Wednesday 23 October, 2019

OWTU: Trust us, we hope to acquire Petrotrin's refinery for citizens

The Oil Field Workers Trade Union (OWTU) is pleading with the population to be patient and allow the process regarding its acquisition of the Petrotrin refinery to take its course.

The OWTU issued a statement in response to questions raised surrounding the deal.

The union says it has been at the forefront of insisting on transparency and exposing corruption at Petrotrin adding that it remains committed to transparently seeking out and doing what will serve the best interests of the country.

The OWTU further notes that its company, Patriotic Energies & Technologies Co. Ltd., has been given one month to present to the Evaluation Committee 10 deliverables which include the following:

1 Confirmation of its ability to finance the purchase and operation of the refinery

2 A draft Sales and Purchase Agreement (SPA) and various other Commercial Agreements inclusive of Crude Handling, Domestic Fuel supply, Natural Gas supply, Product Off-take, and Transition Support;   

3 A finalized Business Plan that addresses other key deliverables inclusive of the provision of a guaranteed, reliable and seamless supply of refined petroleum products to Trinidad and Tobago and the Caribbean region, ensuring the long term viability of the refinery, and reducing its carbon footprint; 

4 A statement of any fiscal incentives or tax concessions required from the Government of Trinidad & Tobago;

5 An approach to any historical environmental liabilities;

6 A Refinery Start-up plan which involves any necessary additional work inclusive of the Refinery Refurbishment plan and the Terminal start-up plan;

7 A plan for the supply of petroleum products during the transition to full operationalization by Patriotic of the refinery, inclusive of the finalization of an MOU with Trafigura PTE Ltd;

8 A suitable staffing plan, inclusive of senior management; 

9 Proof of qualification to engender the startup and performance enhancement processes for the new business as well as the evaluation of growth opportunities to deliver solutions that integrate information, analytics and insight, to solve client challenges at all points along the energy value chain; and

10 Approval from the Board of Directors of Patriotic for the definitive terms and conditions of the proposed transaction;

"The OWTU is confident that the Patriotic team will be working very hard over the next month to ensure that these deliverables are met. The Union is of the view that meeting these key deliverables will answer many of the concerns raised."

Meanwhile, the OWTU reiterates that all its activities have been in the national interest.

"The Union’s 82 years of struggle have been to bring justice and equity to the people of this country. Although the struggle related to the closure of Petrotrin and the acquisition of the refinery has been long and difficult for this nation, this Union looks forward to a better day for all. The re-opening of the refinery, in due course, will return a measure of stability and security to workers, families and the travelling public. The OWTU’s acquisition of this critical asset will benefit of the people of Trinidad and Tobago. All citizens may trust that the OWTU will continue to be guided by the best interest of nation."

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