Petrotrin

UNC: “We are not against the OWTU…”

The United National Congress has made it clear that the party did not file any lawsuit seeking an injunction to block the sale of the Pointe-a-Pierre Refinery.

The political party has issued an official statement, in which it explains that concerned citizens are the ones who’ve filed the constitutional claim.

The lawsuit has been filed against the Chairman of the Joint Select Committee on Energy Affairs—Finance Minister Colm Imbert—over his failure to convene a meeting for close to two years.

UNC moves to block sale of Petrotrin

The Unit­ed Na­tion­al Con­gress (UNC) is seek­ing an in­junc­tion tem­porar­i­ly block­ing the sale of Petrotrin’s Pointe-a-Pierre re­fin­ery. 

The par­ty, through its for­mer sen­a­tor Wayne Sturge, filed the in­junc­tion ap­pli­ca­tion yes­ter­day as part of a con­sti­tu­tion­al mo­tion law­suit over the fail­ure of Fi­nance Min­is­ter Colm Im­bert to hold a Joint Se­lect Com­mit­tee (JSC) on En­er­gy Af­fairs for the past 19 months. 

Moonilal questions Petrotrin purchase

Oropouche East MP Roodal Mooni­lal wants to know if there is third par­ty ma­nip­u­la­tion of the Oil­field Work­ers’ Trade Union’s (OW­TU) re­cent ac­qui­si­tion of the Pointe-a-Pierre oil re­fin­ery.

In his con­tri­bu­tion to the Bud­get de­bate yes­ter­day, the Op­po­si­tion MP raised ques­tions about who fa­cil­i­tat­ed a meet­ing be­tween CEO of Sun­stone Eq­ui­ties John Van Dyke and mem­bers of the union.

OWTU to buy Petrotrin refinery for US$700 million

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.

Petrotrin retirees to protest Wednesday

Retirees of Petrotrin are planning to protest outside of the now-defunct company's refinery on Wednesday.

A statement from the Oilfield Workers Trade Union (OWTU) says the retirees intend to stage the protest due to what they deem the government's failure to pay retroactive pension and increase for period 2011-2014 and 2014-2017 as mandated by the court. 

Petrotrin was shut down in November 2018 and replaced by three companies - Heritage Petroleum Company, Paria Fuel Trading Company and Guaracara Refining Company.

Rowley, OWTU clash over money paid to Petrotrin workers

While Prime Min­is­ter Dr Kei­th Row­ley said that an av­er­age of $.5 mil­lion was paid as sev­er­ance to each Petrotrin work­er when the com­pa­ny was shut down, the Oil­fields Work­ers’ Trade Union (OW­TU) has ac­cused him of dis­tort­ing fig­ures.

Speak­ing at the Peo­ple’s Na­tion­al Move­ment pub­lic meet­ing at the Pleas­antville Com­mu­ni­ty Cen­tre, San Fer­nan­do on Tues­day night, Row­ley said that “no one was tossed on­to the pave­ment to suf­fer”.

Rowley, OWTU clash over money paid to Petrotrin workers

While Prime Min­is­ter Dr Kei­th Row­ley said that an av­er­age of $.5 mil­lion was paid as sev­er­ance to each Petrotrin work­er when the com­pa­ny was shut down, the Oil­fields Work­ers’ Trade Union (OW­TU) has ac­cused him of dis­tort­ing fig­ures.

Speak­ing at the Peo­ple’s Na­tion­al Move­ment pub­lic meet­ing at the Pleas­antville Com­mu­ni­ty Cen­tre, San Fer­nan­do on Tues­day night, Row­ley said that “no one was tossed on­to the pave­ment to suf­fer”.

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. 

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