Petrotrin

Petrotrin makes $1.7 billion operating profit in last year of service

State-owned Petrotrin made an operating profit of US$250.28 million or TT$1.67 billion during its last year in existence.

This was revealed in unaudited figures that the company’s successor, Trinidad Petroleum Holdings Limited presented recently to investors.

As at the year ended September 30, 2018, the revenues for Petrotrin, stood at US$1,045.20 or TT$7.08 billion.

The company’s Cost of Sales stood at US$195.45 million or TT$1.3 billion while Gross Profit US$849.75 million or TT$5.7 billion. 

La Brea residents lose negligence lawsuit against Petrotrin

Al­most 100 res­i­dents of La Brea who were af­fect­ed by an oil spill in De­cem­ber 2013, have lost their mul­ti-mil­lion dol­lar neg­li­gence law­suit against now-de­funct Petrotrin.

De­liv­er­ing an oral rul­ing at the end of a brief pro­ce­dur­al ap­peal at the Hall of Jus­tice in Port-of-Spain, Chief Jus­tice Ivor Archie and Ap­pel­late Judge Char­maine Pem­ber­ton up­held the de­ci­sion of a High Court judge who had pre­vi­ous­ly dis­missed the res­i­dents’ claim.

Espinet, Sahadeo on two boards of Petrotrin replacement companies

Former Minister in the Ministry of Finance Christine Sahadeo has been appointed to boards of two of the four companies that have been created to replace Petrotrin.
 
Sahadeo whose last tenure on a government board ended with her resignation from the Port Authority of Trinidad and Tobago has been named to the boards of Paria Fuel Trading Company and the Guaracara Refining Company Limited.
 
Heritage Petroleum and Paria Fuel Trading Company boards continue to be chaired by Wilfred Espinet while Reynold Adjodhansingh remains deputy chairman.

Petrotrin pays $50 million backpay to former non-permanent workers

Petrotrin says that it has transferred $50 million to commercial banks to fulfill its commitment to pay all former non-permanent workers outstanding backpay for the period 2011 to 2018.

Some 2069 individuals will benefit from the payout.

A statement by Petrotrin says that a team from PricewaterhouseCoopers (PWC) worked diligently during the past several weeks to ensure the company met its commitment to pay workers by January 15.

Petrotrin ceased operations on November 30, 2018, but the process for determining the amounts owed to each worker required detailed work.

Ex-Petrotrin workers protest over severance

Re­trenched Petrotrin work­ers staged a protest out­a­side the com­pa­ny's Pointe-a-Pierre fa­cil­i­ties this morn­ing de­mand­ing pay­ment of sev­er­ance, back­pay and oth­er ben­e­fits.

Po­lice of­fi­cers and sol­diers stood guard in front of the locked gates of the fa­cil­i­ty and gas tankers were rerout­ed to an­oth­er en­trance as about 100 for­mer work­ers blocked the gate

Oil­field Work­ers' Trade Union (OW­TU) Pointe a Pierre branch pres­i­dent Christo­pher Jack­man said about 1000 for­mer per­me­nant and ca­su­al work­ers were promised pay­ments by last Fri­day.

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