Petrotrin update: now Trinidad Petroleum Holdings Ltd

[The_Honourable]

World Gas to Liquids (WGTL) project - Niquan bringing 700 jobs, US$125m

Niquan Energy LLC, the preferred investor for the plant built for Petrotrin’s failed World Gas to Liquids (WGTL) project, is bringing 700 jobs, a capital injection of US$125 million into the economy and $2 billion in taxes and other payments, Energy Minister Franklin Khan said yesterday.

He said in a statement to Parliament: “This Niquan project provides Petrotrin the opportunity to salvage some not insignificant benefit from an investment which otherwise couldn’t be operationalised. The economy and state stands to benefit from increased commercial activity and taxes.”

Niquan will use the plant build for the ill-fated project of 2005—a joint venture between World GTL Inc and Petrotrin—which was plagued by delays and cost overruns. In 2009, Petrotrin placed the joint venture company into receivership. In arbitration proceedings, WGTL was ordered to pay Petrotrin which tried to complete the project but ceased funding it by 2010.

Khan said: “Accordingly the receiver shifted focus to acquire an investor to complete the plant. Following open process, Niquan was identified as the prospective investor.”

Niquan reached final agreement on the commercial terms and other outstanding issues in August 2015. In 2016, a sales and purchase agreement was executed among WGTL Trinidad Limited, the receiver and Niquan.

Khan said completion of the agreement is subject to conditions which include a gas sale contract for a guaranteed supply of natural gas for a period with Petrotrin. All agreements and conditions, except the gas supply contract, were satisfactorily settled but the National Gas Company and Niquan were unable to agree on price and duration, halting the plan.

The minister added: “To salvage the project, Niquan approached Government for support in acquiring gas supply of 31 mmscf daily. Review of the project suggested it was worthy of Goverment’s support. The financial benefits include US$35 million payment to Petrotrin, a capital injection of US$125 million into the econony and $2 billion in taxes and statutory payments over the project’s life.

“During construction phase, projected at a year, 700 jobs will be provided and on completion there will be 65 skilled permanent jobs and 650 indirect supply chain jobs.”

He said the offtake from the GTL plant will allow Petrotrin to meet environmental standards for gas and oil since the state energy company has been unable to meet the gas and oil requirements of Caricom states.

“From January 2020, Petrotrin will be unable to supply bunker fuel to ships unless it meets the new global limit of 0.05 per cent sulphur,” he said.

Khan said Government agreed to support Niquan Energy Limited for natural gas for its gas to liquids project, sourcing gas from arrangements that exclude NGC.

“Cabinet approved the gas sales contract to be done with a newly incorporated state company T&T Upstream Downstream Energy Operations Company Limited. It’s the intention that selected energy assets of the state will be held by this company,” he said.

Niquan’s required 31 mmscf of gas daily can be met, given projections for gas supply “and finally this project can now proceed to completion,” the minister assured.

Source: http://www.guardian.co.tt/business/2018 ... obs-us125m

[kstt]

https://www.trinidadexpress.com/opinion ... dede3.html

[airuma]

So a search on google reveals that NiQuan Energy has no projects other than NiQuan GTL.
The board members (5) are:
Larry Felix
Alison Lewis
Ainsley Gill
David Dhanoo
Don Rogers
The team members include an additional 5 members:
Eberhard Lucke
Senator David Small
Roshan Rodriguez (a female)
Malcom Wells
Roy Burnette
They seem to be a new company and does have an office in Washington as stated in the express article.
So we already suffered a loss with Ventech when we brought a used plant to Trinidad which never worked, now the same political party wants to make it better by allowing a newly formed company as the preferred investor who can pack up shop at any time without suffering the loss of reputation.... because they have none.
I hope the FIU does a proper check on the source of the funds..... maybe that's wishful thinking!

