Petrotrin refinery shut down

[The_Honourable]

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/

[hydroep]

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...

[Slartibartfast]

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?

[The_Honourable]

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

[De Dragon]

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

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

[rspann]

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.

[Joshie23]

^^^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.

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

[Gladiator]

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

[randolphinshan]

^^^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.

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

[Pointman-IA]

lol @ Joshie23 and randolphinshan.

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

[rspann]

Wait, randolph and joshie guts out a lady?

[maj. tom]

*u-turn, exits thread*

[The_Honourable]

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



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

[sMASH]

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

[dogg]

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

Not that Barath right?

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/

[The_Honourable]

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

[Dizzy28]

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

Not that Barath right?

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?

[tr1ad]

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]

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.

[Slartibartfast]

Some questions. If I sound ignorant it is because I am way out of my element here, so bear with me.

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.

[De Dragon]

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.

You're PNM slant keeps showing in everything you post. OWTU were cited as preferred because they were the only ones to put up money "up front" My Red and Ready colleague, 3 year moratoriums and ten year payment plans on top of massive tax concessions is by no stretch of the imagination "up front"
You really expect to gift one of the country's a prized assets to people with absolutely no experience, and hope they raise 2.1 BILLION dollars PLUS a profit in 10 years on an aging refinery? I hope you put ice in that red PNM Kool Aid.

[De Dragon]

^^^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.

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

Technically you are correct because you see, blow is a synonym of gust, and right now it looks like a threesome with you and Joshie23 went awry a la Friends, and you are in fact blowing Joshie23 because both of you realize that both of you are in fact man boolas. No biggie, you have rights now

[Redman]

Some questions. If I sound ignorant it is because I am way out of my element here, so bear with me.

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.
But they havent entered into the contract as of yet.Patriotic has to now prove they can conclude the transaction-The bid would have had letters from financiers indicating that they are willing to finance based on the winning bid.And Yes the bank will not give you a loan until they are secured-that 3 month period after the downpayment is where we are at in the transaction


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?
Can you point to any transaction any where in the world where the details you are asking for are made public while the transaction is still ongoing?

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.
Financials on a company that was formed months ago are irrelevant. The benefit is that a New company has zero legacy issues.This is a common occurrence-It happens daily.
The company was formed in order to be the entity that buys the refinery-therefore no financials can exist.But what possibly is in the companys reach is A)The HR to Manage and run the refinery, and B)a financier that has already said 'if allyuh win I will finance the deal.Thats all that is relevant.SO the logical conclusion is that the OWTU has indicated that they have the necessary things in place to complete the purchase and then run it


The financing is likely contingent on Patriotic winning the bid and then subject to certain conditions being met.
Again, transparency would be great here
I havent said no-but it IS pretty early and at the end of the day we still have to see the OWTU come up to scratch.

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?
[color=#008000]Sorry-typo. I think that the financier is secured by the refinery value. So its probably that Patriotic cannot get 700M AND the money to upgrade and operate.The GORTT probably has accommodated them in that regard


"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."[/color]
Yep-nothing about when

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.[color=#0040FF]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?
Its mid transaction in what was a competitive/evaluation process up until last week.It unrealistic to expect all that info to be public

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
What contract? There was an acceptance of a bid subject to the winner proving up their side.

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.

[The_Honourable]

Roget: Investors Ready To Save Petrotrin

[Redman]

I think its worth the 700M to see Roget eat 20 years of vomit.

[Rovin]

https://www.facebook.com/photo.php?fbid ... =3&theater

Darryn Dinesh Boodan
· 5 hrs ·

How to launder money, for Dummies

Are you looking for a way to boost your income or perhaps bypass international sanctions? Do you need extra cash for a new car? Or a great family vacation? Or maybe just to pay the armed mercenaries you depend on to prop up your repressive regime? Well from the makers of Selling fake oi for dummies, and Chinese housing contract for dummies comes ‘How to launder Money for Dummies ’. There are no classes to attend or books to buy. All you need to get started is a passion, a will to succeed and of course an oil refinery.

Step 1. Find an oil refinery

Laundering money requires the basic illusion that your business can make a profit. This immediately rules out things in T&T like Calypso tents, TTT, and preventative flood plans. Oil, on the other hand, is perfect. With its labyrinthine accounting and perception of wealth, oil refineries are beloved by gangsters across the globe. looking to scrub their dollars clean.

According to Transparency International, over 90% of the extractive industries are based in developing countries. These countries have weak to no oversight making them ideal spots for embezzlement and bribery.

In recent times Oil refineries in Sri Lanka, Nigeria, Brazil, Russia, and the Caribbean have been either investigated for or been found guilty of money laundering. If you look hard enough you’re bound to find a shady refinery in a nice shady spot somewhere.

Step 2. Don’t own an oil refinery? Be an investor.

Firstly are you sure you don’t have an oil refinery? Did you check under your bed or in your spare cupboard? You might be surprised to learn that people are practically giving away oil refineries these days. But even still, don’t sweat it. You don’t need to own a refinery you just need to create a joint venture with one.

In their 2018 paper entitled ‘Natural resources and Money laundering” authors David Muhlemann and Stefan Mbiyavanga explain how this occurs.
“A common modus operandi in such deals is for a public official to...forcefully acquire control” over an asset and the commodity it produces”, write Muhlemann and Mbiyavanga. This enables them to further sell the assets and commodities to “middlemen and Investors and the earnings misappropriated”.

