Petrotrin refinery shut down

[De Dragon]

Let me help you

just 1 or 2 or 3 years more waiting for them,

u doh just get financing so... maybe a year to a year and half to secure and deliver. same time to re- certify/ check and adjust systems to code. then a phased start up, plant by plant.

Doh beat up, Habit7 say it eh costing we nuttin....................

So because I call you out on your lie that "millions spent" you still toting? Anyways, keep attacking, facts are not your forte.

Quote me

So are you really gonna stick to your position that it's costing nothing?

[sMASH]

ThE rEfInErY. U know, the mortgage Kamala buss mark with. The one already read out in parliament, the one nobody want to accept...
On the REFINERY.

It is not a mortgage, T&T owns the refinery.
It is a lien that was put on the refinery that was security for a loan.
It was no mark that buss, it was information available from since a year before.
It is not racking up debt, the debt is being serviced by the profitable subsidiaries.

This is getting tiring, is it that you want to lie without being challenged?

its from this exchange that u showed that its no problem, financially, to keep the refinery down.

[zoom rader]

PP 2015 manifesto

Wow !!!

UNC coulda whoulda

We lucky UNC is running this country

[Habit7]

its from this exchange that u showed that its no problem, financially, to keep the refinery down.

When the refinery was running, it was incurring losses year on year for the last 6yrs. With the refinery down and E&P and terminalling restructured, it is making a profit ie earning money, ie
not racking up debt

What is sad is that you can recall one of many posts with me correcting your misinformation, yet you and lying friend are attempting to accuse me of misinformation.

Try harder.

[sMASH]

incurring losses as well as straddled with the malcom jones debt.
now u say, it doenst have salaries to pay, it doesnt have a raw material/product imbalance, and the debts being financed by the other parts.

if its no problem now, just leff it down. why fite down a setta low ballers trying to get the refinery free? leave it down like the other facilities on the pt lisas estate.
cut ur losses and chill.

...unless, u neeeeed to get it restarted.

[Habit7]

Because if you read what you posted as a quote from me, there is a lien. Once somebody is willing to pay and clear the lien, the Petrotrin is free of its major encumbrance.

[sMASH]

Because if you read what you posted as a quote from me, there is a lien. Once somebody is willing to pay and clear the lien, the Petrotrin is free of its major encumbrance.

oh sorry, didnt imburt say the property was unencumbered, when kamala broke the OLD story about it having the mortgage?
leffff foot, ritttte foot. lolllllllll

[Habit7]

Because if you read what you posted as a quote from me, there is a lien. Once somebody is willing to pay and clear the lien, the Petrotrin is free of its major encumbrance.

oh sorry, didnt imburt say the property was unencumbered, when kamala broke the OLD story about it having the mortgage?
leffff foot, ritttte foot. lolllllllll

really, let's see it.

[sMASH]

boy, that would be a good many pages back. i think i would have posted the news clip of kams bussin the mark, and allyuh jump out and say it wasnt no buss mark. but the reason why it was important, is cuase imburt did say in parliament or in a press breifing that kamla was lying about the mortgage, and that same thing is what made roget and rowley say that kams trying to spoil.... no, sabotage the bidding.

we've been down this road already.

or is this the concerted effort to draw attention away from the fact that rowley say that small countries getting bypassed for covax or covidsheild, so he MUST invest in africa to get it, when all around the world, and regionally, small countries shown on twitter getting it.

[Habit7]

The level of lies, spin and deflection from you fellas, you never fail to outdo yourselves.

I don't care to hear about Rowley and vaccine in the Petrotrin thread. Substantiate your claim or keep quiet.

[sMASH]

we covered that already. but was franky, not imburt... same crap, different kakahole

For Khan and Imbert to have a joint news conference, more than likely Patriotic/OWTU get blank again

D-DAY FOR PETROTRIN

After missteps and misguidance
by Anthony Wilson



MORE than two years after the refinery at Pointe-a-Pierre was mothballed, Cabinet met yesterday to decide the fate of the US$700 million bid submitted by Patriotic Energies and Technologies, a company established by the Oilfields Workers’ Trade Union (OWTU).

