Petrotrin / NiQuan plant - Mothballed

[zoom rader]

Red mis government victory 2025

Cont tin u

[The_Honourable]

maybe he thought he coulda tow the line with rowlee but he ain’t know is a diff setta music rowlee playing for diff ppl

He was a lobbyist in DC for the Manning Administration IIRC.

i never heard of the gill chap before but he obviously must know how to talk a good talk to convince such a wide range of risk takers local and foreign with big money like that

more so in light of the gas situation here getting worser and worser each year
bank normally never lend money so

If you think about it, the government did allow Niquan in T&T, then TTUDEOCL was created to facilitate Niquan, plus the government through petrotrin has shares in Niquan. Pnm had one of their own on the board too.

It seems that Gill did tow the line and was getting thru but macroeconomic factors derailed him and his business inexperience exposed him. He was a lobbyist that had connections but in the end... "he cyah do business."

[sMASH]

Nobody losss they wuk... I woulda jail people...
Gross mismanagement of public funds.

[zoom rader]

Nobody losss they wuk... I woulda jail people...
Gross mismanagement of public funds.

Red mis government only goes after perceived UNC dealings and Marlene.

We still awaiting wigs, weaves and cell phones bills.

[The_Honourable]

It keeps getting worse...


Caricris lowers NiQuan’s ratings

Even as NiQuan is struggling to raise money to pay its bills and salaries, it was dealt with another blow after the company’s credit rating was lowered by regional rating agency Caricris yesterday.

This could further impact its ability to raise short-term funding.

Caricris warned that NiQuan’s credit rating could be further lowered if it does not successfully refinance its short-term debt by the end of this year.

In its notice, Caricris said that it lowered all NiQuan’s three ratings to B- its foreign and local currency ratings, its T&T rating and its Jamaican rating- on the regional rating scale.

“These ratings indicate that the level of creditworthiness of this obligor, adjudged in relation to other obligors in the Caribbean and within T&T and Jamaica, is weak,” Caricris said.

Caricris said the lowering of the assigned ratings reflected NiQuan’s inability to attain full commercial operations at the nameplate capacity by September 30, 2023 (identified as a factor that could lead to a lowering of the rating in its March 2023 report) and the termination of the gas sales contract by T&T Upstream Downstream Energy Operations Company Ltd (TTUDEOCL) and which has become subject to legal proceedings by NiQuan.

It noted that NiQuan has made considerable progress in achieving a proven plant producing zero-sulphur diesel and naphtha and has transferred 15,000 barrels of product to its offtaker, Paria Fuel Trading Company.

Caricris said it will consider revising its ratings upward if NiQuan can resume a long-term gas sales contract, together with the successful refinancing of the existing Short-Term Note Instruments (STNI) into a longer-term facility.

“We may, however, further lower the ratings if the STNI is not refinanced or extended by December 31, 2023, or if any other credit-negative events occur before that date,” it warned.

The lowering is significant for NiQuan.

Following the April 2021 explosion at the plant, Caricris lowered the assigned NiQuan’s ratings by 2-notches to A- (foreign and local currency ratings) on the regional rating scale and A- on the T&T national scale.

On March 16, 2023, in its last report, Caricris noted that if Niquan was not able to achieve optimal production by June 30, 2023 it would affect its ability to refinance the existing notes or obtain approval for a further extension by noteholders by July 31, 2023.

It noted that the inability to achieve certification of full nameplate capacity of 2,400 barrels per day “adversely impacted the company’s ability to secure timely refinancing.”

At that time, it noted that at December 2022, NiQuan’s total debt stood at US $218.7 million, a 416.6 per cent increase from 2018 and that the debt was projected to further increase to US$312 million as at December 2023.

“In our view, this has reduced the company’s financial flexibility and this, alongside delayed payments to TTUDEOCL, has resulted in our lowering of the cash flow adequacy and financial flexibility rating parameter of Niquan Energy,” Caricris said.

