE of capex....Petrotrin's lifting cost is 30+ USD per BBL.

Thats almost TWICE the local private sector cost.....

But why is the lifting cost so high, Redman?

[Redman]

Here is PEMEX 's restructuring/business plan.

Only when we get this kind of analysis and transparency will we know that they serious.
This was presented in 2016.

http://www.pemex.com/acerca/plan-de-neg ... ex2017.pdf

[Redman]

Based on Mr Khans statement-the refinery loses 2-3 USD per BBL refined.
Also-OUTSIDE of capex....Petrotrin's lifting cost is 30+ USD per BBL.

Thats almost TWICE the local private sector cost.....

But why is the lifting cost so high, Redman?

IMHO-and I can be wrong
management -poor planning-
Poor Drilling practices
Employees-taking money to enable crap to happen-crap equipment being allowed in the fields....can not be efficient...
Union-for exploiting every chance to load up the salary/employee base
No accountability anywhere
No KPIs-anywhere
No pride in the job.
No one getting fired-management or employees.
Determined resistance to new tech-maintaining the status quo in an international business that has moved into 2018.

Its amazing that we have excelled at remaining grossly inefficient in an industry that makes its living on squeezing every last cent out of operations.



We need to produce 100k BOPD locally ASAP

My thought is to farm out ALL the blocks. Ensure that there is a Large number of new operatoring entity so that beneficial ownership of oil production is not concetrated.
Enforce work minimums-take back blocks that not increasing production
Instead of funding crap-float a bond to finance oil production for the next 20 years-link it to oil prices...Oil Notes exist everywhere-CIBC has a great model used in Canada. The employement and spin off econ activity can help buffer the restructuring

[shake d livin wake d dead]

Still trying to figure out what men trying to prove in here

[bushwakka]

Still trying to figure out what men trying to prove in here

that they think they know sumn...

[hydroep]

Apparently there are two camps, one blaming the Government/Management and the other blaming workers for the state of the company. Neither side denying that their camp is partly responsible eh, just trying to show that the other side is more to blame.

Perhaps that will allay their guilty conscious when they wondering where their next meal coming from.

[Daran]

Apparently there are two camps, one blaming the Government/Management and the other blaming workers for the state of the company. Neither side denying that their camp is partly responsible eh, just trying to show that the other side is more to blame.

Perhaps that will allay their guilty conscious when they wondering where their next meal coming from.

It's the higher ups (politicians, board and executives) primarily to blame for allowing Petrotin to become overstaffed by inefficient workers. So both...

[The_Honourable]

OWTU and Petrotrin

[Numb3r4]

Anyone here knows or found out anything about what might happen tomorrow?

Is Petrotrin really getting a restructuring or a deal or is the Government just going to "instruct" the board?

[gastly369]

OWTU and Petrotrin

Hummm

[agent007]

I sense that there is nothing more really to add or takeaway from the countless discussions on the topic of Petrotrin and its future. So to summarize here is a very brief snapshot of the current position:

1. The current and past governments are to be blamed for Petrotrin's current position.
2. The management of Petrotrin both past and present is to be blamed for the current position.
3. The non-management employees, both past and present of the company (permanent and contract) are to be blamed.
4. The trade union directives both past and present are to be blamed.

FACTS:

1. Petrotrin is in $13B or so in debt.
2. The current operating climate does not improve Petrotrin's debt position.
3. Obvious re-structuring is imminent.
4. Nepotism took place, like WASA, T&TEC and TCL etc etc, there are people who got through with job positions not 100% on academic qualifications but on a 'who knows who' basis.
5. There is a thick cloud of corruption and unethical business practices that currently takes place within Petrotrin.
6. The union kicking up a fuss because they are singing for their supper.
7. Tax payers want value for money and right now, while any right thinking person will obviously empathize and sympathize with the 5,000 current workers with respect to the loss of jobs coming out of the restructure, but the truth is, we have to think of the impact Petrotrin is having on our nation which can affect the lives of over a million people. So its a situation of 5,000 and its dependents vs the rest of the country. The rest of the country must win.

[SR]

Well said

[shake d livin wake d dead]

Tomorrow is d day

[antlind]

If Petrotrin ‘workers’ would have put as much effort into doing their jobs as they put into their protests we may not be where we are today.

[nervewrecker]

I predict an oil spill soon.

Sabotage from aside right now. All are attempts for an oil spill.

[pugboy]

Express say refinery shutting down

[EFFECTIC DESIGNS]

Ultimately what does this mean for Trinidad?