Patriotic Energies granted further 15 days to secure financing for refinery

Patriotic Energies granted further 15 days to secure financing for refinery

Minister of Finance, Colm Imbert, says the government grants Patriotic Energies and Technologies Company (Patriotic) a further fifteen days to secure to financing for the Point-a- Pierre refinery.

In a media release this afternoon Minister Imbert said a letter from Patriotic to Corporation Sole dated January 18, 2021, stated, “In our conversations with Credit Suisse, they have expressed great enthusiasm and confidence of their capacity to successfully finance the acquisition price of US$500 Million for Patriotic.”

Minister Imbert said accordingly in his capacity as Corporation Sole, he was directed by Cabinet to write to Patriotic today to inform them that Cabinet met and decided today that Patriotic will be given a further 15 days up to February 5th, 2021, to produce from Credit Suisse a firm binding commitment to finance for Patriotic the acquisition price, for the assets of US$500 Million.

Minister Imbert said by letter dated September 25th, 2019; (Patriotic) was informed that it was the preferred bidder for certain assets of Guaracara Refining Company Limited and Paria Fuel Trading Company Limited.

Minister Imbert said the first item in the list of deliverables referred to in that letter, was “confirmation of its ability to finance the purchase and operation of the Refinery”.

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