Patriotic Energy and Technology said that it has met the Prime Minister’s deadline to submit a proposal for resolution of the issues.
In fact, they said that the proposal was submitted at 10:07 p.m on Thursday night.
According to a statement from the company, during negotiations for the sale of the Pointe-a-Pierre Refinery and the Port, parties encountered a major challenge with respect to the offer made by the Minister of Finance on September 20th 2019.
“On September 28th 2020, the Prime Minister gave the end of October as the deadline for parties to agree on a way towards final closure of the acquisition process.”
“However, it was only on last Wednesday, October 21st, 2020, that Patriotic finally met with the Ministerial Committee in an attempt to resolve the unique challenge associated with the Government’s offer of September 20th, last year.”
The company said that at last week’s meeting, they reiterated their commitment to complete the process and therefore agreed to submit a proposal to overcome the “stumbling block”.
Subsequently, they would have met with its international team and developed the proposal for the way forward.
The company said, “Patriotic earnestly hopes that this proposal will lead to the swift completion of the acquisition process, paving the way to the reopening of the refinery in the interest of the People of Trinidad and Tobago.”