Who will be affected by Petrotrin closing

[nervewrecker]

credit unions and ripple effect to the members of the credit unions cuz when debt runs high dividends and so on start too cut down and less profit made

Good point. TECU — the goto CU for many of these workers — may be hit particularly hard if the unemployed are forced to draw down on their savings to live. Less capitalization will impact on the return to other members not directly affected by the closure. Those who depend on the dividend income may have to make some adjustments as well.

I feeling to take out my savings from tecu.

Palo credit union and penal credit union might crash as well.

[VexXx Dogg]

Use the learnings from Caroni.
People will adapt.
Some will find jobs in other industries/countries. (Guyana, hint hint)
Small businesses will bloom.
Increase in taxi drivers.
Marabella will not be under business threat, growth actually exploded in Couva post-Caroni.

It will be painful in the beginning, and I pray that those workers can find their footing quickly before their severance package depletes.
Hope they don't do what some Caroni workers did and drink out their money and life and flood their entire street with rum until the $ is gone.

[airuma]

Use the learnings from Caroni.
People will adapt.
Some will find jobs in other industries/countries. (Guyana, hint hint)
Small businesses will bloom.
Increase in taxi drivers.
Marabella will not be under business threat, growth actually exploded in Couva post-Caroni.

It will be painful in the beginning, and I pray that those workers can find their footing quickly before their severance package depletes.
Hope they don't do what some Caroni workers did and drink out their money and life and flood their entire street with rum until the $ is gone.

You forgot HCU.... I’m seeing plenty CU talk here, maybe Rowley’s National Housing Bond might have some investors!

[De Dragon]

Biden said something today while speaking at That fella funeral.

He said that if we attack motives instead of the substance we can never reach consensus.

Seems correct.

IF PT has to take these decisions/actions to plug the huge drain on OUR monies, then so be it. Like many actions, by many admins however, it would seem that the writing was on the wall for several years before the plug was pulled, and rather than gradual measures to stop the rot in the incipient stages we're now essentially at an end game.

[Redman]

The challenge is the constant drive to contextualize every thing in a binary choice.
Workers OR management
Union or govt
Unc or PNM

It's the mechanism that guarantees we don't evolve to useful dialogue.

[kstt]

https://www.trinidadexpress.com/news/lo ... eb144.html

[civic minded]

Honestly what was done , needed to be done - what I don't agree with is the closing down of the refinary , there are many other assets petrotin have and serve no purpose such as the marketing Dept. The Marine Dept . Get rid of these and sub contract the maintenance . I agree with fire everyone and rehire on new salary structure. The refinary is what pump revenue for the country , it's costing more to refine now cause it not running at full capacity - get the crude oil from venezula and gayana to bring it to Max and we can turn a profit.

[MaxPower]

People not seeing how big the effect this will have and are only concerned about themselves.

Please add to the list.

Who will be affected:

Employees, Employee families, contractor, contractor employees, contractor employee families, taxis, food vendors, hire purchase stores, banks, gas price, lpg price, fast food price, transport for EVERYTHING, etc.

Rise Bar, Chaguanas.

[kstt]

Forwarded post:

Message FWD from a Senior Mgr Petrotrin: Some of the information you need to be aware of, before you come to an opinion. The closure of the refinery here in Trinidad, has left many within the industry asking if there was a better way of managing the poor finances of the refinery in question.
1. Clarity - The refinery is one of three major business units that Petrotrin owns. The other two being Off-Shore Exploration and Production (Trinmar) and On-Shore Exploration and Production.
2. Facts - Some of the poor decisions that led to a heavy finance burden for the refinery, included the failed WGTL Unit, and Civil issues with the ULSD and a court case with Samsung EPC. Together, these were over $4B TTD. There were methods introduced to mitigate these losses when they happened. These also happened under various management / boards / governments.
3. Facts – 1700 employees are too much. Most refineries of this size and complexity use between 200 – 450 employees.
4. Facts – Petrotrin purchases 166K BPD of Oil. 25K refined is sold to the Government. The remaining is sold to overseas markets. By simple math, you can see it’s a net neutral / positive firm on Fx. If you import, you now need to pay in Fx on a daily basis. It must also be noted that Petrotrin refinery was NOT designed to use local crude. The design was for sweet and not sweet / sour, or sour as we produce here in TT.
5. Misinformation - Most of Petrotrin refinery are NEW units – ISOM, Acid / Alky, CCR and a rebuilt FCCU. These are not obsolescent / old, as are the E&P platforms off-shore.
6. Facts – Even to shut-down, there is a great cost in emptying the process and this is time consuming and high cost.
7. Facts - The scope increases in the GOP Upgrade, were primarily driven by market forces at that time, and no great amount of blame should be given the Refinery managers, as the upgrades needed to be completed on time to ensure a period of time to capture the market on particular product lines.
8. Misinformation - $3 B owed in taxes and royalties! The refinery was actually owed money by the Government as a result of the subsidy, and paid no royalties, as royalties are a payment on E&P side, and not the refinery.
9. Misinformation - $12B in debt. This debt was carried and was allowed to be carried. Yes it was high, but not impossible to manage. Additionally, even if the refinery is shut-in, the debt remains viable for payment.
10. Facts – Petrotrin has more than 5000 pensioners. Who will be taking up this bill?
11. Facts – Petrotrin Augustus Long Hospital treats 20,000 patients per year, most being family, staff and environ persons. Who continues this?
12. Facts – There are 5000+ persons involved in the downstream of the refinery directly. This is in addition to the 1700 direct staff. Who do they serve now?
13. Facts – There are other high priced areas of the refinery – Terminal Opps, Docks etc. There are opportunity costs here not being considered.
My humble opinion being a Senior Manager, in the Oil and Gas industry for more than 20 years now, is that the Government has included a lot of misinformation to the public, to the point of even trying to sell this as a great idea to many. You have to ask – why push to sell this asset, when the opportunity costs and stated facts, suggest multiple other approaches to managing this going into the future.