And remember if journalists ask you about the details-just accuse them of being a UNC supporter.

Step 3-Make a joint venture

In recent times Venezuelan state-run oil company Petróleos de Venezuela (PDVSA) -the oil company that produces no oil-has struck may joint ventures with refineries across the Caribbean. These included deals with Albanisa in Nicaragua and a now-defunct deal with PetroJam in Jamaica.

In May of this year, a report by consultants Douglas Farah and Caitlyn Yates found that Albanisa was a slush fund for the Nicaraguan dictator Daniel Ortega. As well as a front by which PDVSA used to launder narcotics money.

Last December Jamaica's Auditor General reported that PetroJam in five years used 1.5 Millions barrels of Oil valued at 12.8 Billion. But half of those 1.5 Million barrels could not be accounted for.

So if you’re friends with nitwits in the Caribbean who also have an Oil refinery, half the work is done!

Step 4. Get a Swiss-based trader.

It’s easy to think the only things Switzerland are good for is chocolate and Tennis players. But it’s also a major hub for commodities trading. In the same report by David Muhlemann and Stefan Mbiyavanga, lies an interesting fact; no Swiss trader has even been found guilty of money laundering. “Also,” write the authors, “ the Swiss government has not been willing to take progressive steps to adequately supervise and regulate the natural resource trade.”

How much of an endorsement do you need?

Though it should be noted that in 2018 Swissf banker Matthias Krull, was sentenced to 10 years in prison for his role in a money-laundering scheme linked to PDVSA.

But here’s where Step 4 comes in.

Step 5-Find useful idiots

The term “useful idiots'' refers to people who unwittingly repeat socialist propaganda, once it attacks “imperialism”. Specifically, people who teach at the UWI.

As former Cuban dictator Fidel Castro will tell you, It ‘s easier to commit crimes in the Caribbean if you can also paint yourself as a victim of “western Imperialism”. Hence why no UWI intellectual speaks to the well-documented journalism exposing the links between Castro and drug trafficking. Or have asked for transparency on how Petrocaribe money was spent by CARICOM governments, given that Haitians are currently rioting over that.

Remember if anyone asks to see your accounts, just say “financial auditing is a tool of the oppressor!

So get cracking. That blood money won’t launder itself!

[K_J_R]

selling to the owtu was an excellent move.

it will help get votes since the govt appears to care about giving back d ppl wuk.

if the refinery effort fails in the years to come, the govt can just blame mismanagement on owtu and roget.

if gasoline price goes up, blame the owtu and roget for causing that and for holding the country to ransom.

its a win win for the govt. anbd roget is the fall guy.

unless he knows that and happens to run for a senatorship position in 2020/2021.

[hydroep]

Carolyn: Govt desperate over refinery
Sean Douglas

THE Government is desperate to restart the mothballed refinery at Pointe-a-Pierre because they are unable to find US$20 million per month to pay for the import of gasoline and other refined products by Paria Fuel Trading Company, alleged former energy minister Carolyn Seepersad-Bachan, in a telephone interview with Newsday yesterday.

She said the Government had previously ignored her warnings not shut the refinery, even as it is now likely to reopen.

“We told them there would be a net outflow of foreign exchange but they told me I don’t know what I’m talking about. But they now realise the negative effect.” The Congress of the People (COP) leader said the refinery closure has so far cost the country by way of lost employment and drop in income tax and national insurance deductions formerly collected from workers.

“And you may not get back your markets especially in the region.” she warned. “That is why they got no real bids.”

Seepersad-Bachan lamented that the Government had discontinued its arbitration proceedings over Petrotrin’s US$350 million Ultra Low Sulphur Project. She said while they had a good chance to recoup US$250 million from Samsung, they had instead settled for just $20 million.

Seepersad-Bachan also queried the process by which the OWTU was chosen as preferred bidder on the refinery.

“I don’t understand how this process was conducted. Cabinet can’t be altering the terms of acceptance.”

She said Cabinet cannot get involved in procurement, evaluation of bids and sale of assets, but must accept recommendations from the evaluation committee of technocrats.

Seepersad-Bachan said the refinery must be now re-opened as soon as possible. She hoped it would then bring TT regional markets, foreign exchange and jobs including those created by service contractors. Seepersad-Bachan said Imbert had once likened the refinery to an old car that keeps shutting down, but instead he should say why a relatively new refinery had got no bids.

Newsday was unable to contact either Energy Minister Franklin Khan or Finance Minister Colm Imbert for a response.

https://newsday.co.tt/2019/09/28/carolyn-govt-desperate-over-refinery/

[vaiostation]

Nice to see Carolyn, Vasant and de rest of these washed up politicians crawling out of their hole to get some attention before election, like if any ah them really care about de refinery or the workers...

[Redman]

Any one who was in govt before should really stfu

The unions grip on operations was as a result of successive govts pandering to unions and incremental concessions given in order to calm political climates.
It was never about the Co.

Political interference at the top was a constant...as was politically connected people given sweet heart deals.

State run means that.
STATE run.

https://www.pemex.com/acerca/plan-de-ne ... ex2017.pdf

As a simple demonstration-look at PEMEX-which was in the same mess (ok probably still is) -they present and publish a policy/plan and set goals and targets.

Never happen in TnT

Seepersad Bachan was Minister of Energy at a time when the govt was cashed up and had the ability to begin a process of improvement.

But that never happen-its easier to pick he carcass for political mileage.