Petrotrin update: now Trinidad Petroleum Holdings Ltd

[airuma]

Any attempt to put Petrotrin in the hands of private interest is not in the country’s interest. This is the only State entity that produces the products that generate foreign exchange.”

NGC does sell gas for ???
Lake Asphalt sells its product for???

Many of his union members know that the union is a contributor to the state of affairs.

Roget needs to realize that the union can be part of the solution as well.

Roget is an arse. Any solution involving keeping PT bloated staff levels is all he wants to see. Like many here, he also spoke some tripe about PT workers "risking their lives" to "provide for the country" and thus making it seem that to restructure would be inhumane to these workers.

The union needs to change its philosophy as Roget communicates it.

Why not accept a cut in the roster-in exchange for
Ownership in the co.
Rep at the board level
A block capable of producing X BOPD. say 3000 BOPD. Let the union show that THEY KNOW how to produce oil.
Assistance in the transition of the workers that are let go.

I feel that ALL agreements that are made between between the union and the state companies MUST be made public in its entirety.

And risk the unions giving up their "trade secrets".... lol

[TriP]

Petrotrin - Point-a-Pierre this morning

[civic minded]

aye look my van in the rear view mirror
))

[Allergic2BunnyEars]

Petrotrin chairman: Union, company must work together


Petrotrin’s chairman Wilfred Espinet



http://www.guardian.co.tt/news/2018-01- ... k-together

Chairman of State-owned Petrotrin Wilfred Espinet says the Oilfields Workers’ Trade Union must understand that the union and the company need to work together to ensure that the cash-strapped company becomes viable.

And he is also categorically denying suggestions that the company is engaged in any discussions to privatise the company.

On Wednesday, the OWTU staged a protest at Petrotrin’s Trinmar operations during which OWTU president general Ancel Roget warned workers of job cuts to come at the state entity.

Roget said the union would resist any such attempt and put workers on the alert for a “year of protest.” He also warned against privatisation of the company.

The protest followed the Prime Minister’s address to the nation in which he said 2018 was the year for restructuring of the company.

Roget said while the union had no issue with restructuring of the state company they want to be part of the process.

But Espinet said he hoped there was “some misrepresentation,” since the union has been involved and had two representatives on the Lashley Committee which submitted the report to the Prime Minister on the restructuring of the company.

Espinet told the T&T Guardian “the first agreement was that the Government should not be part of Petrotrin’s operational activities, so I don’t understand and maybe I am not understanding it clearly and maybe there is some misrepresentation what is the reference to the Government.” This in reference to Roget’s warning to the Government to “back off from Petrotrin and allow the OWTU to participate in its restructuring.”

The OWTU he said has been invited as a stakeholder to meet with the company on planned restructuring. “We have spoken to the Government now we have sent out an invitation to the union, we have sent out an invitation to our bond holders, and so on and our employees will follow.”

The Board of Petrotrin is hoping that meetings with all stakeholders will be completed by next week.

Asked about job cuts at the company Espinet said, “I have no idea, I will not jump to that. When you talk of cost it is not made up of jobs alone.”

He noted that “the union themselves talk of over-staffing in a number of areas. If they are saying there is overstaffing what we need to do is to look at every single aspect of our cost.”

Petrotrin has over 5,000 employees with a wage bill of over one billion dollars. Espinet said, “The company’s cost of operation is too high all we want to know is we are going to be seeking the unions participation in finding a way to make it viable for sure.”

In order for Petrotrin to be sustainable he said the company must become “viable and to be viable we have to be competitive.”

[Redman]

wasnt Espinet chair of the board that over saw the sale of TCL to CEMEX.....
the unions better remember those lessons

Deja Vu all over again.

[De Dragon]

wasnt Espinet chair of the board that over saw the sale of TCL to CEMEX.....
the unions better remember those lessons

Deja Vu all over again.

Wasn't Trinidad Nitrogen sold to the Norweigans? Wasn't Methanol Holdings sold to the Germans? Wasn't ISCOTT sold to the Indians?
Why are we insistent on calling for these companies' turnaround, yet unwilling to stomach the measures that are required to so do? All privatization is not bad for a company, especially a failing company on its death bed.

