Petrotrin refinery shut down

[elec2020]

de dragon is so toxic. whenever he feels the need to show how right he is he descends into a profanity laden tirade. newsflash that only makes u look more stupid than u really are

Pantyman, nobody was talking to you. Are you so LFDRFD PNM cult enamored that you feel the need to defend every single anti-LFDRFD PNM thing I post. I know Plastic is your mentor, and he needs all the help he can get but you're just irritating now.

this is a public forum though. its set up in a way that anyone can talk about anything and respond to anyone. if you don't like it pick it up with the mods

[elec2020]

de dragon is so toxic. whenever he feels the need to show how right he is he descends into a profanity laden tirade. newsflash that only makes u look more stupid than u really are

He acts as if him getting vex make him more right. As if facts don't matter to him. Continue to jam him with facts, his attitude is just a coping mechanism.

he is a very sad individual. with all that rage i wouldn't be surprised if he is a closet domestic abuser

[Redman]

So now one doesn’t have to be intimate to know....so your big position on hands on...is now inconvenient to you.

Kk got it.

At least you right they planning this a while..at least you got that right.

Well done.

Lemme make it simple so even your brain will comprehend.
ALL TAR's for a major industrial plant follow the same model, ALL. Therefore one doesn't need to know the specific details of Train 1"s to now how a TAR is planned and the time it takes. An anology to further help the 2NR PRO LFDRFD PNM Bag Seller, a mechanic doesn't need to know a specific engine to know what a rebuild entails, how long it takes, what parts you need, the cost etc.
Keep trying, JUHN Scarfy needs the cheering up!

But it is you who whining that the Govt rushing this thing...
First it was only people that work there,then the money then shareholding being the only way to increase the take, then it was the planning years in advance.
All shown to be long dealt with.
Pelt all the acronyms and childish invective....we all waiting for you to pelt facts.


In the mean time BP,Shell and Gortt are moving forward with what has to be done with their asset base- and GORTT is renegotiating to increase the take(I notice you quiet on that now-isnt learning fun?) on all 4 trains.
This is now important since transfer pricing denied the country significant revenues -especially in the hey days of 2008-14, and that the Asian markets are more important to us price wise.

[Habit7]

[toyolink]

So company makes big profit due to waiver of tax?
If only we all could be so lucky.
I wonder what the P&L would have looked like without a waiver.
The question now is what is the anticipated production yield we can look forward to from this 'massive reinjection' of foregone taxpayer money.
Hope the money ain't evaporate in other internal P&L line items that famous for drying up liquidity.

[Habit7]

So company makes big profit due to waiver of tax?
If only we all could be so lucky.
I wonder what the P&L would have looked like without a waiver.
The question now is what is the anticipated production yield we can look forward to from this 'massive reinjection' of foregone taxpayer money.
Hope the money ain't evaporate in other internal P&L line items that famous for drying up liquidity.

The SPT was $700K, the profit was $2B, do I need to do the math for you?

[sMASH]

is that profit gross or net?

[Habit7]

is that profit gross or net?

https://bfy.tw/Q99A

[Redman]

These days Smash experiencing technical difficulties with his online research.
Smash check Trinidad Petroleum Holdings Ltd website.

[sMASH]

tnx, already got that info right here.

[De Dragon]

So now one doesn’t have to be intimate to know....so your big position on hands on...is now inconvenient to you.

Kk got it.

At least you right they planning this a while..at least you got that right.

Well done.

Lemme make it simple so even your brain will comprehend.
ALL TAR's for a major industrial plant follow the same model, ALL. Therefore one doesn't need to know the specific details of Train 1"s to now how a TAR is planned and the time it takes. An anology to further help the 2NR PRO LFDRFD PNM Bag Seller, a mechanic doesn't need to know a specific engine to know what a rebuild entails, how long it takes, what parts you need, the cost etc.
Keep trying, JUHN Scarfy needs the cheering up!

But it is you who whining that the Govt rushing this thing...
First it was only people that work there,then the money then shareholding being the only way to increase the take, then it was the planning years in advance.
All shown to be long dealt with.
Pelt all the acronyms and childish invective....we all waiting for you to pelt facts.


In the mean time BP,Shell and Gortt are moving forward with what has to be done with their asset base- and GORTT is renegotiating to increase the take(I notice you quiet on that now-isnt learning fun?) on all 4 trains.
This is now important since transfer pricing denied the country significant revenues -especially in the hey days of 2008-14, and that the Asian markets are more important to us price wise.

It's cute that you actually consider that anyone could learn something from your sycophantic LFDRFD PNM servile flattery.
The fact that the LFDRFD PNM with the Art of the Deal team of JUHN and Goebbels "renegotiated" the gas price is why the insanity happened in the first place!
You're so dumb that you bought the LFDRFD PNM funding an entire TAR to the sum of $300M, (while being the minority shareholder, it bears repeating over,) as a wise investment The icing on this dotish cake is of course Guy Smiley's "we eh geh de gyas yet, hee hee hee"

[Redman]

I thought you had something to add, you just blathering on entertaining yourself.