Minister of Finance Colm Imbert and Energy Minister Franklin Khan are to host a joint virtual news conference today to “address the Cabinet’s decision on the procurement process for the Petrotrin refinery,” according to a news release issued yesterday by the Ministry of Finance.

That procurement process for the refinery—which had been in operation for over 100 years when it was closed on November 30, 2018—has been prolonged by mixed signals and a misguided Cabinet.

The formal process began in March 2019, when the Government issued a request for proposals (RFP) for the sale of the refinery.

Some 77 companies responded to the RFP, with the Government’s evaluation team short-listing three companies that submitted compliant binding offers—OWTU’s Patriotic, New York-headquartered Beowulf Energy and German refiner and trader Klesch.

Speaking in Parliament on September 20, 2019, Imbert said the three shortlisted bidders were measured based on 12 criteria, which included financial capability, upfront consideration, history of refining and marketing experience and the refinery restart time.

Beowulf offered no upfront consideration, but instead proposed a lease payment of US$42,000 per month over a 15-year initial term (US$7.56 million), and a future 50/50 profit-sharing arrangement contingent on Beowulf recovering its capital investment and achieving a 15 per cent internal rate of return (IRR). Klesch’s proposal indicated the only payments to the Government would be through taxes.

Patriotic Energies was selected as the preferred bidder because it offered US$700 million for the refinery and the associated trading assets, which are held by Paria Fuel Trading Company.

Imbert told Parliament at that sitting that Cabinet had agreed that Patriotic be granted a three-year moratorium on all payments of principal and interest towards the purchase of the refinery and a further 10 years at a fair market interest rate to complete the payment of the sum of US $700 million it has offered for the refinery.

Cabinet’s decision to offer the OWTU-owned company 13 years to pay for the refinery, with the first three years being no payment at all, was based on the assumption that the refinery and trading assets were not pledged. But those assets were being held as collateral by the bondholders and lenders who financed the restructuring of Petrotrin’s debt to the tune of US$1.17 billion, including the US$850 million bullet payment.

Speaking at a news conference on October 31, 2020, Khan announced that the final Patriotic proposal had not been accepted by the Government and that Government would consider other options for the refinery and the trading assets.

Khan said the Patriotic bid failed to address three key issues: the first priority lien on the asset (the issue of pledging of the assets); the purchase price financing and the restart financing.

The day after Khan’s news conference, OWTU president general Ancel Roget held a news conference of his own at which he requested that the original evaluation committee, which had analysed the bids in August and September 2019, should be reconvened to evaluate Patriotic’s final offer.

Prime Minister Rowley agreed with Roget’s suggestion and directed that the committee should re-examine all Patriotic’s final submissions and make a recommendation to Cabinet by November 30.

Patriotic’s final offer was for an upfront payment of US$500 million for the refinery and the fuel trading assets.

In documents leaked by Opposition Leader Kamla Persad-Bissessar at a UNC Monday Night Forum, it was disclosed that Patriotic had received a letter from RBC Capital Markets in which it indicated it is “interested in assisting Patriotic and its prospective partners in relation to the opportunity,” by raising the US$500 million upfront payment.

Global commodities trader Trafigura, in another leaked document, “reaffirmed its desire” to provide US$500 million to finance the restart of the refinery.

And what about the fact that the refinery and the trading facilities are pledged?

At a post-Cabinet news conference on November 11, 2020, Imbert said the following: “The Leader of the Opposition also said we can’t sell it because there is a mortgage. Nonsense.

“Obviously if you are selling someone something, it must be free of all encumbrances. If any of you—and I am sure some of you have—are homeowners and would have entered into a purchase agreement to buy property, one of the most basic clauses in a purchase agreement is that the vendor (who is selling it) agrees that on completion of the sale, it would be free of encumbrances. We are not selling anything with any mortgage or lien on it. We will deal with that. That is a Government matter. That’s a matter for the Cabinet, for the Corporation Sole.

