Wednesday 27 May, 2020

Kamla questions how OWTU is able to afford Petrotrin refinery

Opposition Leader Kamla Persad-Bissessar is questioning how a company owned by the Oil Field Workers Trade Union (OWTU) has puchased the Petrotrin refinery.

Finance Miniser Colm Imbert announced on Friday that the preferred bidder, Patriotic Energies and Technologies Company Limited, was to acquire the company at $700 million.

Persad-Bissessar said that while at face value the Opposition has no objection to the sale of the refinery to locals, there are several outstanding questions which need to be addressed:

"1 The Minister needs to explain how a company incorporated on December 4th 2018, just about 10 months ago, would be able to provide finance and expertise to secure a multibillion dollar industrial asset.

2 The Minister must explain the Cabinet’s decision to sell the refinery without undertaking any due diligence on the preferred bidder.We also call upon the Minister of Finance to state urgently any and all foreign partners associated with the preferred company.

3 The Government must explain under what circumstances they have taken a decision to give away a multibillion-dollar asset, without the payment of a single dollar to a company that is less than one year old."

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