[Redman]

The point is that if the UNIONs continue to negotiate by threat and a my way or the highway disposition..yet another company will take the Highway....

And the owners of the Highway have been here since last year...

Any political fallout will be beaten back by the early low hanging fruit successes.

[Redman]

So the wage bill for 5000 employees is 2B.
thats two thousand meeeeliayan.

Yielding an average wage of 400,000 per year.

must be tough

[zoom rader]

So the wage bill for 5000 employees is 2B.
thats two thousand meeeeliayan.

Yielding an average wage of 400,000 per year.

must be tough

PNM employed those ppl

[airuma]

wasnt Espinet chair of the board that over saw the sale of TCL to CEMEX.....
the unions better remember those lessons

Deja Vu all over again.

The price of cement dropped from $60 to $45-$48 per 42.5kg bag. Looks like they did a good job to me.

[vaiostation]

Well, every time a political party changes, they bring in their "People", and over a number of years of constant hiring people and putting them in useless administrative positions, because they most likely aren't qualified to do plant work, petrotrin has accumulated over 5000 workers, yet the main areas such as maintenance and operations are understaffed.

When the company finally decides to terminate the temporary and casual staff the same issue of understaffing in the core areas gonna occur, and because they aren't training people to take over when a number of people retire, what do you think is gonna happen?

Probably, it may be the Government's intention to contract out the a number of departments to outside companies?
But I hardly doubt they gonna sell petrotrin. It's too easy to make money via underhanded means.

[The_Honourable]

Roget has ‘absolutely no respect’ for PM

Saying he has absolutely no respect for Prime Minister Dr Keith Rowley, president general of the Oilfield Workers’ Trade Union (OWTU) Ancel Roget this morning accused the ruling PNM administration of repeatedly failing the country.

Referring to Cabinet members as a band of misfits, Roget told workers of state-owned Petrotrin that things are going to get nastier before they get good.

"They want to come and drive the final nails in the coffin of Petrotrin. Not over our dead bodies must we allow that to happen. If we have to take away the jobs from those who want to take over my job, I do not care. I am coming for you, accompanied by the thousands of Petrotrin workers who today are on the chopping block," Roget said.

Source: http://newsday.co.tt/2018/01/15/roget-h ... ct-for-pm/

[Redman]

Based on the guardian article this morning...I wonder if a corner has been turned?

[Allergic2BunnyEars]

http://www.guardian.co.tt/business/2018 ... s-one-cent

Roget: Ploy to sell Petrotrin to T&T’s one per cent

Believing that there is a ploy to sell Petrotrin to T&T’s “one per cent,” the Oilfields Workers’ Trade Union (OWTU) is intensifying its mobilisation of members to march against Government.

As the OWTU president general Ancel Roget marshalled troops at Petrotrin’s Forest Reserve, Fyzabad yesterday, he decried the ruling’s People’s National Movement and declared that he had no respect for Prime Minister Dr Keith Rowley and “his band of misfits.” It was like a gospel that the OWTU was sharing as they did in Point Fortin and Pointe-a-Pierre last week.

Roget told workers that the Government and Board of Directors at Petrotrin were incapable of returning the company to profitability. He also maintained that the State-owned company’s lease operatorship and farmout programme was geared at enriching financiers of political parties.

Acknowledging the criticism that the OWTU has receive for its plan to “shut the place down,” Roget said that their fight should be supported by the public as the success of Petrotrin will help to improve their lives.

“When Petrotrin is made viable and successful, Petrotrin can contribute enormously to the national coffers and the running of the economy, so that we will have more money going to the social safety net and dealing with the issues of health and education so that it can improve the quality of life for the citizens.

“If you give Petrotrin to those people who pump fake oil, who bill Petrotrin for oil that they don’t produce and who even, when they produce, sell Petrotrin back their own oil, that money goes into private bank accounts, not into the accounts of the State. When the State loses, the average citizen lose,” Roget said.

