Petrotrin refinery shut down

[Numb3r4]

How dare she make such accusations....he would never....do that...never do that...to us....sniff.

[De Dragon]

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.

So, another 2 years to find a second buyer? What a bunch of idiots we have in charge in this PNM GORTT. Two years? Preferred bidder status is almost guaranteed to get through, but only the PNM would bestow that on an entity, then say they not up to snuff. Maybe the hands of the PNM were not going to be sufficiently greasy enough?

[Numb3r4]

I don't think we'll have to wait another 2 years, I think we'll see the new and rightfully intended buyer soon enough.

[Redman]

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.

So, another 2 years to find a second buyer? What a bunch of idiots we have in charge in this PNM GORTT. Two years? Preferred bidder status is almost guaranteed to get through, but only the PNM would bestow that on an entity, then say they not up to snuff. Maybe the hands of the PNM were not going to be sufficiently greasy enough?

What the hell changed?

Below for the concise recap


https://www.caribbean-council.org/trini ... des-union/





He said Cab­i­net de­cid­ed on Pa­tri­ot­ic since it had the most “rea­son­able” re­sponse and bid more than Klesch which of­fered noth­ing, and Be­owulf which of­fered US$7.6m over fifteen years. He also told the media that it was Cab­i­net’s decision to defer Pa­tri­ot­ic’s payment “as it would guar­an­tee the refin­ery’s restart if it wasn’t bur­dened by the need to come up with that cash im­me­di­ate­ly” and meant that the company “could get on with the busi­ness of re­fur­bish­ing and restart­ing”.

Noting that restarting the refinery was a high priority because of the contribution it made to the Republic’s GDP, he said that without the previous high level of debt servicing and over­staffing government believed the new operators would have a good chance of success.

Addressing media con­cerns that the re­fin­ery was going to a union whose mem­bers in the past had been blamed for Petrotrin’s fail­ure, Imbert said that the union had been able to arrange to part­ner with one of the largest fu­el traders in the world on mar­ket­ing their prod­uct and were linked to well estab­lished fi­nan­cial in­sti­tu­tions in terms of fi­nanciers. The details however of who is behind the union remains confidential. Imbert later said that a mem­o­ran­dum of un­der­stand­ing that Pa­tri­ot­ic will sign with Trafigura, the Singapore-based commodity traders would only be for mar­ket­ing. Trinidadian media reports suggest that the OWTU will shortly name its financing sources.

[De Dragon]

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.

So, another 2 years to find a second buyer? What a bunch of idiots we have in charge in this PNM GORTT. Two years? Preferred bidder status is almost guaranteed to get through, but only the PNM would bestow that on an entity, then say they not up to snuff. Maybe the hands of the PNM were not going to be sufficiently greasy enough?

What the hell changed?

Below for the concise recap


https://www.caribbean-council.org/trini ... des-union/





He said Cab­i­net de­cid­ed on Pa­tri­ot­ic since it had the most “rea­son­able” re­sponse and bid more than Klesch which of­fered noth­ing, and Be­owulf which of­fered US$7.6m over fifteen years. He also told the media that it was Cab­i­net’s decision to defer Pa­tri­ot­ic’s payment “as it would guar­an­tee the refin­ery’s restart if it wasn’t bur­dened by the need to come up with that cash im­me­di­ate­ly” and meant that the company “could get on with the busi­ness of re­fur­bish­ing and restart­ing”.

Noting that restarting the refinery was a high priority because of the contribution it made to the Republic’s GDP, he said that without the previous high level of debt servicing and over­staffing government believed the new operators would have a good chance of success.

Addressing media con­cerns that the re­fin­ery was going to a union whose mem­bers in the past had been blamed for Petrotrin’s fail­ure, Imbert said that the union had been able to arrange to part­ner with one of the largest fu­el traders in the world on mar­ket­ing their prod­uct and were linked to well estab­lished fi­nan­cial in­sti­tu­tions in terms of fi­nanciers. The details however of who is behind the union remains confidential. Imbert later said that a mem­o­ran­dum of un­der­stand­ing that Pa­tri­ot­ic will sign with Trafigura, the Singapore-based commodity traders would only be for mar­ket­ing. Trinidadian media reports suggest that the OWTU will shortly name its financing sources.

