killed off by the UNC?
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Was the oil industry in T&T
In reply to Chrissy
Naaah...it was the OWTU
In reply to Chrissy
The Oil Industry has been on the decline for years since the discovery of large Natural Gas deposits.Petrotrin needs 100,000 barrels per day approx 60,000 ( and Dropping) produced locally, rest bought to keep the Refinery running.
During such years Southern States in America need LNG
and T&T became their number one supplier.
The windfall, some should have been pumped into this area
developing the Oil fields by PetroTrin. Malcolm Jones
spent over 10 Billion T&T dollars of this windfall on a few failed projects, low sulphur plants that didnt work.
UNC charged him, Rowley when elected dropped all charges.
He bought existing systems from some Jewish Brothers in New York that never worked.
The PNM had the better of two Oil Booms during their elected mandate. T&T has a history of Oil for over a hundred years. Eric Williams sold the Oil industry to Americans. Texaco is still partying in White Plains, NY,for the sum that T&T paid for an outdated Oil Refinery at Pointe A Pierre.
How many years did the PNM govern?
How many years did the UNC Govern?
The above should tell you which entity failed T&T
In reply to sgtdjones
how will the boom in natural gas in the US affect TT?
In reply to camos
Its natural gas supply has dropped off , the Plants at Point Lisas are not running at full capacity. Not getting a full supply of Gas. Some plants could be mothballed.
These plants are owned by Canadian and German entities.
Rowley wanted the Dragon Field with Venezuela, that collapsed.
T&T has 4 trains for LNG, owned by foreign entities.
Train One might be mothballed after maintenance.
What ever LNG is sold , it goes to South America and the Far East at below world prices.
Rowley lies so damn much , it's impossible to find out T&T position.
T&T today is a major exporter of Liquified Natural Gas..forget Oil
...and T&T economy today continue to grow! Link Text
In reply to problemjay.
why that article did not say how much the economy grew by for the period?
In reply to camos
look even the IMF will let you know T&T economy continue to grow! Link Text
In reply to problemjayyou are saying the economy grew in the First Q of 2019 and I am interested in the rate of growth and neither of those articles has provided that figure,
He bought existing systems from some Jewish Brothers in New York that never worked.
The PNM had the better of two Oil Booms during their elected mandate. T&T has a history of Oil for over a hundred years. Eric Williams sold the Oil industry to Americans.
You all know that Seargeant Jones (socafighter) doesn't know what he is talking about ...
In reply to problemjay
The same IMF that led to Grenadian Davidson Boodoo's resignation when he refused to lie about the Trinidad Economy
Nuff slaves love their masters.
This is the fairest comment on GTL although still wrong . . .
Malcolm knew he would take the fall for the GTL disaster although the critical decisions will not have been his alone. The GTL plant was a good idea that backfired because of a bad choice of partner. Even as the project crumbled, Shell constructed a huge GTL plant in Qatar that is operational and profitable.
Regarding the upgrades at the refinery, not dismissing the cost overruns, had petroleum prices remained buoyant, Petrotrin would have reaped rich rewards and Malcolm would have been a hero.
Link Text
Remember too Trinidadians are lazy and they take years to build everything . . . Imagine fat boy socafighter describes the history of oil and gas without describing Ken Julien ....
Tell socafighter to stop reading trash from one side. Trinidadians lie.
Not everything they touched turned into black or gaseous gold: the billion-dollar steel mill, ISCOTT, was a financial disaster, such that by the early 1990s, it was first leased, then sold for US $70 million, a fraction of its construction cost, to Lakshmi Mittals Ispat. It was that plant that propelled Mittal into the global steel magnate he eventually became. To show his ingratitude for what T&T did for him, Mittal put the plant into receivership last year, sending hundreds of employees on the breadline, and forcing the closure of several smaller downstream steel operators.
In reply to Chrissy
That's why the gov't keep them at arm's length.
Great stuff there prof!
In reply to bravos
Naomi Klein included that letter among her resources
here
In reply to Barry
You mean Crackers
In reply to bravos
Like problemjay disappear?
In reply to Chrissy
In the link you posted, see the PDF on Davidson Boodhoo, the Grenadian brother who was an IMF economist, his article came out when I was still teaching in Brooklyn, I used his article and asked students to critique the IMF structural adjustment policies.
In reply to Emir
I too used both Naomi's book and Davidson's resignation letter in my lectures and tutorials
In reply to Barry
About the World GTL Deal
In 2005, Petrotrin and World GTL entered into a joint venture to build, finance and operate a gas-to-liquids plant in Trinidad. The $2.7 billion facility was supposed to convert natural gas into a more ozone-friendly liquefied form of diesel.