[Dizzy28]

So a search on google reveals that NiQuan Energy has no projects other than NiQuan GTL.
The board members (5) are:
Larry Felix
Alison Lewis
Ainsley Gill
David Dhanoo
Don Rogers
The team members include an additional 5 members:
Eberhard Lucke
Senator David Small
Roshan Rodriguez (a female)
Malcom Wells
Roy Burnette
They seem to be a new company and does have an office in Washington as stated in the express article.
So we already suffered a loss with Ventech when we brought a used plant to Trinidad which never worked, now the same political party wants to make it better by allowing a newly formed company as the preferred investor who can pack up shop at any time without suffering the loss of reputation.... because they have none.
I hope the FIU does a proper check on the source of the funds..... maybe that's wishful thinking!

Ainsley Gill - serial opportunist (when PNM in power)

[lalloboy101]

Alison Lewis is not d woman from d port?

[The_Honourable]

Do you know that if the debt of state-owned Petrotrin was shared among all citizens, we would each owe $3000 dollars? The company's debt and its future were the main issues discussed by a panel hosted by the Lloyd Best Institute of the West Indies.

[nervewrecker]

Didnt they post a profit?

[The_Honourable]

Heads up, protest tomorrow at point-a-pierre refinery starting at 6am.

Didnt they post a profit?

Yeah but still losses all over

https://newsday.co.tt/2018/07/30/petrot ... -finances/

[pjfred]

Heads up, protest tomorrow at point-a-pierre refinery starting at 6am.

Didnt they post a profit?

Yeah but still losses all over

https://newsday.co.tt/2018/07/30/petrot ... -finances/

20.3 billion profit for 2017. Government facking it up?

[loadingprogram]

"In refinery there are 100 vacancies for operators. How can you refine products if there are no skilled workers? When skilled people retire they are not filling vacancies,” Roget added."

Strange thing is that they had a big ad in the papers for hiring Operator Apprentices in April last year. People did medical and was just waiting to sign contracts since September, but as of today no one was hired...
So, I am curious to know when some of the older refinery operators retire (which would be soon) what gonna happen? Unless their intention is actually to sell or lease out the refinery.

It looks more and more like decisions were already made behind closed doors and the public just getting a small trickle of the Government's master plan...

Did this exact thing... was just waiting on contract to sign...

[The_Honourable]

Trinidad Petroleum secures new bank loans as bond repayment looms

NEW YORK, March 12 (LPC) - Trinidad Petroleum Holdings (TPH) is in advanced debt restructuring talks with banks and has secured new loans of up to US$1.4bn based on oil reserves to ease a looming US$850m bond maturity in August, four people familiar with the matter said.

TPH, formerly known as Petrotrin, is tapping the loan market as it faces the uphill task of convincing investors of the merits of a new business plan and smaller workforce.

The Trinidad & Tobago oil producer shut its loss-making refinery in Pointe-a-Pierre, Trinidad, last November because of its inability to generate profit, and would be expected to pay a high interest margin on any new bonds.

“They (TPH) will have to pay a high coupon as the company is reorganizing, so right now, the funding should come from the bank market,” an investor focused on the Caribbean said.

TPH is meeting rating agencies this week, sources said, to outline a plan that prioritizes its more profitable oil and gas exploration and production (E&P) sector over oil refining, which was previously core to company operations.

The company has split into three entities – Heritage Petroleum, which will oversee the E&P business; Paria Fuel Trading Company; and Guaracara Refining Company – alongside holding company TPH.

“It is essentially a new company,” the investor focused on the Caribbean said.

TPH’s decision to scale back refining is due to the island’s lack of domestically produced crude oil and millions of dollars of capital expenditure required to upgrade the ageing asset, the sources said.

The refinery was producing 40,000 barrels per day (bpd) of crude, but operated at a capacity to produce 140,000 bpd, LPC previously reported. Petrotrin was importing 100,000 bpd to make up the difference between production and capacity.

CLEANING HOUSE

Morgan Stanley, Credit Suisse, Panamanian trade bank Banco LatinoAmericano de Comercio Exterior (Bladex), First Citizens Bank and Ansa Merchants Bank are arranging approximately US$1.2bn-US$1.4bn of loans.

The facilities will finance costs related to closing the refinery, severance pay for the 1,700 direct jobs lost last year and cover the US$850m bullet bond payment in August, the people familiar with the matter said.