On June 15, 2023, an incident at the plant, which is located on the compound of the mothballed refinery at Pointe-a-Pierre, eventually led to the death of 35 year-old pipe fitter Allanlane Ramkissoon.

Following the incident, the gas-to-liquids facility was subsequently closed for investigations by the Occupational Safety and Health Agency and the Ministry of Energy and Energy Industries (MEEI). This impacted NiQuan’s ability to refinance its debt which was set to take place by July 31.

In a bid to salvage the plant which went offline in August, financiers are trying to change the company’s management by removing founder and chief visionary officer Ainsley Gill from its helm.

However, Gill is the largest shareholder of the company.

https://www.guardian.co.tt/business/car ... e49af8f026

[zoom rader]

^^^ UNC fault

[randolphinshan]

^^^ UNC fault

Where the major crude oil find the old crook Kams boasted about with Khalid Hassansli ? Another one of UNC lies

[The_Honourable]

^^^ UNC fault

Where the major crude oil find the old crook Kams boasted about with Khalid Hassansli ? Another one of UNC lies

The Jubilee find in 2012 was a lie?

Ask Stuart

[sMASH]

https://www.guardian.co.tt/business/jmm ... CdEFN3_MsA



I was asking if niquan making money, but ppl telling me to mind my business.

And look what making news....
Do they make enough diesel, with enough profit to be profitable?

[bluefete]

^^ Which PNM tuner(s) tell you to mind you own business? Call names!

[DMan7]

^ Like the tuner police ready for them.

[The_Honourable]

Asked a two-part question by a Jamaican journalist, which included a query about JMMBGL’s exposure to NiQuan, Ellis said: “In terms of our exposure to NiQuan, our principal debt that we have is approximately $65 million, just principal. The exposure itself, if you look at the total exposure, it is about $175 to $200 million. The last valuation that we had internally was about $400 million, which was the last one that was done. So if you look at a debt to value exposure it is less than 50 per cent in terms of the overall debt.

Now to systematically write that off the books

[bluefete]

Asked a two-part question by a Jamaican journalist, which included a query about JMMBGL’s exposure to NiQuan, Ellis said: “In terms of our exposure to NiQuan, our principal debt that we have is approximately $65 million, just principal. The exposure itself, if you look at the total exposure, it is about $175 to $200 million. The last valuation that we had internally was about $400 million, which was the last one that was done. So if you look at a debt to value exposure it is less than 50 per cent in terms of the overall debt.

Now to systematically write that off the books

Tax savings galore. I wonder if those are $JAM or $US.

[bluefete]

^ Like the tuner police ready for them.

Yuh know I just "fass".

[lancer_man]

Guardian had a story where niquan in limbo cause osha did not allow it to restart since the fire death as well as no gas to operate.

Ah man throw out that it might default on the loan it have with republic bank for its acquisition.


I remember asking about its performance after i5 restarted and niquan men here loud me up for questioning it.


Rowley dem sold it fur chicken feed and then pumped a lot of money to get it to commission.

Good Money after bad....?

“If you think safety is expensive, try having an accident.”

[Habit7]

Guardian had a story where niquan in limbo cause osha did not allow it to restart since the fire death as well as no gas to operate.

Ah man throw out that it might default on the loan it have with republic bank for its acquisition.


I remember asking about its performance after i5 restarted and niquan men here loud me up for questioning it.


Rowley dem sold it fur chicken feed and then pumped a lot of money to get it to commission.

Good Money after bad....?

Niquan Energy responded to a RFP in 2012 and was selected by the then board of Petrotrin. It was PP that put it up for sale.
Niquan is funded by its investors, not GoRTT
https://www.energy.gov.tt/wp-content/up ... roject.pdf

[sMASH]

Try your disinformation else where.
Unc advertised it.

Is Rowley them sold it for CHICKEN FEED.

Pnm does do business like Crak addicts.

[Habit7]

Try your disinformation else where.
Unc advertised it.

Is Rowley them sold it for CHICKEN FEED.

