Wednesday 25 November, 2020

Patriotic gets October 31 deadline to close refinery deal

Photo: Finance Minister Colm Imbert. Credit: Office of the Parliament of Trinidad and Tobago.

Photo: Finance Minister Colm Imbert. Credit: Office of the Parliament of Trinidad and Tobago.

Should Government and Patriotic Technologies not reach an agreement on the acquisition of the Pointe-a-Pierre refinery by the end of the month, Government will consider “other options”.

Finance Minister Colm Imbert gave an update on the deal as he delivered the 2021 national budget in Parliament on Monday.

He said: “Government is currently engaged in protracted discussions and negotiations with Patriotic Technologies with a view to satisfactorily concluding the conclusion of a sale and purchase agreement of the Pointe-a-Pierre refinery in the interest of all concerned.”

Imbert said Government’s deadline for the completion of the exercise is October 31.

He explained what would happen if an agreement is not finalised by the deadline.

“If an agreement cannot be reached on a viable or practical contractual agreement by that time after giving Patriotic all possible opportunities to finalise the terms of the agreement, the process will be brought to an end and the Government will consider other options for the sale of the refinery.”

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