Approximately US$400m was lent on a short-term basis, and proceeds were ring-fenced specifically for costs related to closing the refinery and paying off retrenched staff, the sources said.

Morgan Stanley is also understood to be working with TPH on a liability management exercise to repay, or refinance Petrotrin’s US$850m bond due in August, the sources said.

The banks involved and TPH declined, or did not respond, to requests for comment.

TPH is expected to secure this financing with proven oil reserves as collateral, but one source said the government of Trinidad & Tobago, which owns TPH, is reluctant to guarantee the funds as it may impact its own balance sheet and its investment grade credit rating.

Trinidad & Tobago has a sub-investment grade of Ba1 on its sovereign debt from Moody’s Investors Service, but S&P Global Ratings has the island in high-grade territory at BBB+.

“The lenders needed the reserves as a guarantee and I can’t see Petrotrin getting access to this money any other way,” an investment banker in the Caribbean said.

TPH is also understood to have secured working capital credit lines from local Caribbean banks including Republic Bank. These short-term lines, valued between US$178m-US$195m in total, are guaranteed by the government, the sources said.

In another cost-saving measure, TPH has engaged Scotiabank to oversee a sale of its refinery, two of the sources said.

The company has received expressions of interest from a mix of private investors and strategic oil and gas players, the sources said.

“Names being thrown around include Parkland, Glencore and even ExxonMobil,” the investment banker said of potential suitors for the Pointe-a-Pierre refinery.

Canadian petroleum products marketer Parkland Fuel Corp picked up exposure to the Caribbean in October 2018 when it agreed to buy a 75% stake in SOL Investments for roughly US$1.2bn, accessing oil deposits off the coast of Guyana and neighboring islands.

LONG ROAD AHEAD

TPH’s corporate reorganization is its first step back to profitability, but with an US$850m bond payment due in less than six months and approximately US$218.75m outstanding on a note maturing in May 2022, it has to act fast to convince investors of a bankable future.

“ is making progress, cleaning house and has taken some bold steps, but at a slow rate,” a second investment banker said. “But this whole restructuring will put the company in a better position.”

State-backed TPH also has the added benefit of government support as the company is Trinidad & Tobago’s sole distributor of oil products, a key supplier of oil and the island’s major retail gas station network.

TPH, under former name Petrotrin, raised US$850m in bonds in August 2009 with a 9.75% coupon to mature in August 2019 and sold US$750m in 15-year paper in May 2007 with a 6% coupon. Both of these securities have been reallocated under TPH, S&P Global said in a report on 16 January 2019.

Source: https://www.reuters.com/article/petrotr ... SL1N20Z0LS

[The_Honourable]

Well that didn't take long

Espinet: Paria Fuel for sale

PARIA, the fuel trading successor to Petrotrin, which was set up to secure a steady supply of fuel to meet this country’s needs, has been put on the market for sale.

Chairman of Trinidad Petroleum Holdings (TPH), Wilfred Espinet, said that two Requests For Proposal’s (RFPs) have been issued — one for the sale of the refinery and another for Paria Fuel.

Source: https://www.trinidadexpress.com/busines ... d72b3.html

[vaiostation]

Heard from someone in the union that they are going to purchase the refinery, agustus long hospital and point a pierre port soon.

[hydroep]

'$ 10.00 ah leetah', coming soon to ah pump near you...

[gastly369]

'$ 10.00 ah leetah', coming soon to ah pump near you...

Party cyard discounts?

[sMASH]

time to get solar powered cars...

[sMASH]

... on second thought, i might be a good opportunity for the gas sellers to buy it, as it is the right to import and choose suppliers.

[Redman]

The offer is probably for everything
The Refinery is significantly dependent on having feedstock,local market demand and a port for export and import...all across the road from one another.

Integrated oil companies work everywhere....except here.

[The_Honourable]

How come Paria operations was not transferred to NP?

Heard from someone in the union that they are going to purchase the refinery, agustus long hospital and point a pierre port soon.

Going or plan? I know that OWTU under their company Patriotic Energies sent in an RFP.

