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In reply to Narper


Sad.



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In reply to Ewart

A necessary move. Petrotrin needs to pursue exploration. Soldado field has been tapped since 1913. better the refinery closes than the whole company is destroyed

In reply to Jumpstart

I agree..this is why people need to read into the details to understand the issue in its entirety

In reply to problemjay

Hoss, asking a the new gen of trinis to read is like trying to find a needle in a haystack. that is why bacchanal, innuendo and rumors could quickly become fact now. Ah boy, we were such a literate and informed people......at least somebody dealing with it. petrotrin in trouble years now and two admins ignored it

Wow! You can got to be really messed up when a country that at one point had the highest amount of cars per capita cant make it in the oil refining business, with a worldwide shortage of refining capacity and every jack mandora discovering new deposits of oil daily. I think we go need to reexamine this Trini expertise in the oil business after this news.

In reply to Narper

When Tate & Lyle ran Caroni it was profitable, then the T&T government ran it into the ground. Political hacks were put into Leadership roles leading to losses.

Today, Government 10 day wuk programs costs more than it would to sustain over 15,000 employed in the sugar industry.WE import all of our sugar.It was Indians on the bread line so who cares.

Now we see PetroTrin again lead by Political hacks,Malcolm Jones as the leader , losing billions in plants that dont
work. Two Jewish guys in NY conned him about the billion dollars plant missing loops. I met him at his office, he was clueless with Manning as his friend.

There was no doubt that the board of the late Malcolm Jones had to reconfigure the refinery if it was to stay in business, but Petrotrin did so on borrowed money that was not used efficiently with massive cost overruns. However the company has a debt of TT$13B, owes the Government TT$3.5B in outstanding taxes and royalty, and has a bullet payment valued at US$850M due in November next year

Petrotrin imported over 15 million barrels of crude oil for the refinery 40% of the crude oil imports came from Russia, 29% from Colombia, 22% from Gabon, 8% from Canada and 1% from Barbados.

The end results Petro Trin cannot survive, an oil refinery
in a country producing natural gas, less that 65,000
barrels of oil per day and dropping.It needs to import 110,000 barrels of oil per day and loses almost 3 dollars per barrel after its is refined.Importing oil to lose money.
Unions in T&T are a problem, because of union the steel mill closed it doors, union cause (BP) to take their oil rig over sea to be completed, and now union OWTU may cause the Gov't to close (PETROTRIN)

This refinery will be sold, the new owners can update with AI resulting in massive lay offs of the 3,500 employees and over 100,000 people that depend on it.

Point Lisas is a success partially based on foreign ownership, technology and management, now with reduced gas supplies they are shutting down plants and running others at lower than capacity. These foreign entities can move these plants overseas when ever it suits them


Lets look at Atlantic LNG , recently accounting has shown the Majors that run it failed to pay over 6.5 billion in taxes. They will not pay it, they can take all the trains and move elsewhere its their property.

Note all these plants have been paid for by taxpayers, now owned by foreign entities.

How many in T&T are aware of such , but we jamming .

In reply to carl0002

In reply to sgtdjones

Maybe you guys can strike a deal with Guyana to have her refine some of her oil instead of shipping to Texas? Oh my bad the GOG gave Exxon total control of refinery options etc and so on and so forth.

In reply to Runs

Exxon has the capacity to handle all of the oil from Guyana in its refineries. I will be in Houston in Jan/Feb 2019 and will see the results of the Guyana oil samples after they are run thru various pilot plants at its Research labs.

To take control of Petro Trin one must look at its liabilities
Exxon has shrewd management and are very careful of such investments.

We have a steel mill thats shut down to be moved soon.
I see the refinery being moved in a few years by its new owners.

In reply to sgtdjones

In reply to googley
Whatever the man does does not matter,the fact that he can dish out so much facts is quite an education,read and digest.

In reply to Jumpstart

Yes. I understand. My sadness is that it has become necessary. This speaks to poor planning and poor management.


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In reply to sgtdjones
I dont know but they always boasting about it.

It will be felt at the pump...And manufacturers.

In reply to googley

Let us not soca fight over TT oil

In reply to carl0002

Carl

The only expertise Trin's have in the Oil business is at the well head , labour.

See Alberta and Saskatchewan over 300 families

Nigeria over 50 families

T&T paid over 300 million for an obsolete Texaco refinery,
They are still celebrating in White Plains , New York about this deal.

I am still trying to find a success story in T&T with Oil and natural Gas,my fellow citizens leading it.Ignore the Trini boasters

I am called a hater and one who shits on T&T by
posting facts.

T&T citizens got Royally screwed on all its gas deals to date.

T&T got 90 billion in Royalties Approx 10%, figure out how much foreign Companies got for their shareholders.
Plus the shareholders own all the plants. deducted from
T&T profits in the first 8 years.

Would you trust these guys?, I am a Trini and I wouldn't trust them.

In reply to granite

In reply to DAVE400

Soon, you will be paying the world price without subsidies,
Ouch.

Imagine the poor that has kids in school and depend on transportation,Food cost etc the ripple effect.

Tough times are ahead in Paradise.

Various Governments squandered the citizens mineral wealth.

Petrotrin records profit..

Serious big team leader that,Espinet...

All the top economists in T&T saying given the challenges Petrotrin faces today, this is a good move.

In reply to problemjay

CC/sissy 'experts' would beg to differ..

In reply to bravos

Only a handful of refineries has been built in the western hemisphere in the last two decades. Operators should not be short sighted.

In terms of the company, if it such a mess, it should be sold to private entities. Governments should not be in the business of running corporations. They inevitably run it into the ground.

In reply to sgtdjones

So this is where it went sideways?

If Tate & Lyle was doing a good job why the Government took it over?

In reply to XPert

Bingo!

In reply to carl0002

As usual in the Caribbean the government approached the British Company and it was sold, outdated sugar Plants.

Same thing happened with Texaco refinery, the Government overpaid Texaco for this outdated plant called PetroTrin.

Have you ever heard about any Government project that was built on time and under budget in the Caribbean?

Such dont exist.

In reply to problemjay

In reply to carl0002