[loudestman99]

I support my PM , the honorable
Workers cheating and geetin big $
Send them home
It good for them

[Moobs]

Saddest long weekend in Petro men history. Wah we go do...

[sMASH]

I support my PM , the honorable
Workers cheating and geetin big $
Send them home
It good for them

And wah bout the management that saw it happening and kept signing off on those things?

[turbonator]

I support my PM , the honorable
Workers cheating and geetin big $
Send them home
It good for them

How you come up with that?

[Daran]

Average severance package will be ~1M, so expect banks to benefit in the short term with that extra influx of cash. Many of these people will seek to invest in passive income aka build and rent out apartments so there can be a small construction boom and rise in reals estate. A lot know Guyana is the best to invest now too so lots of this money will leave Trinidad.

Though I expect many of these people to spend freely from now till Xmas. The smarter ones will reduce spending so consumer demand may drop slightly.

That's just from the workers directly. As many of you mentioning, lots of small businesses and contractors get work from Petrotin. So the fallout there will be bad. These workers and businesses don't have the luxury of severance packages etc so the south economy will crash.

[INDAVID WORKSHOP]

Guys,

Correct me if I am wrong.

"The Trinidad & Tobago" budget is based on oil price per barrel in terms of Revenue to the Country.

Can anyone now say what the Country budget will be based on for revenue?

[matr1x]

Average severance package will be ~1M, so expect banks to benefit in the short term with that extra influx of cash. Many of these people will seek to invest in passive income aka build and rent out apartments so there can be a small construction boom and rise in reals estate. A lot know Guyana is the best to invest now too so lots of this money will leave Trinidad.

Though I expect many of these people to spend freely from now till Xmas. The smarter ones will reduce spending so consumer demand may drop slightly.

That's just from the workers directly. As many of you mentioning, lots of small businesses and contractors get work from Petrotin. So the fallout there will be bad. These workers and businesses don't have the luxury of severance packages etc so the south economy will crash.

Workers used to spending like idiots. Doh expect sense overnight.

[vaiostation]

Petrotrin electrician can't take de stress...

https://www.google.tt/amp/s/www.trinida ... f.amp.html

[kstt]

https://m.facebook.com/story.php?story_ ... 9376923742

[pjfred]

Some truth.

[EFFECTIC DESIGNS]

Better we pay a lil more than pumping Billions into that dead Horse to the benefit of those working there so that they could live better than you and not helping the country.
Petrotrin

Lol so tell me how much times u try to apply for work there but they didnt want your 3 cxcs

Sounding like a typical sour grapes

I know someone who applied there a million times with BSc in Electrical Engineering from UWI and never got a job so not sure what is your point.

[matr1x]

The motive is political. The substance is a lot of people out of work, and management not being held to account

[kstt]

[sMASH]

October 1st, winter is coming.

[loudestman99]

Better we pay a lil more than pumping Billions into that dead Horse to the benefit of those working there so that they could live better than you and not helping the country.
Petrotrin

Lol so tell me how much times u try to apply for work there but they didnt want your 3 cxcs

Sounding like a typical sour grapes

I know someone who applied there a million times with BSc in Electrical Engineering from UWI and never got a job so not sure what is your point.

Why pump millions in a dead horse
The PM did the right thing
Too much
Shut them down , fire them

[linton]

Gils gonna suffer. He feeds a lot of workers on a daily basis.

[Cantmis]

Petrotrin the company vs petrotrin refinery is 2 different things !

[teems1]

Petrotrin the company vs petrotrin refinery is 2 different things !

Chain is only as strong as the weakest link...

[treeneeboi]

October 1st, winter is coming.

No....Winter is here....

[Redman]

the last video I saw said the fellas selling weed will see a sales decrease.

[nervewrecker]

the last video I saw said the fellas selling weed will see a sales decrease.

I will refrain from commenting