[vaiostation]

How come Paria operations was not transferred to NP?

Heard from someone in the union that they are going to purchase the refinery, agustus long hospital and point a pierre port soon.

Going or plan? I know that OWTU under their company Patriotic Energies sent in an RFP.

From what i've been told is that everything is already in motion, and the union just waiting to make the announcement to the public.
I guess that's why Roget has been so silent recently...

[vaiostation]

Well that didn't take long

Espinet: Paria Fuel for sale

PARIA, the fuel trading successor to Petrotrin, which was set up to secure a steady supply of fuel to meet this country’s needs, has been put on the market for sale.

Chairman of Trinidad Petroleum Holdings (TPH), Wilfred Espinet, said that two Requests For Proposal’s (RFPs) have been issued — one for the sale of the refinery and another for Paria Fuel.

Source: https://www.trinidadexpress.com/busines ... d72b3.html

PARIA, the fuel trading successor to Petrotrin, which was set up to secure a steady supply of fuel to meet this country's needs, has been put on the market for sale.

Chairman of Trinidad Petroleum Holdings (TPH), Wilfred Espinet, said that two Requests For Proposal's (RFPs) have been issued - one for the sale of the refinery and another for Paria Fuel.

'I can think of no strategic reason for the State to keep Paria Fuel as long as T& T's security of fuel supply and competitiveness of fuel pricing can be guaranteed,' Espinet said in interviews with the Sunday Express on Wednesday and last night.

When Petrotrin closed la! st year, TPH was established with three subsidiaries: Heritage Petroleum, which will oversee the exploration and production (E& P) business; Paria Fuel Trading Company; and Guaracara Refining Company, which is responsible for the Pointe-a-Pierre refinery.

Paria's predicament, according to Espinet, is that it is importing fuel to supply the local market as well as Petrotrin's former Caricom's customers, which is not necessarily a profitable venture.

In an interview with the Sunday Express on Wednesday to discuss the transition from Petrotrin to Heritage after three months, Espinet outlined his vision for Heritage and the steps being taken to deal with Petrotrin's assets.

He believes the sale of the refinery and Paria should go hand in hand.

He observed that one of the imm! ediate consequences of the closure of the refinery on November! 30, 2018 was 'the need to ensure security of fuel supply for the country which was formerly done by Petrotrin.'

He said: 'This wasn't something we determined we wanted to do as a business. We had to do it as an obligation so that the State, and the Government at large, could be comfortable there would have been no disruption.'

He noted that in the transition period of closure and restart, from producer to importer, there were no lines at gas stations and the company effectively met the demand for fuel and jet fuel.

'Paria was not a determination to be a business. Paria was a reaction to the fact that you needed to have ongoing supplies. What we did was form Paria quickly,' he said, explaining that it happened after the decision to close down the refinery.

To satisfy the local ! market, Espinet said, the equivalent to 25,000 barrels of oil is needed.

With regard to Caricom's customers, Espinet explained: 'Because I have a Caricom base, I was satisfying out of my refinery, I continued to satisfy my customers. So, 50 per cent of the total amount of fuel that I buy on world market, I sell to Caricom region. The problem is I am competing against the people I am buying from because I don't refine. I am buying from traders, and those people can sell directly to the people I am providing. I have a very little chance of being competitive.'

He said a lot of smaller islands in the region are already sourcing fuel from traders such as Simpson Oil Limited (SOL).

'We, as a board, looked at situation and determined, this is not a good business. You are competing against the people you a! re buying from. In looking at it, there is no margin in it and you are ! likely to lose money,' he said.

He said it was a board recommendation that TPH not continue in the fuel importation business.

'We recognise the need for there to be a continued supply situation for the local market. But that could be something that is taken over by people eventually,' he said.

To this end, the company has issued two RFPs - one for the refinery and the other for Paria but Espinet believes that they could be conjoined.

'Somebody working on the refinery will likely need the assets we are using for the importation of fuel. Again, somebody working on the refinery will have to have a market approach to things - and they will probably need to put the assets together. So we've gone out with an RFP which is wide in scope - we have asked for it s! eparately but it can be an offer for both items to be brought together,' he said.

