Tuesday 28 January, 2020

Petrotrin seeks operating cost reduction

Petrotrin is seeking ways to reduce its operating costs in light of the company’s “fragile cash flow position”.

In a message to employees on Wednesday, President Fitzroy Harewood was open about the damage caused by Tropical Storm Bret.

Operations at Petrotrin’s Pointe-a-Pierre refinery have been hampered following a major power failure last Friday, which Harewood said has presented a “major challenge”.

“The interruptions associated with the storm and the power failures have further exacerbated the already fragile cash flow position of the Company and present us with a major challenge.”

Harewood did not mask the seriousness of the situation as he urged all employees to seek out opportunities to reduce the cost of operations through discretionary spending and controlled overtime.

Line Managers have been tasked with ensuring “prudent cost management”, which the Petrotrin President expects will be supported by all team members.   

Harewood stressed that the next few days are critical as the Company’s Refinery and Marketing Division work to ensure that refinery operations are restored.

He promised to provide an update on the Company’s performance year to date, as well as required business imperatives to the end of the fiscal year.

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