Blather on

[De Dragon]

I thought you had something to add, you just blathering on entertaining yourself.

Blather on

Again, no solid defense, but still putting in transcript time

[Habit7]

[De Dragon]

20210118_131544.jpg

Good to see details being given about the projects.

[The_Honourable]

For Khan and Imbert to have a joint news conference, more than likely Patriotic/OWTU get blank again

D-DAY FOR PETROTRIN

After missteps and misguidance
by Anthony Wilson



MORE than two years after the refinery at Pointe-a-Pierre was mothballed, Cabinet met yesterday to decide the fate of the US$700 million bid submitted by Patriotic Energies and Technologies, a company established by the Oilfields Workers’ Trade Union (OWTU).

Minister of Finance Colm Imbert and Energy Minister Franklin Khan are to host a joint virtual news conference today to “address the Cabinet’s decision on the procurement process for the Petrotrin refinery,” according to a news release issued yesterday by the Ministry of Finance.

That procurement process for the refinery—which had been in operation for over 100 years when it was closed on November 30, 2018—has been prolonged by mixed signals and a misguided Cabinet.

The formal process began in March 2019, when the Government issued a request for proposals (RFP) for the sale of the refinery.

Some 77 companies responded to the RFP, with the Government’s evaluation team short-listing three companies that submitted compliant binding offers—OWTU’s Patriotic, New York-headquartered Beowulf Energy and German refiner and trader Klesch.

Speaking in Parliament on September 20, 2019, Imbert said the three shortlisted bidders were measured based on 12 criteria, which included financial capability, upfront consideration, history of refining and marketing experience and the refinery restart time.

Beowulf offered no upfront consideration, but instead proposed a lease payment of US$42,000 per month over a 15-year initial term (US$7.56 million), and a future 50/50 profit-sharing arrangement contingent on Beowulf recovering its capital investment and achieving a 15 per cent internal rate of return (IRR). Klesch’s proposal indicated the only payments to the Government would be through taxes.

Patriotic Energies was selected as the preferred bidder because it offered US$700 million for the refinery and the associated trading assets, which are held by Paria Fuel Trading Company.

Imbert told Parliament at that sitting that Cabinet had agreed that Patriotic be granted a three-year moratorium on all payments of principal and interest towards the purchase of the refinery and a further 10 years at a fair market interest rate to complete the payment of the sum of US $700 million it has offered for the refinery.

Cabinet’s decision to offer the OWTU-owned company 13 years to pay for the refinery, with the first three years being no payment at all, was based on the assumption that the refinery and trading assets were not pledged. But those assets were being held as collateral by the bondholders and lenders who financed the restructuring of Petrotrin’s debt to the tune of US$1.17 billion, including the US$850 million bullet payment.

Speaking at a news conference on October 31, 2020, Khan announced that the final Patriotic proposal had not been accepted by the Government and that Government would consider other options for the refinery and the trading assets.

Khan said the Patriotic bid failed to address three key issues: the first priority lien on the asset (the issue of pledging of the assets); the purchase price financing and the restart financing.

The day after Khan’s news conference, OWTU president general Ancel Roget held a news conference of his own at which he requested that the original evaluation committee, which had analysed the bids in August and September 2019, should be reconvened to evaluate Patriotic’s final offer.

Prime Minister Rowley agreed with Roget’s suggestion and directed that the committee should re-examine all Patriotic’s final submissions and make a recommendation to Cabinet by November 30.

Patriotic’s final offer was for an upfront payment of US$500 million for the refinery and the fuel trading assets.

In documents leaked by Opposition Leader Kamla Persad-Bissessar at a UNC Monday Night Forum, it was disclosed that Patriotic had received a letter from RBC Capital Markets in which it indicated it is “interested in assisting Patriotic and its prospective partners in relation to the opportunity,” by raising the US$500 million upfront payment.

Global commodities trader Trafigura, in another leaked document, “reaffirmed its desire” to provide US$500 million to finance the restart of the refinery.

And what about the fact that the refinery and the trading facilities are pledged?

At a post-Cabinet news conference on November 11, 2020, Imbert said the following: “The Leader of the Opposition also said we can’t sell it because there is a mortgage. Nonsense.

“Obviously if you are selling someone something, it must be free of all encumbrances. If any of you—and I am sure some of you have—are homeowners and would have entered into a purchase agreement to buy property, one of the most basic clauses in a purchase agreement is that the vendor (who is selling it) agrees that on completion of the sale, it would be free of encumbrances. We are not selling anything with any mortgage or lien on it. We will deal with that. That is a Government matter. That’s a matter for the Cabinet, for the Corporation Sole.

“If there is a lien, we can get the lien put on other assets. We can get the lien changed to something else. That is a matter for the Corporation Sole.”

Source: https://trinidadexpress.com/news/local/ ... 66c37.html

[wing]

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[Duane 3NE 2NR]

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Again

[The_Honourable]

Blanked

Again

Come on... we all saw this coming

[rebound]

Blanked

Again

I did not expect this....

