Petrotrin

OWTU to buy Petrotrin refinery for US$700 million

Cab­i­net has agreed to se­lect Pa­tri­ot­ic En­er­gies and Tech­nolo­gies Com­pa­ny Ltd (PET­CL),- a com­pa­ny whol­ly owned by the Oil­field Work­ers Trade Union (OW­TU) as the pre­ferred bid­der for the sale of Petrotrin's re­fin­ery.

The an­nounce­ment was made by Fi­nance Min­is­ter Colm Im­bert in Par­lia­ment.

Petrotrin retirees to protest Wednesday

Retirees of Petrotrin are planning to protest outside of the now-defunct company's refinery on Wednesday.

A statement from the Oilfield Workers Trade Union (OWTU) says the retirees intend to stage the protest due to what they deem the government's failure to pay retroactive pension and increase for period 2011-2014 and 2014-2017 as mandated by the court. 

Petrotrin was shut down in November 2018 and replaced by three companies - Heritage Petroleum Company, Paria Fuel Trading Company and Guaracara Refining Company.

Rowley, OWTU clash over money paid to Petrotrin workers

While Prime Min­is­ter Dr Kei­th Row­ley said that an av­er­age of $.5 mil­lion was paid as sev­er­ance to each Petrotrin work­er when the com­pa­ny was shut down, the Oil­fields Work­ers’ Trade Union (OW­TU) has ac­cused him of dis­tort­ing fig­ures.

Speak­ing at the Peo­ple’s Na­tion­al Move­ment pub­lic meet­ing at the Pleas­antville Com­mu­ni­ty Cen­tre, San Fer­nan­do on Tues­day night, Row­ley said that “no one was tossed on­to the pave­ment to suf­fer”.

Rowley, OWTU clash over money paid to Petrotrin workers

While Prime Min­is­ter Dr Kei­th Row­ley said that an av­er­age of $.5 mil­lion was paid as sev­er­ance to each Petrotrin work­er when the com­pa­ny was shut down, the Oil­fields Work­ers’ Trade Union (OW­TU) has ac­cused him of dis­tort­ing fig­ures.

Speak­ing at the Peo­ple’s Na­tion­al Move­ment pub­lic meet­ing at the Pleas­antville Com­mu­ni­ty Cen­tre, San Fer­nan­do on Tues­day night, Row­ley said that “no one was tossed on­to the pave­ment to suf­fer”.

Petrotrin makes $1.7 billion operating profit in last year of service

State-owned Petrotrin made an operating profit of US$250.28 million or TT$1.67 billion during its last year in existence.

This was revealed in unaudited figures that the company’s successor, Trinidad Petroleum Holdings Limited presented recently to investors.

As at the year ended September 30, 2018, the revenues for Petrotrin, stood at US$1,045.20 or TT$7.08 billion.

The company’s Cost of Sales stood at US$195.45 million or TT$1.3 billion while Gross Profit US$849.75 million or TT$5.7 billion. 

La Brea residents lose negligence lawsuit against Petrotrin

Al­most 100 res­i­dents of La Brea who were af­fect­ed by an oil spill in De­cem­ber 2013, have lost their mul­ti-mil­lion dol­lar neg­li­gence law­suit against now-de­funct Petrotrin.

De­liv­er­ing an oral rul­ing at the end of a brief pro­ce­dur­al ap­peal at the Hall of Jus­tice in Port-of-Spain, Chief Jus­tice Ivor Archie and Ap­pel­late Judge Char­maine Pem­ber­ton up­held the de­ci­sion of a High Court judge who had pre­vi­ous­ly dis­missed the res­i­dents’ claim.

Espinet, Sahadeo on two boards of Petrotrin replacement companies

Former Minister in the Ministry of Finance Christine Sahadeo has been appointed to boards of two of the four companies that have been created to replace Petrotrin.
 
Sahadeo whose last tenure on a government board ended with her resignation from the Port Authority of Trinidad and Tobago has been named to the boards of Paria Fuel Trading Company and the Guaracara Refining Company Limited.
 
Heritage Petroleum and Paria Fuel Trading Company boards continue to be chaired by Wilfred Espinet while Reynold Adjodhansingh remains deputy chairman.

Petrotrin pays $50 million backpay to former non-permanent workers

Petrotrin says that it has transferred $50 million to commercial banks to fulfill its commitment to pay all former non-permanent workers outstanding backpay for the period 2011 to 2018.

Some 2069 individuals will benefit from the payout.

A statement by Petrotrin says that a team from PricewaterhouseCoopers (PWC) worked diligently during the past several weeks to ensure the company met its commitment to pay workers by January 15.

Petrotrin ceased operations on November 30, 2018, but the process for determining the amounts owed to each worker required detailed work.

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