'In my view, Paria is not an activity you want to own because more likely or not, you will lose money the way we do it. To someone in that trading business, it might be worth something to them,' he added.

Heritage's future

For Espinet, dealing with all of the outstanding issues of TPH, would free it to become a leaner, efficient, profit-driven entity which can stand up or partner with the international oil companies.

In Heritage, Espinet, a self-professed capitalist, sees the future and evolution of Petrotrin.

'It's purpose designed to compete,' he said.

At just three months, with a staff of! under 100, Heritage is solely focused on getting production levels u! p and dealing with Petrotrin's debt.

Espinet and his board managed the transformation away from Petrotrin, which involved him being in the news on a daily basis for several months and having to work on the companies simultaeneously, which involved settlements with workers, the hiring of new staff with a new work culture and the mothballing of the refinery.

He acknowledged it has been quite a feat.

'I don't think people recognise the extent of what went on, because it is huge,' Espinet said, referring to the process of managing the closure of the refinery, with the termination of thousands of unionised workers, and starting the successor companies in a tight timeframe.

He credited the large number of people who worked on managing those issues.

'The people involved did a seriously good job. An amazing feat. It has been done carefully and thoughtfully,' he said.

Last week, Reuters reported that TPH was in advanced debt restructuring talks with banks to secure new loans of up to US$1.4 billion based on oil reserves.

Espinet said the goal is to have financing in place before the US$850 million bullet bond becomes due in August.

He said Heritage has a team of people working full time to ensure that finances are secured as 'it's not feasible for us to continue' without that in place.

'We want to do it independent of the state,' he said.

'We have been on a programme, and have made it public, the re-financing of the enterprise is the major! undertaking that the board and the company has to achieve. Without fin! ance, you don't have a company. We have done a number of things, where we are redesigning the company from what its used to be to what it should be. All of that could only be sustained if we put the financing in place to sustain it.

'You would be aware of the overhang of a number of debt obligations which are coming due and that has impacted on the company's ratings and how it is viewed by financial organisations. Its attachment to the Government also has the potential to bring the Government's reputation into the scheme of things. One of the first courses of action- remove it (the debt) from the Government's portfolio,' he said.

His vision for Heritage?

'I would like to believe in order to preserve its independence we must put a structure in place and surely there are are opportunities for the state to own a substantial part ! of it plus to have other partners in it and for the local population to participate. There have to be opportunities for locals. We don't have that many of them,' he said.

But while that is his vision for the entity, its would have to be scantioned by the Government. For now, the goal is to produce oil and pay bills.

'We felt that the mandate the Government gave to the board was to make this a company that operates on the basis of being competitive and it should be sustainable and profitable.

'We want to have the best company in T& T,' he said.

[zoom rader]

^^^ the PNM prime Minster said his goverment is not in the bussiness of privatisation.

Someone not telling the truth.

[hydroep]

Opposition demands explanation of Paria sale
Gail Alexander

The first thing Prime Min­is­ter Kei­th Row­ley needs to talk about on his re­turn to T&T to­mor­row, more than his health, is Gov­ern­ment’s plan to sell Paria Fu­el Trad­ing.

That is the view of Move­ment for So­cial Jus­tice (MSJ) po­lit­i­cal leader David Ab­du­lah, while the Op­po­si­tion UNC lashed out at the Gov­ern­ment yes­ter­day af­ter a news­pa­per re­port­ed that Trinidad Pe­tro­le­um Hold­ings chair­man Wil­fred Es­pinet had said there was no rea­son for Gov­ern­ment to keep the state owned en­er­gy sub­sidiary.

Es­pinet said a re­quest for pro­pos­al has been is­sued for Paria as well as for the Pointe-a-Pierre re­fin­ery. He said there is no strate­gic rea­son for the state to keep Paria once fu­el se­cu­ri­ty and fu­el com­pet­i­tive­ness can be guar­an­teed and the com­pa­ny shouldn’t be owned since “the way we do it, you’ll lose mon­ey,”

En­er­gy Min­is­ter Franklin Khan didn’t re­spond to ques­tions about whether he sup­port­ed Es­pinet’s view and if this was planned all along. The OW­TU, which has bid for the re­fin­ery, didn’t re­spond to calls for com­ment.

