The Government of Trinidad and Tobago has decided not to go ahead with the sale of the Petrotrin refinery to Patriotic Energies Limited.
And now, through Trinidad Petroleum Holdings Limited, government will proceed immediately to return to the open market to explore all other options which may exist for the utilisation of the refinery at Guaracara Park in the shortest possible timeframe, with priority and main conditionality being to determine whether there are any suitable parties interested in operating the refinery.
This was revealed this morning by Energy Minister Franklin Khan, during a joint press conference
with Finance Minister Colm Imbert.
Khan confirmed that government could not have proceeded with the deal with Patriotic Energies, as the last proposal did not meet the minimum requirements.
He revealed that Patriotic Energies, owned by the Oilfield Workers Trade Union, was also unable to secure a letter of assurance from its bankers, Royal Bank of Canada so as to move forward with the purchase.
He highlighted a few points in particular for their declining the deal: that Patriotic was unable to get a letter of assurance from RBC; and that the Cabinet appointed committee concluded that it was not advisable for government to remove lien to facilitate sale to Patriotic
Khan said as a matter of urgency, “Trinidad Petroleum will submit for the consideration of cabinet in three weeks time, proposals for the canvassing of the current market for the exploration of options for the utilisation of the asset of Guaracara park.
Energy Minister Franklin Khan said “government over this period, has bent over backwards to facilitate this deal.