Although part of the structure of the plant was completed, it remained non-functional due to lack of appropriate technology. There were also issues with construction delays and extensive cost overruns.
Petrotrin initiated arbitration proceedings against the plants former owner in the International Chamber of Commerce and it eventually won. However, the arbitration award is yet to be paid.
World GTL initiated its own arbitration proceedings at London Court of International Arbitration, which was also won by Petrotrin.
Jones chose the Jews Boys from New York, the plant was a used one that didn't work. It was missing loops. So it would never work.
The Shell one was based on different technology.Shell had nothing to do with the one Jones bought.
You know not what you speak off.
In reply to Barry
Again you are posting crap.If it was such as you posted why did he leave it in bankruptcy. He bought a Steel Company in Canada that is larger that the one in T&T.
Founded in 1912, ArcelorMittal Dofasco is Canada's leading steel producer and a hallmark of advanced manufacturing in North America. With approximately 5,000 employees in Hamilton we are the city's largest private sector employer shipping 4.5 million net tons of high quality steel every year.Dofasco has become one of ArcelorMittal's best performing sites, setting benchmarks for other segments of the company.
The Mittals have been in the Steel business for decades.
In reply to Barry
Like I noted if you only knew something about the Oil and Gas industry you wouldn't post such crap. Everything at Pt Lisas are owned by foreign entities.
Think...T&T received just over 100 billion in Royalty ,(ie 10%) ...what did the shareholders of such foreign entities get...Plus that taxpayers paid for all the plants owned by foreign shareholders.
Same with the LNG trains.Repsol was selling T&T gas destined for Spain at 4 times the price in the Far East,
now where were these experts. How can an Electrical Engineer know anything about Chemical Engineering.
You know little of what you post.
In reply to Barry
Rowley wanted the Dragon Field with Venezuela, that collapsed.
How much gas are you getting at the moment ...NONE
You are clueless. A typical braggart Trini all mouth with no substance.
Malcolm Jones
Malcolm Jones, former chairman of Petrotrin, died at the Augustus Long Hospital, Pointe-a-Pierre, on Friday morning, knowing fully well that his name was never cleared in the World Gas-to-Liquid Plant scandal.
Jones was a very close friend of the late Prime Minister Patrick Manning.
He had been ailing for some time.
Jones was appointed Chairman of the Board of Directors and Chief Executive Officer at Petrotrin in 2002.
He tendered his resignation in 2010, following claims of misconduct.
Then Prime Minister Kamla Persad- Bissessar said Cabinet had ordered a forensic audit of the company, as she contended there were grounds for suspicion of misconduct at Petrotrin.
But when Keith Rowley became Prime Minister in September 2015, instead of investigating the allegations, he brought Jones right back to the Standing Committee on Energy. Things got even worse as Jones decided to call it a day and leave.
Last year, Oilfield Workers Trade Union (OWTU) president general Ancel Roget led a march outside Jones home at St Joseph Village, San Fernando.
Roget called for Jones dismissal as member of the State appointed Energy Steering Committee saying Jones had no right advising the Government on energy matters and should be dismissed. He described Jones as a failure.
Earlier that year, Attorney General Faris Al-Rawi announced that the State would no longer be pursuing a case against Jones, for breach of fiduciary duty, which had been brought under the Peoples Partnership Government. He said the State withdrew the US$109 million lawsuit against Jones arising out of the failed billion-dollar World Gas to Liquid Plant (WGTL) project.
The decision to drop the case meant that the State had to pay Jones legal costs amounting to $3.1 million dollars.
Three months later, Jones said he had had enough of being condemned and resigned his Cabinet-¬approved position on the Standing Committee on Energy.
As part of the judgement, Lord Phillip Sales said that the evidence in the claim suggested that there may have been some grounds for thinking that there was political interference in dropping the case against Jones.
Privy Council: Did politics taint end of lawsuit against Jones?
The guardian is your source?
In reply to Barry
Why is it making you look doltish.
It can based on your lack of knowledge.
In reply to sgtdjones
Lack of knowledge of what, socafighter?
If you had the money to visit Trinidad you would be more aware of the newspapers and their reporters- would you read something from ria taitt or Asha javed?
In reply to Chrissy
Problemjay = emir=stdjones ....
Brother, see below for Malcolm... I hope you werent referring to Ken....
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