Pnm does do business like Crak addicts. Screenshot_2024-04-17-14-11-47-749_com.google.android.googlequicksearchbox.jpg

You clearly didn't read the official statement I posted so then let me put it in front of your eyes again.

By letter dated April 16, 2012, to the Receiver, NiQuan Energy LLC submitted a proposal in response to the RFP, and by letter dated July 6, 2012, the Receiver notified NiQuan Energy LLC that it had been selected as a prospective investor. In October 2014, the Petrotrin Board approved the Receiver’s recommendation of NiQuan as the preferred investor.

The Receiver then entered into negotiations with NiQuan on commercial terms for the acquisition of plant. Arising from the negotiations, a price of US$35M comprising an initial payment of US$10M and preference shares to the value of US$25M payable in two (2) equal tranches was proposed. NiQuan reached final agreement on the commercial terms and all other outstanding issues on or about August 5, 2015. The proposal was accepted by the Board of Directors and the
transaction was subsequently sanctioned by the Minister of Finance, (Corporation Sole).

https://www.energy.gov.tt/wp-content/up ... roject.pdf

The sale was only finalised in 2018 because they were still negotiating the price of gas. But the price of the asset was already agreed upon before 7th Sept 2015.

Even if you read the first article in your google search it too commented on an injunction after Niquan being chosen in 2012 https://trinidadexpress.com/opinion/edi ... 3.amp.html

[sMASH]

Thst was a bad deal, rowley dem went along with a bad deal.
Imburt always thumping how he renegotiate with bg about gas prices.
They needed to squash that niquan sale, for better pricing.


And look, the peole can't even run the plant properly in always blowing up

[Habit7]

It is amazing how politics can change your perspective. You are on record saying "Rowley them sold it for CHICKEN FEED. " Now that you understand the commercial agreement was made by the UNC right before they were voted out you changed to "rowley dem went along with a bad deal." Is it that you can't say, "Is Kamla them sold it for CHICKEN FEED. UNC does do business like Crak addicts.?"

This isn't buying a car on Facebook Marketplace, you cannot just squash a deal without opening the country to serious litigation.

Nevertheless, it is unfortunate if Niquan flops. But they will flop with their investors' money, not ours. When they get liquidated, we will see if the next operator can do better.

[sMASH]

Unc made a bad deal.. absolutely sheit deal.

It wss settled, and sold to niquan by pnm with no attempt to renegotiate price , while still negotiating gas details.


Imburt always boasting about re negotiating unc bad deals.
Big steups.

Remember sandals resort?
Remeber av drilling contract termination?
Nothing is set in stone.
Contracts can be broken.

[Habit7]

Sandals had no contract with T&T.
A&V had Petrotrin by the balls for $1B but they chose mercy and just ask back for the same contract https://newsday.co.tt/2021/06/13/av-win ... n-payment/

Also Imbert doesn’t negotiate energy contracts it is Young the MoE. And contracts are set in stone hence the name contract, the willingness to renegotiate has to be on both sides. I think you need to be a little more informed about these things.

[wing]

Sandals had no contract with T&T.
A&V had Petrotrin by the balls for $1B but they chose mercy and just ask back for the same contract https://newsday.co.tt/2021/06/13/av-win ... n-payment/

Also Imbert doesn’t negotiate energy contracts it is Young the MoE. And contracts are set in stone hence the name contract, the willingness to renegotiate has to be on both sides. I think you need to be a little more informed about these things.

Ease him up. Between this thread, Gaza, UNC, police....the conspiracies becoming a huge blur.

[sMASH]

Pnm negotiating skills soft...

[sMASH]

https://youtu.be/oJ5HiWH9qQI?si=9jJgEEbz3SoU33fj


A blast from more positive times...

[The_Honourable]

Didn't last longer than the Red House fire... as the old people would say

[Mmoney607]

Oh goud, but I thought Rowley was an expert in the energy sector

[sMASH]

Hmmm

[bluefete]

Pressure for all creditors, especially Republic Bank.

[pugboy]

yeah they had big backing and some big names
mighta have better luck if a 1% was involved
then again them like to be in sure the ting