How­ev­er, speak­ing on a ra­dio pro­gramme yes­ter­day, MSJ’s Ab­du­lah said: “Three months af­ter we warned Trinidad and To­ba­go, we’ve been vin­di­cat­ed. No less than the Prime Min­is­ter should ex­plain this im­me­di­ate­ly . . . to­mor­row.

“The oil in­dus­try’s health has been ag­gra­vat­ed by this abom­inable de­ci­sion to sell these as­sets. Mouth open, sto­ry jump out on Es­pinet’s part. Trinidad and To­ba­go now knows the nar­ra­tive they told Trinidad and To­ba­go last year on Petrotrin was a lie.

“Row­ley, Es­pinet, et al should be held ac­count­able for ma­jor eco­nom­ic crimes and re­moved. The du­plic­i­ty of Es­pinet and oth­ers is naked­ly ap­par­ent now. They had tout­ed these new busi­ness mod­els as the way to go when every­one said es­tab­lish­ing a fu­el im­por­ta­tion com­pa­ny, in­clud­ing to sell to Cari­com, made no sense. Now Es­pinet is ad­mit­ting this and al­so to bor­row­ing $1 bil­lion to pay bul­let pay­ments and sev­er­ance.

“What will hap­pen to Trinidad and To­ba­go’s and Cari­com’s fu­el se­cu­ri­ty if Paria is sold? In­stead of so­lu­tions on Petrotrin, Trinidad and To­ba­go is head­ing deep­er in debt and Her­itage oil pro­duc­tion fell al­so.”

Ab­du­lah said the cost of the Petrotrin equa­tion to T&T will be huge.

He added: “Lake As­phalt is ter­mi­nat­ing work­ers since, mi­nus the re­fin­ery, they must im­port bi­tu­men. Trin­mar field op­er­a­tors are al­so lay­ing off.”

Op­po­si­tion whip David Lee said in a state­ment: “Gov­ern­ment’s lies and its be­tray­al of cit­i­zens con­cern­ing Petrotrin is now clear giv­en Es­pinet’s state­ments. Of­fer­ing Paria for sale comes as a slap in the face to cit­i­zens still com­ing to terms with Petrotrin be­ing torn apart to the detri­ment of thou­sands.

“This ap­pears to be a con job per­pe­trat­ed from the very top. Their ac­tions were al­ways geared to­wards po­si­tion­ing Trinidad and To­ba­go’s na­tion­al pat­ri­mo­ny to be sold. Es­pinet must now say who our rev­enue streams are be­ing sold to, what pro­cure­ment method’s be­ing used, what mea­sures are be­ing im­ple­ment­ed to guar­an­tee Trinidad and To­ba­go’s fu­el se­cu­ri­ty and price sta­bil­i­ty? “

He said Gov­ern­ment hid its re­al in­tent from the start and had “pulled the wool over cit­i­zens’ eyes” and added that Es­pinet’s “fool­ish ra­tio­nale” that Paria can­not be prof­itable “ is to­tal­ly con­tra­dic­to­ry to what they told cit­i­zens be­fore.”

Lee said Gov­ern­ment and Es­pinet were act­ing as if the state as­sets be­longed to them.

“Is­sues con­cern­ing such pub­lic as­sets should have been brought for dis­cus­sion and scruti­ny to Par­lia­ment’s over­sight En­er­gy Com­mit­tee which hasn’t con­vened since Feb­ru­ary 2018. Gov­ern­ment is now plac­ing them on the chop­ping block to be sold free of debt, unions and all oth­er is­sues, which make them very fi­nan­cial­ly at­trac­tive to the pri­vate sec­tor.

“But fur­ther hard­ships await. Sale of Paria would mean to­tal re­moval of all sub­si­dies and an in­crease in fu­el prices.

