Petrotrin refinery shut down

[kstt]

Nobody business bout Petrotrin they studying budget. Filling gas, buying lpg, buying groceries. Well played PM.

[gastly369]

Enjoy y'all super

[vaiostation]

^^^ regardless if the refinery was shut down or not, the price was still going to be increased.

[gastly369]

Yep...

[The_Honourable]

$2.6 billion to close Petrotrin refinery



Severance packages for retrenched Petrotrin workers are expected to cost the State in the region of $2.6 billion.

Finance Minister Colm Imbert made the announcement based on initial estimates as he delivered the 2018/2019 fiscal package in Parliament on Monday.

State-owned oil company Petrotrin began its phased exit of the refining business on October 1.

This transition process is expected to be completed on November 30.

Approximately 4700 employees – 3500 permanent workers and approximately 1200 non-permanent workers - are expected to be affected in this restructuring exercise.

The Minister said 1400 employees are eligible for retirement packages in the closure of the Pointe-a-Pierre refinery, with some 800 workers to be recruited in Exploration and Production and 200 workers for the terminaling business unit.

He gave the assurance that support will be provided to the retrenched workers to ensure they make the transition to their new circumstances, as he expressed confidence that the transition will bring the Company back to a position of profitability.

“We are confident that the reinvented Petrotrin will assume its rightful place in the economy and positively contribute to the Treasury.”

The termination benefits will be paid on time, and in full, he continued.

Imbert added that Government remains open to any alternative proposal to the refinery, stating that the majority representative union, the Oilfields Workers Trade Union still has the first option to operate the refinery.

The Minister stressed that the closure of the refinery was a hard decision that had to be taken as it has been consistently losing over $2 billion over a number of years and, if left, unchecked will have a negative impact on Trinidad and Tobago's economy.

Source: http://www.looptt.com/content/26-b-clos ... n-refinery

[sMASH]

Trinidad is the only country where buying gasoline and diesel is cheaper than buying crude and making gasoline and diesel

Remember they have to run the refinery at full capacity therefire they have to buy more than 100000 barrels per day of crude to add to our 40000 per day

The huge mega refineries in the states will be much more efficient that ours due to economies of scale

The only time a refinery makes sense is when there is a close supply of crude ( must be sufficient to satisfy maximum capacity which must large) and a big local market

Our refinery fails on both account

It is not even sensible for Guyana with its large reserves to run a refinery since they do not have a large local market

So what did we do with all the extra gasoline, aviation fuel, diesel etc. we produced? Did we dump it in the sea?

Or was Petrotrin the LEADING EARNER of foreign exchange?

Guyana has no refinery PRESENTLY because their massive breakthroughs in Oil discovery are relatively recent... if only there was a refinery close-by that could refine all that for them...

All that crude coming right here to refine, the owners of the refinery will make a big stink profit - but it won't be the people of T&T

I attended a Research Day held by UTT at NAPA about two months ago to showcase their faculty research projects. One of the sessions was on the energy industry and was done by an Economist. He said that Methanol was the largest forex earner for Trinidad and Tobago. Off course he had charts and slides etc so as much.

if MeOH is the biggest earner, then scrap that lng set up, and make products from the natural gas, and sell that, INSTEAD. selling the raw materials for peanuts, and buying back the processed products at premiums. ......

any way, one event per year in a stadium is fiduciary responsibility...

even if petrotrin is not the biggest foreign exchange earner, as long as it gives a net in, instead of out it would be good.

we are moving towards selling crude(raw material) and purchasing fuels(processed products)
with a net job loss.

andddd it posted an 85.6m profit as of 2018



pnm stoopid.

[Redman]

I'm hearing that the union made a boss offer on the refinery that had Espinet at a loss for words

[sMASH]

is wee money and future jumping up, so why we cant see whats going on?

referendum voting

[car]

I'm hearing that the union made a boss offer on the refinery that had Espinet at a loss for words

Tell me more on this.
** M**g*n?

[Monkey Man]

I hear unipet going to buy the refinery

[The_Honourable]

I'm hearing that the union made a boss offer on the refinery that had Espinet at a loss for words

Tell me more on this.
** M**g*n?

What kinda blues clues going on here... call name.

[RedVEVO]

PNM made a good decision to sell and or close Petrotrin .

It's time to send old people into retirement and allow a new company to emerge .

[alfa]

I'm hearing that the union made a boss offer on the refinery that had Espinet at a loss for words

Tell me more on this.
** M**g*n?