“If there is a lien, we can get the lien put on other assets. We can get the lien changed to something else. That is a matter for the Corporation Sole.”

Source: https://trinidadexpress.com/news/local/ ... 66c37.html

[Habit7]

oh sorry, didnt imburt say the property was unencumbered, when kamala broke the OLD story about it having the mortgage?
leffff foot, ritttte foot. lolllllllll

So Imbert/Khan never said the property was unencumbered. He said that Govt will sell it unencumbered when a purchase agreement is met.

This entire exercise was for you others to verify your info before you spew it.

“Obviously if you are selling someone something, it must be free of all encumbrances. If any of you—and I am sure some of you have—are homeowners and would have entered into a purchase agreement to buy property, one of the most basic clauses in a purchase agreement is that the vendor (who is selling it) agrees that on completion of the sale, it would be free of encumbrances. We are not selling anything with any mortgage or lien on it. We will deal with that. That is a Government matter. That’s a matter for the Cabinet, for the Corporation Sole.

[sMASH]

so it racking up debt? or can is stay idle with no cost to whom ever holding it?

[Redman]

I'm sure it costing us less than if it was running.

[zoom rader]

I'm sure it costing us less than if it was running.

Who is "US "you is a Grenadian and P○rnhabit7 is a Jamaican

[Habit7]

Since I am seeing ZR beating up in another thread over Petrotrin, I prefer for him to beat up here.

I know ZR's role is not post anything of substance but to just rile up the anti-PNM sentiment (which anybody is free to have). But how does one sell the closure of the refinery and the restructure of Petrotrin as not being a success story? Panday did well to revamp the postal service to TTPost. Manning did better to transform BWIA to CAL. But Petrotrin was one of our biggest debts and now it well managed and on the path to prosperity.

So all those who wish the ship of state will sink because they didn't get their choice of captain, you might have to wish harder. T&T is going strong despite your thoughts to the contrary.

Petrotrin a success story
Anna Ramdass
Feb 26, 2021

Anna Ramdass

Energy Minister Franklin Khan yesterday boasted that, under his tenure, the restructuring of Petrotrin became a “success story”.

The minister was speaking on a motion of no confidence moved against him by Pointe-a-Pierre MP David Lee at the Parliament sitting yesterday at the Red House in Port of Spain. Khan defended himself and was the first speaker on the Government bench. Petrotrin was a major loss-making enterprise and if not attended to would have had a “systemic impact” on the economy. He said Petrotrin had a $10 billion debt and also a “bullet payment” of US$850 million which was due in November 2019.

Khan said a bullet payment is “come up with the money or walk”.

He said at that point Petrotrin was owing the State unpaid royalties and taxes amounting to $3 billion. “This one takes the cake, staff expenditure at Petrotrin made up 50 per cent of its total operating cost. There is no oil company in the world, and I can tell you without fear of contradiction, where staff salaries made up 50 per cent of its operating costs,” he said.

Khan said Petrotrin did not have enough oil to run its refinery operations and it had to import two-thirds of the oil—100,000 barrels a day. He said on every barrel refined there was a loss of US$5 so in fact the company was importing oil to lose money. The minister said the Petrotrin board came up with the option to focus on exploration and production, close the refinery and put it on the market for a potential buyer or operator. He said Petrotrin was restructured and a holding company was formed with four subsidiaries.

“Madam Speaker, I say here today the restructuring of Petrotrin has been a success story and I will go further to say that is probably the understatement of the year,” he said.

He said Heritage Petroleum for its financial year 2019-its first year of operation-achieved a net profit of $1.4 billion.

Khan said for the 12 months ending September 2020 it achieved an additional profit of $884 million after tax.

He said over that period the company paid $1.2 billion in taxes and royalties to the State- something Petrotrin was not doing.

Khan said the locally produced crude was fetching a good price on the international market.

He said when Petrotrin was restructured there were views from critics that the crude has no value. Khan said Government has also managed to bring one of Petrotrin’s former projects to fruition by working alongside a private entity called NiQuan Energy Trinidad Ltd.