Maybe the financier got fedup and issued a deadline of his own which neither party could agree to, or manage.? Like I said, preferred bidder public dress down is rare and indicates a process which came off the rails, if it ever was on the rails to begin with that is.

[4kin4kar]

This woman is so right, spot on. So sad we the black people cannot see it. Yes we came as slaves but they came way after as refugees and owning our country. Give a black man a gun and he will shoot his own, so sad.

[Redman]

Maybe the financier got fedup and issued a deadline of his own which neither party could agree to, or manage.? Like I said, preferred bidder public dress down is rare and indicates a process which came off the rails, if it ever was on the rails to begin with that is.

I don’t think that the finance side would rush to give a deadline....globally liquidity is high so they would wait...

At face value ...

Roget said that they met the financing side....1 and 2 of the 3 conditions Khan spoke about.

If the issue is 3.....then is today’s position different from the day the selection was made?

Cuz title is a major issue...and it’s GORTT responsibility.

[death365]

they will just move on to the next bidder on the list and start negotiations with them. should take 3 - 7 months not years.

[rebound]

What if...... this is a little distraction to show the public that OWTU had to fight but eventually got through, so there would be no question about the financier getting preferential treatment?

[elec2020]

Maybe the financier got fedup and issued a deadline of his own which neither party could agree to, or manage.? Like I said, preferred bidder public dress down is rare and indicates a process which came off the rails, if it ever was on the rails to begin with that is.

I don’t think that the finance side would rush to give a deadline....globally liquidity is high so they would wait...

At face value ...

Roget said that they met the financing side....1 and 2 of the 3 conditions Khan spoke about.

If the issue is 3.....then is today’s position different from the day the selection was made?

Cuz title is a major issue...and it’s GORTT responsibility.

The financing side may have wanted to renegotiate their terms as the energy sector's prospects for the next 3 years seem dim I mean who knows if the market will meet negative WTI futures again given low energy demand during the pandemic. Also Roget imo is not the most trustworthy source. Sorry let me correct that. No union leader is a trustworthy source

[death365]

y is trinituner so anti union? unions all over the world fight for workers rights and better conditions of employment. with out unions fighting there would be no:-

Sick leave
causal or occasional leave
paid vacation
standard working hours
standarized job descriptions
stopping child labour
osha legislation
etc etc etc

[MaxPower]

y is trinituner so anti union? unions all over the world fight for workers rights and better conditions of employment. with out unions fighting there would be no:-

Sick leave
causal or occasional leave
paid vacation
standard working hours
standarized job descriptions
stopping child labour
osha legislation
etc etc etc

Hello death365,

Trinis on the whole are Anti-Trini.

Therefore “we” have no unity as a people, no togetherness, no care.

This pandemic is a clear and present example.

[VexXx Dogg]

y is trinituner so anti union? unions all over the world fight for workers rights and better conditions of employment. with out unions fighting there would be no:-

Sick leave
causal or occasional leave
paid vacation
standard working hours
standarized job descriptions
stopping child labour
osha legislation
etc etc etc

Trinituner is not anti-union. There are just a lot of trolls and you have to filter the noise from the message.

[Lou Screuz]

I wonder if
the cargo that came in on that plane with delcy
has to be returned ?
or was it returned already ?
not too long after that meeting with the US ambassador ?



but there is a silver lining
at least nobody is talking about
the fake oil people
and the political party they finance

[Redman]

Having a problem what was happening at Petrotrin-with whatever contribution OWTU made to that state of affairs .....is anti bullsheeeit....not anti union.

y is trinituner so anti union? unions all over the world fight for workers rights and better conditions of employment. with out unions fighting there would be no:-

Sick leave
causal or occasional leave
paid vacation
standard working hours
standarized job descriptions
stopping child labour
osha legislation
etc etc etc

[elec2020]

y is trinituner so anti union? unions all over the world fight for workers rights and better conditions of employment. with out unions fighting there would be no:-

Sick leave
causal or occasional leave
paid vacation
standard working hours
standarized job descriptions
stopping child labour
osha legislation
etc etc etc

for me personally its because union's foster unproductive work environments and union leaders act like they have no broughtupcy. Some union leaders have also taken advantage of their positions (for example PSA workers have no pension plan but have been paying pension duties for years).