What kinda blues clues going on here... call name.

Union got Honeywell and JP Morgan interested in buying the refinery as well as paying off the debt while keeping almost all the workers. It's up to Oreos and Smiley face to say if they'll take the offer

[The_Honourable]

I'm hearing that the union made a boss offer on the refinery that had Espinet at a loss for words

Tell me more on this.
** M**g*n?

What kinda blues clues going on here... call name.

Union got Honeywell and JP Morgan interested in buying the refinery as well as paying off the debt while keeping almost all the workers. It's up to Oreos and Smiley face to say if they'll take the offer

Thanks alfa... i appreciate that shock

[ProtonPowder]

If they get investment bankers involved, they would gut petrotrin harder than anybody else could with even less recourse.

Maybe not immediately, but it will happen, and it will hurt.

[kstt]

I'm hearing that the union made a boss offer on the refinery that had Espinet at a loss for words

Tell me more on this.
** M**g*n?

What kinda blues clues going on here... call name.

Union got Honeywell and JP Morgan interested in buying the refinery as well as paying off the debt while keeping almost all the workers. It's up to Oreos and Smiley face to say if they'll take the offer

Espinet will say it not feasible or practical.

#hisshipwaiting

[gastly369]

I'm hearing that the union made a boss offer on the refinery that had Espinet at a loss for words

Tell me more on this.
** M**g*n?

What kinda blues clues going on here... call name.

Union got Honeywell and JP Morgan interested in buying the refinery as well as paying off the debt while keeping almost all the workers. It's up to Oreos and Smiley face to say if they'll take the offer

Espinet will say it not feasible or practical.

#hisshipwaiting

Already turned down..

[ingalook]

The Finance minister stated in the Budget that the OWTU still has first preference to buy the refinery...

If the government remains true to its word we may see the rise of a very powerful "Worker owned co-op" were the workers set their own salaries and hire the managers - very interesting indeed

Plus the asset would remain the property of the citizenry... time will tell...

[Redman]

I'm hearing that the union made a boss offer on the refinery that had Espinet at a loss for words

Tell me more on this.
** M**g*n?

What kinda blues clues going on here... call name.

Union got Honeywell and JP Morgan interested in buying the refinery as well as paying off the debt while keeping almost all the workers. It's up to Oreos and Smiley face to say if they'll take the offer

With a 400 M USD annual lease figure plus taxes

I only had one person say this so I was hoping for confirmation...thanks alfa

Apparently Honeywell is being financed by JP....and JP decision maker met with Union on Sunday to firm up.

I don't know why the union hasn't published this....Transparent information is the way to get best value for the assets

So I'm hoping this is true and there is a bidding was for the refinery

[neilsingh100]

I'm hearing that the union made a boss offer on the refinery that had Espinet at a loss for words

This is just a delay tactic and numbers don't lie. No investment bank or private equity would touch Petrotrin without breaking the union first. For the refinery you need an investor that has their own crude or an EPC company that can do the upgrades successfully at minimal cost to maximize the refining margins.

[Ben_spanna]

So if its goiong to cost $2.6 BILLION to close Petrotrin, then the public would like a full account of who receives how much? how much of that is to settle debt of the company itself? how much of that goes towards the workers? how much of that is being used to pay off exorbitant sums to high level managers who have already been raping this country of its money?
PUBLIHS it ALL with NAMES of all the managers and their levels!
We want Transparency, no one must profit from the closure.

[ADONI]

Ben, I sure that 2.6 Billion gonna jump up to 4 Billion... U know how d ministers like it here...

[car]

So if its goiong to cost $2.6 BILLION to close Petrotrin, then the public would like a full account of who receives how much? how much of that is to settle debt of the company itself? how much of that goes towards the workers? how much of that is being used to pay off exorbitant sums to high level managers who have already been raping this country of its money?
PUBLIHS it ALL with NAMES of all the managers and their levels!
We want Transparency, no one must profit from the closure.

2.6 billion is only for the workers. You ain’t start to check the refinery shutdown as yet. Take a look.
They say it will take 245m to shutdown the refinery. I wouldn’t be surprised if that figure reach a billion. You now start to talk about money.

[neilsingh100]

Back pay on termination? They giving these workers a wage increase before they terminate them?

[Pointman-IA]

I'm hearing that the union made a boss offer on the refinery that had Espinet at a loss for words

This is just a delay tactic and numbers don't lie. No investment bank or private equity would touch Petrotrin without breaking the union first. For the refinery you need an investor that has their own crude or an EPC company that can do the upgrades successfully at minimal cost to maximize the refining margins.

