Gov't announces new companies to replace Petrotrin

Petrotrin is no more. The two companies coming out of the defunct State enterprise are Heritage Petroleum Company and Paria Fuel Trading Company.

Heritage Petroleum is the new exploration company while Paria Fuel Trading will handle fuel logistics and the energy trading aspect of the business.

The company began its roll out of the new companies even as the matter of its injunction appeal is still to be substantively read out in the Court of Appeal.

The Industrial Court sanctioned injunction had been lifted for just one week last Wednesday. 

But today two advertisements of the new companies appeared in the daily paper.

According to the adverts, Heritage Petroleum Company stands on the platform of expertise from the 100 years of oil and gas experience "poised to usher in a new era in oil an gas exploration".

The advertisement notes that Heritage Petroleum would be more than the infrastructure and natural resources".

"We will recover sustainably and profitably, our greatest assets will be our technical and operational excellence, strategic thinking an most of all, the quality of our people," the advertisement said.

The Heritage Petroleum said it will invest in proven technology and a performance-driven team of people with the best ideas.

The Paria Fuel Trading company is a state-owned company with access to strategic linkages and high-level market intelligence.

"Our significant infrastructure positions us to offer sale, responsible and efficient terminal operations which will facilitate the reliable importation of and trading of petroleum products," the company advertisement said.

This company will remain located in Pointe-a-Pierre, with the fuel terminal positioned at the Gulf of Paria.

The company describes itself as "performance-driven" and a key player in the local energy industry.

"We will ensure fuel security for the country, supplying world-class fuels for automotive, marine and aviation applications in addition to bunkering and selling crude to the world," the company advertisement said.

These company advertisements and even its formation was condemned by the Oilfields Workers Trade Union which reminded the Petrotrin executives that the matter is still before the Court of Appeal.

- by Renuka Singh

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