[daxt0r]

hahaha and much lolz, silly wabbit PNM ruling since 1962 and tiefin an lying since then, how much election promises every materialize?
It so easy to fool dunce black ppl boy, ah lil juhsey, CEPEP work or in this case that they go get ah refinery.
Roget business fix after supporting the closure of PT, all da was jus pappy show for the election to fool the 320000 or so dunce onces that we party fixin we up.
In any event whoever get's it now if anyone gonna have a lot of work, i'm just hoping the govt sweaty palms somehow involved so our company can hit them some quadruple sole source invoices rofl just like with PT and the new companies that followed.

[Habit7]

hahaha and much lolz, silly wabbit PNM ruling since 1962 and tiefin an lying since then, how much election promises every materialize?
It so easy to fool dunce black ppl boy, ah lil juhsey, CEPEP work or in this case that they go get ah refinery.

[K74T]

[Habit7]

It is silly nostalgia over an old refinery that failed in 1985 and failed again 2018.

Importing and refining oil is not a business going to get any better. I am glad the GoRTT is out of it, let the chips fall where it may.

[The_Honourable]

Is like when the girl yuh tracking call you over but yuh never get the bull

Recall from Oct 31st when they get blank the 1st time

LOL...

Come on now... we ALL... ALL ALL ALL knew OWTU/Patriotic was not going to get that refinery. Yes they got played during elections, dangle that carrot in front of their faces and got walked straight into a wall of embarrassment.

They called Rowley bluff in 2018 and bid on the refinery, i'll give them that but even then Rowley's intention was to give that refinery to another entity.

[Redman]

I'm hearing Shell with gas stations thrown in

[16 cycles]

as in competition at pumps for np/unipet?

[Redman]

Unipet was the first step in what was supposed to be the liberalization of the fuel market .

Including removal of the fuel subsidy

So yes...full bore competition

[The_Honourable]

Patriotic's bid for Petrotrin refinery rejected again



One and a half months after a Cabinet-appointed committee was asked to review the proposal from the Oilfields Workers’ Trade Union’s Patriotic Energies Company Limited for the acquisition of Petrotrin’s Point-a-Pierre refinery, Government will today announce its back to the drawing board after rejecting the offer.

Well placed sources have told Guardian Media that the committee was of the view the proposal did not meet the minimum requirements and it was in the country’s best interest to go out and seek to engage another company to take control of the 100-year-old refinery.

The decision is likely to be a major setback for the OWTU, which lost a significant part of its union membership and power when the refinery was shut down in 2018 and has spent millions in consultancy fees as it tried to gain ownership of the refinery.

In the end, it appears the Government could not agree terms with the union and the refinery will continue to remain shut.

Yesterday, a media release announced that Finance Minister Colm Imbert and Energy Minister Franklin Khan will be hosting a joint virtual media conference at 11 am today to address the Cabinet’s decision on the ‘Procurement Process’ for the refinery.

Before last year’s General Elections, the issue of the refinery was a major topic on the platform with the United National Congress announcing its intention to restart the refinery itself, effectively taking it away from Patriotic Energies getting it. At that time, Patriotic was the preferred bidder and in talks with the Government.

This prompted the OWTU to attack the Opposition and to call on Government to conclude the negotiations before the elections. This did not happen and Prime Minister Dr Keith Rowley insisted the Government would not be pressured into a bad deal on the alter of political expediency.

On October 29 last year, Patriotic submitted a proposal for the purchase of the Petrotrin refinery. However, two days later on October 31, Khan announced Government had rejected Patriotic’s proposal. Noting that both parties were bound to non-disclosure agreements in these discussions, he said the key issues at the end of prolonged discussions were the purchase price financing, the restart financing and first priority lien on the assets.

“After much to-ing and fro-ing, exchange of letters and a series of meetings involved with the negotiating team, the Honourable Prime Minister and the Honourable Minister of Finance gave the parties an October 31 deadline to reach an agreement on the sale of the captioned asset,” Khan said then, adding the proposal did not address key outstanding issues and therefore did not meet the necessary criteria.

Rowley then instructed the evaluation committee to take a second look at the proposal and make further comments and recommendations. That report was submitted to Cabinet on November 30.

The refinery remains closed and there have been questions about the cost of the restart and whether Patriotic had the resources to make it work, both in terms of financial and management. There are estimates that to safely restart the refinery could cost in excess of 500 million and more likely close to a billion dollars.

Patriotic is wholly-owned by the OWTU.

In October 2018, Government decided to restructure Petrotrin.

The company was broken into subsidiaries, including Heritage, Paria Fuel Trading, Guaracara Refining and Petrotrin.

On May 21, 2019, Guaracara and Paria assets went to five short-listed bidders, including Patriotic Energies.

The following month, the Cabinet appointed an evaluation team headed by Vishnu Dhanpaul, the permanent secretary in the Ministry of Finance.

On September 20, 2019, Finance Minister Colm Imbert announced in Parliament that Patriotic was the preferred bidder and had offered an upfront payment of US$700 million for the refinery, plus US$300 million got its non-core assets.

Source: https://www.cnc3.co.tt/patriotics-bid-f ... ted-again/

[sMASH]

how roget do it again, lefff foot, riiite foot