Cit­i­zens would be at the mer­cy of those who seek prof­it and job loss­es will loom with the pos­si­ble clo­sure of Na­tion­al Pe­tro­le­um which would no longer be need­ed as the new own­ers of Paria would like­ly un­der­take their own dis­tri­b­u­tion,” he warned.

http://www.guardian.co.tt/news/opposition-demands-explanation-of-paria-sale-6.2.803246.4437a80c9f

[The_Honourable]

An example of business decisions conflicting with politics?

Gov't orders retraction of RFPs for Paria Fuel Trading Co.



Government has retracted all requests for proposals for the sale of the Paria Fuel Trading Company.

Minister of Energy and Energy Industries, Franklin Khan, said in a statement issued March 18, 2019, that an order was issued to retract any request for proposals for Paria Fuel Trading Company.

He said he has taken note of newspaper reports that "could give the impression that it is the intention of the Government to sell the Paria Fuel Trading Company Limited".

However, he said a mandate was never given for the divestment of Paria Fuel Trading Company.

"However, for the record, the Paria Fuel Trading Company Limited is a strategic state asset that plays a very important role in ensuring the security of supply of liquid petroleum fuels for the transportation sector of Trinidad and Tobago and for the general public."

"The Company is also invested with the ownership of strategic assets such (as) tank farms, port infrastructure and real estate which were previously owned by the predecessor company Petrotrin."

"As Minister of Energy and Energy Industries, I wish to make it clear that the divestment of Paria Fuel Trading Company is not within the current mandate given by the Government to Trinidad Petroleum Holdings Limited," he said.

Accordingly, Trinidad Petroleum Holdings Limited has been directed to withdraw and retract any advertisement or Request for Proposals that may have been inadvertently issued for the sale of the Paria Fuel Trading Company Limited.

"The public is assured that the Government and the Ministry of Energy and Energy Industries will continue to maintain oversight of the restructuring of Petrotrin and its transformation into viable, efficient and profitable companies, in order to ensure that all decisions taken in the energy sector and all associated subsectors are in the best interest of the citizens of Trinidad and Tobago," Khan said.

On March 16, 2019 the Trinidad Express reported that the Paria Fuel Company had been put on the market for sale.

Trinidad Petroleum Holdings Ltd chairman Wilfred Espinet had indicated that requests for proposals had been submitted both for the refinery and for the Paria Fuel Trading Company.

Opposition MP David Lee warned that this could result in a removal of subsidies and an increase in fuel prices.

The company forms one of four subsidiaries of TPH and oversees terminalling, fuel trading, product supply and logistics.

Source: http://www.looptt.com/content/govt-orde ... trading-co

[hydroep]

Somehow ah feel this related to the "up front payments demanded by fuel suppliers" and the alleged lack of support from the Ministry of Finance. If the cash flow situation is tight, Paria and by extension Espinet could find themselves in trouble and allyuh done know if things fall apart, the "blame Kamla" crew throwing his arse under the bus too. After all, is always everybody else fault...

http://www.guardian.co.tt/news/guardian-media-we-got-the-paria-story-right-6.2.763119.37a03dc5fc

[De Dragon]

Can anything else be expected from these incompetents? He said, she said. Really? With an asset so vital to the very lives of hundreds of thousands of citizens?

[The_Honourable]

Can anything else be expected from these incompetents? He said, she said. Really? With an asset so vital to the very lives of hundreds of thousands of citizens?

The man say the RFP was "inadvertently issued"

That process does go through several people for research, then a next set people to advertise. Is a box of biscuit dey recalling?

[De Dragon]

Can anything else be expected from these incompetents? He said, she said. Really? With an asset so vital to the very lives of hundreds of thousands of citizens?

The man say the RFP was "inadvertently issued"

That process does go through several people for research, then a next set people to advertise. Is a box of biscuit dey recalling?

They count on illiteracy to survive.

[Ben_spanna]

All of this because the fake oil and the involved people could get away without being prosecuted to the full extent of the law?

[sMASH]

All of this because the fake oil and the involved people could get away without being prosecuted to the full extent of the law?