He said when Rowley spoke about Petrotrin’s debt to the Government last week, no mention was made that the company contributed approximately $50 billion between 2010 and 2015. As he rallied support in the wake of the company’s plan to restructure, he told workers that it was not their poor decision making and spending on investments such of the failed World Gas to Liquids plant that led to the company’s downfall.

Oil businesses’ revenue goes down when prices and production decreases. However, Roget said Petrotrin has control over its production, but the incompetence of its leadership was preventing its success.

“This is a fight to shed all our PNM and UNC clothes and confront it as it is supposed to be confronted once and for all.”

[Redman]

Roget should tell us where he sees the capital needed to stabilize Petrotrin, pay debt and get it going will come from.

he is silent on that.

[Specialist Baboons]

[The_Honourable]

Following rumors circulating:

1. Takeover of Petrotrin: ANSA 65%, Massy 25% & Government 10%. Approx 2000 workers to be laid off next month.

2. Massy and a French company in talks to take over Petrotrin refinery, LNE operations & offshore assets. Espinet brokering the deal.

[Redman]

From what Ive been told- the GORTT is discussing partial owner ship with private sector groups.

No where close to the % above.
Trinmar is the crown jewel.

[zoom rader]

Following rumors circulating:

1. Takeover of Petrotrin: ANSA 65%, Massy 25% & Government 10%. Approx 2000 workers to be laid off next month.

2. Massy and a French company in talks to take over Petrotrin refinery, LNE operations & offshore assets. Espinet brokering the deal.

I did tell you all this was going to happen before elections. I warned you all.

Petrotrin work force is pro pnm and I hope they will know what to do next elections.

1% in charge and those of you who work for Ansa will know that they pay next to slave labour.

Unions and PNM sold out.

[jcrew]

Following rumors circulating:

1. Takeover of Petrotrin: ANSA 65%, Massy 25% & Government 10%. Approx 2000 workers to be laid off next month.

2. Massy and a French company in talks to take over Petrotrin refinery, LNE operations & offshore assets. Espinet brokering the deal.

I did tell you all this was going to happen before elections. I warned you all.

Petrotrin work force is pro pnm and I hope they will know what to do next elections.

1% in charge and those of you who work for Ansa will know that they pay next to slave labour.

Unions and PNM sold out.

Lol fake news again.

[zoom rader]

Following rumors circulating:

1. Takeover of Petrotrin: ANSA 65%, Massy 25% & Government 10%. Approx 2000 workers to be laid off next month.

2. Massy and a French company in talks to take over Petrotrin refinery, LNE operations & offshore assets. Espinet brokering the deal.

I did tell you all this was going to happen before elections. I warned you all.

Petrotrin work force is pro pnm and I hope they will know what to do next elections.

1% in charge and those of you who work for Ansa will know that they pay next to slave labour.

Unions and PNM sold out.

Lol fake news again.

This is how PNM prepares for deals.

They will down play the company by saying it's overstaffed and not making money or owning money.

They did the same with Caroni, tanteak, national bank of commerse,workers bank, iscott, Fertrin, TTT, trintopec, trinmar, trintomar , trinidad railway and Bwia ect.

The sale of Petrotrin was crafted before elections.

[Redman]

I eh bothering.

[jhonnieblue]

Glad for that tho...petrotrin is a blight on the state
Focus cash flow on natural gas and it's diriviatives

[jhonnieblue]

Pnm actually had the balls to do what has been needed long time.
That and removal of subsidies

[Redman]

We will be hydrocarbon dependent for another 25 years....

[The_Honourable]

Pnm actually had the balls to do what has been needed long time.
That and removal of subsidies

balls? or they don't have a choice?

[zoom rader]

Talk is Petrotrin was already sold. The public to pay Petrotrin debt while the 1% reaps the cream of Petrotrin .

[K74T]

“Talk”

[zoom rader]

“Talk”

When the PNM sold the railways it was also classed as talk

[Redman]

Who bought the railway ?