[K74T]

[Redman]

Again why can these findings be laid in fackin parliament. FFS.

[rebound]

Patriotic will get the Refinery at the end of this month... just enjoy the show.

[sMASH]

roget play for extra time and he gt... unless roget is a front for sum 1%, this is the last major play roget gettin in dat.

[The_Honourable]

The "Truth" behind the Patriotic Bid by David Abdulah

[Redman]

Honorable, thank you for that link up.

[The_Honourable]

Honorable, thank you for that link up.

No problem... he was very good in his presentation and revealed a lot.

The document he is speaking about is here: https://www.investopoli.com/en/bonds/tr ... 9401baa28/

Direct link to pdf: https://dl.bourse.lu/dl?v=ylMqFU/Tb0gdY ... TeEs7Qmd0=

[Redman]

There is additional info on trinidad petroleum holdings website....

Looks to me that the deferred upfront payment leaves the GORTT with out the ability to free up the asset,for transfer to the buyer.

Which means neither of the other 2 bids would have worked either.
So what deass was the selection committee doing last year?
So they take the one bid that would have worked .and defer the payment?

[wing]

It would seem that Imbert would have spoken out of turn before he had all the information, when he offered to defer the up front cash payment, only to find out afterwards what was the true status of Guaracara. In trying to score political points, they unnecessarily complicated matters for an entire year.

[Redman]

Well I think the GORTT should give the union every facility....not that Im pro union....I think we should have a local entity operating it...

Keep the value created here,keep forex here...and given the size of the operation there is plenty space to create wealth for the population.

Patriotic should create a legacy fund that houses a % of the refinery- for retirees and all the workers...this will spin off dividends and appreciate.

With the right approach to the Capital Market side -Patriotic can become a MAJOR presence in our day to day market- short term notes,forex etc....and on stabilisation of the org- we can IPO it out to the local market, and have various fixed income instruments.

A foreign owner will HAVE to focus on extraction of the value for their stakeholders.

[toyolink]

Our worst enemy with all these going-ons is time.
The refinery just keeps on ageing and timelines for cost effective and efficient recommissioning may soon start to enter the realm of non- viability to investors.
Our domestic inability to commit to processes and strategies with time being the essence continues to avoid us from getting our head above drowning conditions.
Patriotic will first appeal/beg for a second chance and if this fails litigation, including injunctions are going to fly.
Individuals with hopes of being re-employed must be suffering the onset of acute disappointment.

[Allergic2BunnyEars]

Our worst enemy with all these going-ons is time.
The refinery just keeps on ageing and timelines for cost effective and efficient recommissioning may soon start to enter the realm of non- viability to investors.
Our domestic inability to commit to processes and strategies with time being the essence continues to avoid us from getting our head above drowning conditions.
Patriotic will first appeal/beg for a second chance and if this fails litigation, including injunctions are going to fly.
Individuals with hopes of being re-employed must be suffering the onset of acute disappointment.

This really. People playing games with a valuable asset. Politics with something that affects us all.

[Dizzy28]

Our worst enemy with all these going-ons is time.
The refinery just keeps on ageing and timelines for cost effective and efficient recommissioning may soon start to enter the realm of non- viability to investors.
Our domestic inability to commit to processes and strategies with time being the essence continues to avoid us from getting our head above drowning conditions.
Patriotic will first appeal/beg for a second chance and if this fails litigation, including injunctions are going to fly.
Individuals with hopes of being re-employed must be suffering the onset of acute disappointment.

This.........toured the Mittal plant last month and the amount of work it looks like there would need, Petrotrin would probably be headed that way

[Cantmis]

Alot of ppl claiming the plant is worthless scrap iron , if they only knew the cost.