NiQuan, he said, acquired Petrotrin’s incomplete gas to liquids plant in 2018. He said it has now successfully completed the plant and commenced commercial production. Khan said this is a 4,000 barrel a day ultra low sulphur diesel production facility coming out of natural gas.

He said on March 8 he will be officially commissioning the plant.

https://trinidadexpress.com/news/local/ ... 4dd71.html

BTW NiQuan GTL plant should be commissioning today.

[Numb3r4]

Well if some part of the refinery complex is up and running or soon to be anyway (with NiQuan and such) that could be a plus.

Now we'll wait and see the returns.

[@lex]

Niquan is up an running , PM had a ceremony there today

[De Dragon]

Since I am seeing ZR beating up in another thread over Petrotrin, I prefer for him to beat up here.

I know ZR's role is not post anything of substance but to just rile up the anti-PNM sentiment (which anybody is free to have). But how does one sell the closure of the refinery and the restructure of Petrotrin as not being a success story? Panday did well to revamp the postal service to TTPost. Manning did better to transform BWIA to CAL. But Petrotrin was one of our biggest debts and now it well managed and on the path to prosperity.

So all those who wish the ship of state will sink because they didn't get their choice of captain, you might have to wish harder. T&T is going strong despite your thoughts to the contrary.

Petrotrin a success story
Anna Ramdass
Feb 26, 2021

Anna Ramdass

Energy Minister Franklin Khan yesterday boasted that, under his tenure, the restructuring of Petrotrin became a “success story”.

The minister was speaking on a motion of no confidence moved against him by Pointe-a-Pierre MP David Lee at the Parliament sitting yesterday at the Red House in Port of Spain. Khan defended himself and was the first speaker on the Government bench. Petrotrin was a major loss-making enterprise and if not attended to would have had a “systemic impact” on the economy. He said Petrotrin had a $10 billion debt and also a “bullet payment” of US$850 million which was due in November 2019.

Khan said a bullet payment is “come up with the money or walk”.

He said at that point Petrotrin was owing the State unpaid royalties and taxes amounting to $3 billion. “This one takes the cake, staff expenditure at Petrotrin made up 50 per cent of its total operating cost. There is no oil company in the world, and I can tell you without fear of contradiction, where staff salaries made up 50 per cent of its operating costs,” he said.

Khan said Petrotrin did not have enough oil to run its refinery operations and it had to import two-thirds of the oil—100,000 barrels a day. He said on every barrel refined there was a loss of US$5 so in fact the company was importing oil to lose money. The minister said the Petrotrin board came up with the option to focus on exploration and production, close the refinery and put it on the market for a potential buyer or operator. He said Petrotrin was restructured and a holding company was formed with four subsidiaries.

“Madam Speaker, I say here today the restructuring of Petrotrin has been a success story and I will go further to say that is probably the understatement of the year,” he said.

He said Heritage Petroleum for its financial year 2019-its first year of operation-achieved a net profit of $1.4 billion.

Khan said for the 12 months ending September 2020 it achieved an additional profit of $884 million after tax.

He said over that period the company paid $1.2 billion in taxes and royalties to the State- something Petrotrin was not doing.

Khan said the locally produced crude was fetching a good price on the international market.

He said when Petrotrin was restructured there were views from critics that the crude has no value. Khan said Government has also managed to bring one of Petrotrin’s former projects to fruition by working alongside a private entity called NiQuan Energy Trinidad Ltd.

NiQuan, he said, acquired Petrotrin’s incomplete gas to liquids plant in 2018. He said it has now successfully completed the plant and commenced commercial production. Khan said this is a 4,000 barrel a day ultra low sulphur diesel production facility coming out of natural gas.

He said on March 8 he will be officially commissioning the plant.

https://trinidadexpress.com/news/local/ ... 4dd71.html

BTW NiQuan GTL plant should be commissioning today.

I like how you post these things with confidence.

[De Dragon]

Still being dotish about it not costing us anything, but now talking about debt. Nice try to subtly spin you lie, but as I keep telling you, these things only work with your LFD RFD PNM friends

[Habit7]

BTW NiQuan GTL plant should be commissioning today.

