Minister of Finance Colm Imbert and Energy Minister Franklin Khan are to host a joint virtual news conference at 11am today to “address the Cabinet’s decision on the procurement process for the Petrotrin refinery.”
There are reports that the Cabinet-appointed committee met yesterday and was of the view the Patriotic Energies proposal did not meet the minimum requirements and it was in the country’s best interest to go out and seek to engage another company to take control of the 100-year-old refinery.
However, this has not been confirmed.
The formal process began in March 2019, when the Government issued a request for proposals (RFP) for the sale of the refinery.
Patriotic Energies was selected as the preferred bidder because it offered US$700 million for the refinery and the associated trading assets, which are held by Paria Fuel.