Agreed.
Same pissing thing I am saying.

[Allergic2BunnyEars]

Back pay on termination? They giving these workers a wage increase before they terminate them?

Guess things not as bad as the government is trying to portray. If you want to feel they doing backpay out of the kindness of their heart that’s on you.

[Joshie23]

Back pay on termination? They giving these workers a wage increase before they terminate them?

Guess things not as bad as the government is trying to portray. If you want to feel they doing backpay out of the kindness of their heart that’s on you.

Even still Neil, pick sense from nonsense as we say colloquially. People are so caught up with the vilification of the Petrotrin worker that even though the public got what they wanted by closing the company down, that common sense takes a leave of absence. Backpay aka retroactive payments is different from a wage increase.

A wage increase implies that yesterday you were making $10.00 per day before but from tomorrow you're supposed to be making $15.00 per day, as per our successful negotiation discussion.

Backpay implies that even though you're getting that increase tomorrow on paper, if I don't actually start to pay you that $15.00 until October 2nd of next year, I have to give you the extra $5.00 that you weren't receiving after we closed off negotiations for every day that you received $10.00 instead of $15.00 up to the 1st of October 2019, in a lump sum, maybe even with interest, hence backpay. Kinda like in the allegations against then President, Khalid Hassanali and co. Hope that helps.

[Redman]

I'm hearing that the union made a boss offer on the refinery that had Espinet at a loss for words

This is just a delay tactic and numbers don't lie. No investment bank or private equity would touch Petrotrin without breaking the union first. For the refinery you need an investor that has their own crude or an EPC company that can do the upgrades successfully at minimal cost to maximize the refining margins.

Your assumption is that the GORTT is putting out the accurate numbers on the refinery.

There are many that dispute that-given the management accounts et al published available.

The GORTT has yet to debate the numbers being put out there

[zoom rader]

I'm hearing that the union made a boss offer on the refinery that had Espinet at a loss for words

This is just a delay tactic and numbers don't lie. No investment bank or private equity would touch Petrotrin without breaking the union first. For the refinery you need an investor that has their own crude or an EPC company that can do the upgrades successfully at minimal cost to maximize the refining margins.

Your assumption is that the GORTT is putting out the accurate numbers on the refinery.

There are many that dispute that-given the management accounts et al published available.

The GORTT has yet to debate the numbers being put out there

Redman time to stop posting , I told you all months ago that Petrotrin will be sold off.

[shimon]

Trinidad is the only country where buying gasoline and diesel is cheaper than buying crude and making gasoline and diesel

Remember they have to run the refinery at full capacity therefire they have to buy more than 100000 barrels per day of crude to add to our 40000 per day

The huge mega refineries in the states will be much more efficient that ours due to economies of scale

The only time a refinery makes sense is when there is a close supply of crude ( must be sufficient to satisfy maximum capacity which must large) and a big local market

Our refinery fails on both account

It is not even sensible for Guyana with its large reserves to run a refinery since they do not have a large local market

So what did we do with all the extra gasoline, aviation fuel, diesel etc. we produced? Did we dump it in the sea?

Or was Petrotrin the LEADING EARNER of foreign exchange?

Guyana has no refinery PRESENTLY because their massive breakthroughs in Oil discovery are relatively recent... if only there was a refinery close-by that could refine all that for them...

All that crude coming right here to refine, the owners of the refinery will make a big stink profit - but it won't be the people of T&T

I attended a Research Day held by UTT at NAPA about two months ago to showcase their faculty research projects. One of the sessions was on the energy industry and was done by an Economist. He said that Methanol was the largest forex earner for Trinidad and Tobago. Off course he had charts and slides etc so as much.

if MeOH is the biggest earner, then scrap that lng set up, and make products from the natural gas, and sell that, INSTEAD. selling the raw materials for peanuts, and buying back the processed products at premiums. ......

any way, one event per year in a stadium is fiduciary responsibility...

even if petrotrin is not the biggest foreign exchange earner, as long as it gives a net in, instead of out it would be good.

we are moving towards selling crude(raw material) and purchasing fuels(processed products)
with a net job loss.

andddd it posted an 85.6m profit as of 2018



pnm stoopid.

Clearly you did't read the entire article 85.6m wasn't inclusive of the massive loses the refinery was taking.