Patriotic meets deadline, confident new proposal will be favored

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Patriotic meets deadline, confident new proposal will be favored

Patriotic Energies and Technologies Company Limited believes its newest proposal submission to government will find favor.

In January government announced that it had withdrawn the offer to Patriotic because of its inability to secure the US$500 million financial commitment needed to buy the refinery.
But after pleading for its proposal to be reconsidered government granted Patriotic a 15-day extension – until February 5 – to secure financing.

A report this morning states that Patriotic, which is owned by the Oilfield Workers Trade Union, met government’s deadline for it to prove it has the funds to buy the Pointe-a-Pierre refinery.

The union, via a statement, said the new proposal was sent around 1:42am this morning, on the deadline date, and they are confident its submission will find favour with government to acquire the ageing refinery and restart the company.

The union added: “We are confident that our very detailed submission will meet his favour as it demonstrates our ability to finance the acquisition price of US$500 million for Guaracara Refining and Paria Fuel Trading.”