Cabinet has agreed to select Patriotic Energies and Technologies Company Ltd (PETCL),- a company wholly owned by the Oilfield Workers Trade Union (OWTU) as the preferred bidder for the sale of Petrotrin's refinery.
The announcement was made by Finance Minister Colm Imbert in Parliament.
Imbert said PETCL's indicated upfront cash US$ 700 million for the refinery assets plus US$300 million for the non-core assets of legacy Petrotrin.
However, the non-core assets were not offered for sale by the Government.
PETCL was one of three bidders.
Imbert said Cabinet also agreed that PETCL be granted a three-year moratorium on all payments of principle on interest toward the purchase of the refinery.
Reporter: Shaliza Hassana