I like how you post these things with confidence.

Sorry to disappoint but it happened already, wish harder.

https://www.facebook.com/OPMTT/posts/1389923934693451

Still being dotish about it not costing us anything

Still waiting for you to show where anybody said this besides you.

[De Dragon]

BTW NiQuan GTL plant should be commissioning today.

I like how you post these things with confidence.

Sorry to disappoint but it happened already, wish harder.

https://www.facebook.com/OPMTT/posts/1389923934693451

Still being dotish about it not costing us anything

Still waiting for you to show where anybody said this besides you.

Arse, a plant can NEVER be commissioned in a single day So quick to jump in to defend your husband JUHN Scarfy that you missed the point entirely as usual. Then again, you and the next dummy was talking about Pt. Lisas plants like you all weren't using your anal sphincter as your mouths.
Still being dotish about it not costing us anything

[Habit7]

BTW NiQuan GTL plant should be commissioning today.

I like how you post these things with confidence.

Sorry to disappoint but it happened already, wish harder.

https://www.facebook.com/OPMTT/posts/1389923934693451

Still being dotish about it not costing us anything

Still waiting for you to show where anybody said this besides you.

Arse, a plant can NEVER be commissioned in a single day So quick to jump in to defend your husband JUHN Scarfy that you missed the point entirely as usual. Then again, you and the next dummy was talking about Pt. Lisas plants like you all weren't using your anal sphincter as your mouths.
Still being dotish about it not costing us anything

It is a commissioning ceremony, I believe the startup already has occurred or will be soon. Point is, commissioning is over.

[De Dragon]

BTW NiQuan GTL plant should be commissioning today.

I like how you post these things with confidence.

Sorry to disappoint but it happened already, wish harder.

https://www.facebook.com/OPMTT/posts/1389923934693451

Still being dotish about it not costing us anything

Still waiting for you to show where anybody said this besides you.

Arse, a plant can NEVER be commissioned in a single day So quick to jump in to defend your husband JUHN Scarfy that you missed the point entirely as usual. Then again, you and the next dummy was talking about Pt. Lisas plants like you all weren't using your anal sphincter as your mouths.
Still being dotish about it not costing us anything

It is a commissioning ceremony, I believe the startup already has occurred or will be soon. Point is, commissioning is over.

It's an opening ceremony.
The plant is very likely fully functioning already. They may do some PR with JUHN Scarfy thing like when Panday "started" M4 with the "start button"

[wing]

https://www.rigzone.com/news/wire/carib ... 2-article/
Caribbean Refinery Restarts After Eight Years of Disuse
by Bloomberg|Sheela Tobben|Tuesday, September 29, 2020
email
(Bloomberg) -- A Caribbean refinery shut for most of this decade is coming back to life at a time the oil industry is struggling to recover from a historic pandemic-led collapse in fuel demand.

Owners of the Limetree Bay refinery located in St. Croix, U.S. Virgin Islands, initiated the start-up process in a crude distillation unit and may begin making market-ready gasoline by late October, according to people familiar with the matter. Once the 150,000-barrel a day unit stabilizes, other units would be put into service, they said. A spokesperson for Limetree Bay Holdings didn’t respond to email and call seeking comment.

Shuttered since 2012, the refinery is being revived just as the stubborn nature of Covid-19 shines a spotlight on the uncertain outlook for petroleum consumption. The situation has forced several refiners to permanently shut plants or convert their facilities into greener operations. The International Energy Agency expects to downgrade its next forecast for oil consumption. Still the refinery, formerly called Hovensa, is positioned to take advantage of gasoline demand in Latin America and has ample storage capacity at a time when traders can make money by storing fuel now to sell in the future.

“At a time like this, it’s extremely useful to have storage with demand so weak,” said Vikas Dwivedi, a global energy strategist for Macquarie Group Ltd in Houston. With most fuels like gasoline and diesel trading at a premium for supply in the future compared with the present, having available tanks to store fuel is a valuable asset. Dwivedi also noted, “Capital was put in a long time ago. If you invested in something two years ago, you want to start it as soon as possible even if it’s not the best return that you wanted.”

The Limetree complex has nearly 34 million barrels of storage for crude and products, according to the company website. Of that figure, about 10 million barrels of crude storage have already been leased to a unit of China Petroleum & Chemical Corporation. The refinery was initially set to restart at the end of 2019 to capitalize on stricter rules for shipping fuel rolled out by the International Maritime Organization this year. But it missed that target and another one set for the first quarter. Eventually the onset of Covid-19 pandemic upended demand globally and affected staffing at the site.

The plant will also be positioned to meet demand for IMO-compliant fuels, which before the pandemic disrupted international commerce was expected to boost demand for cleaner-burning product, said Dwivedi. “Eventually IMO fuels will be a force.”

Its previous owners, Petroleos de Venezuela SA and Hess Corp., shut the plant in 2012 in response to a downturn in fuel demand and increased international competition. At that time, it could process 350,000 barrels a day, using mainly imported crudes, including supplies from its Venezuelan owners. Limetree Bay Holdings, an affiliate of private-equity firm ArcLight Capital and Freepoint Commodities, took over the site in 2015. EIG Global Energy Partners joined the partnership in 2018.

The Hovensa refinery was a key supplier of gasoline and diesel to states along the U.S. East Coast. In 2010, it accounted for about 15% of gasoline blendstock imports to the region, which includes New York Harbor, the delivery point for U.S. gasoline futures.

2020 Bloomberg L.P.
Guess it's not impossible

[sMASH]

Roget WIsH he coulda get the refinery with a sweet deal like niquan and the ulsd.

He coulda fulfil pnm promise to move the union from operators to owners.
Sad, it will take another generation to fulfill dat pnm dream.

[sMASH]

Well if some part of the refinery complex is up and running or soon to be anyway (with NiQuan and such) that could be a plus.

Now we'll wait and see the returns.

Build it with tax, for a pong and a crown, then pipe it off. I would trust the deals has a fair amount of grease to smoothen the decision process.

[zoom rader]

BTW NiQuan GTL plant should be commissioning today.

I like how you post these things with confidence.

Sorry to disappoint but it happened already, wish harder.

https://www.facebook.com/OPMTT/posts/1389923934693451

Still being dotish about it not costing us anything

Still waiting for you to show where anybody said this besides you.

Arse, a plant can NEVER be commissioned in a single day So quick to jump in to defend your husband JUHN Scarfy that you missed the point entirely as usual. Then again, you and the next dummy was talking about Pt. Lisas plants like you all weren't using your anal sphincter as your mouths.
Still being dotish about it not costing us anything

It is a commissioning ceremony, I believe the startup already has occurred or will be soon. Point is, commissioning is over.

It's an opening ceremony.
The plant is very likely fully functioning already. They may do some PR with JUHN Scarfy thing like when Panday "started" M4 with the "start button"

Forgive P○rnhabit7 he has never worked in industry or understands how industry works.

He just repeates what he hears about industry and what told from ojt interns.

He's just a desktop failed idiot with no work experience in anyfeild but bull5hit

[Habit7]

It's an opening ceremony.
The plant is very likely fully functioning already. They may do some PR with JUHN Scarfy thing like when Panday "started" M4 with the "start button"

The minister said it was a commissioning. Whether commissioning/opening ceremony nevertheless, it is the good thing.

UNC wanted it to dump it as scrap. It took Niquan to take them to court and demand they sell as an asset. Under PNM they got the support to invest $1B of private capital in making the plant operational. Now it will pay $2B in direct taxes and provide jobs.

It is nice to cry down the shutting down of the loss-making refinery, but when a plant was saved from the scrapyard, allyuh silent.

Be consistent.

[Redman]

Larry Curly and Moe are consistent.

Embellish,Lie -Insult -shout- make childish arguments....when presented with facts move goalpost with some made up crap.

When asked to validate-more noise but no validation.