Petrotrin refinery shut down

[death365]

now start ...
just a side note ... colm running a Note phone

20210119_080118.jpeg

[The_Honourable]

Joint Press Conference hosted by the Ministry of Finance and Ministry of Energy and Energy Industries to address the Cabinet's decision on the Procurement process for the Petrotrin Refinery.

[Habit7]

Patriotic had champagne taste but mauby money.

[rebound]

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

Competition is always good. All subisides should go but, duties and taxes on engines sizes should be reduced or removed...

Basically, if you willing to feed a big engine be prepared to pay the fuel bill.

[Lou Screuz]

patriotic nyam the pnm hook line and sinker so hard it come out the other end

all of this to cover up lies and bobol

all of this

[Dizzy28]

Cliff's of the press conference??

[Habit7]

Cliff's of the press conference??

Patriotic's RBC card is saying "insufficient funds."

[sMASH]

*suddenly a wild massey appears*

[Dizzy28]

Cliff's of the press conference??

Patriotic's RBC card is saying "insufficient funds."

lol!!

[The_Honourable]

Cliff's of the press conference??

Patriotic's RBC card is saying "insufficient funds."

What card? they don't even have a bank account... just a rbc pamphlet

[bluefete]

I'm hearing Shell with gas stations thrown in

The colonialists are continuing to come back to reclaim their colony.

[death365]

Them rant and rave for 1 hour about losing the refinery.

Classic trade union ranting.

[The_Honourable]

OWTU responds to refinery bid rejection…

[Redman]

*suddenly a wild massey appears*

[Numb3r4]

Does anyone have a summary of the OWTU response?

An hour and a half is a bit too long.

[shake d livin wake d dead]

Roget said kamla was against them...exactly where does that leave the pnm???

[sMASH]

MC kamala

[Redman]

Some one lying

If owtu did not have the money why were they shortlisted?

If govt needed cash upfront why change the terms of the 700m that owtu won preferred bidder?

What changed?

[De Dragon]

Some one lying

If owtu did not have the money why were they shortlisted?

If govt needed cash upfront why change the terms of the 700m that owtu won preferred bidder?

What changed?

Absolutely nothing. The OWTU were NEVER going to get that refinery. Roget was either duped, or paid off so that the refinery closure and eventual award to the real preferred bidder would go smoothly. No one, well except ie-hard LFDRFD PNM sheep is really going to believe that after TWO YEARS, the lien/bond issue was suddenly an issue

[neilsingh100]

Best scrap iron dealers put in a bid next round.

[The_Honourable]

Does anyone have a summary of the OWTU response?

An hour and a half is a bit too long.

Some one lying

If owtu did not have the money why were they shortlisted?

If govt needed cash upfront why change the terms of the 700m that owtu won preferred bidder?

What changed?

From what I gather, basically is like this:

Apparently Patriotic initially had both types of financing required: purchase price financing from Citibank and restart financing from Trafigua.

Imbert representing the government announced that Patriotic was the preferred bidder in Sept 2019 since Patriotic wanted to make an upfront cash payment of USD $700M which would have been financed by Citibank.

In that same announcement, Imbert stated that Patriotic was granted a three year moratorium on principal and interest and a further ten years to complete the payment of $700M for the refinery. The idea behind this is that once the agreement is signed off, Patriotic would focus on using Trafigua's funds to refurbish infrastructure and restart the refinery. This also meant that Patriotic didn't need financing from Citibank anymore to make an upfront 700M payment. Once the refinery is back up, the revenue will be used to pay off the 700M across 10 years.

Unknowing to Patriotic, the assets of petrotrin (most) including the refinery was encumbered meaning that bondholders had a lien on the assets. All debts to the bondholders are to be paid off, and once that is done, the assets would be released to the state free from all encumbrances. The bondholders got word on that 700m across 10 years offer imbert mentioned in Parliament and was against it. Then covid happened.

Patriotic was still pursuing the refinery which the government didn't really expect during covid. Patriotic were still under the impression that the 700M payment across 10 years was the agreed deal until attorney letters and a document online stating that there was a lien on the refinery. The only way Patriotic could get the refinery is that they have to get purchase price financing which they had in the first place with Citibank who more than likely wasn't interested anymore. Patriotic eventually found RBC as a potential financier but they needed time to go through the whole deal + lien which would have taken months therefore would not commit to anything. Credit Suisse was also interested to be a financier as they are aware of the assets and the bondholders which meant they would have provided financing faster than RBC. As Patriotic had to hustle to find the upfront payment which they don't have now, deadline reach and it was on that basis the Government blank them.

Now we does clown OWTU, but for them to get Citibank initially now RBC and Credit Suisse to the table for purchase price financing while Trafigua remain committed throughout to provide restart financing, I have to give them kudos. By making that offer in Parliament without discussing with the bondholders first, Imbert and the government butchered the deal. They should have just taken the 700M upfront payment immediately from Citibank... bondholders paid off, refinery off their hands, and Patriotic would have been in the middle of refurbishing the refinery with Trafigua funds.

[Redman]

Thx Honourable,

Then GORTT is at fault....the delays and the lien are on their lap.

They would have had to validate the 700M offer for it to be selected..

[sMASH]

Does anyone have a summary of the OWTU response?

An hour and a half is a bit too long.

Some one lying

If owtu did not have the money why were they shortlisted?

If govt needed cash upfront why change the terms of the 700m that owtu won preferred bidder?

What changed?

From what I gather, basically is like this:

Apparently Patriotic initially had both types of financing required: purchase price financing from Citibank and restart financing from Trafigua.

Imbert representing the government announced that Patriotic was the preferred bidder in Sept 2019 since Patriotic wanted to make an upfront cash payment of USD $700M which would have been financed by Citibank.

In that same announcement, Imbert stated that Patriotic was granted a three year moratorium on principal and interest and a further ten years to complete the payment of $700M for the refinery. The idea behind this is that once the agreement is signed off, Patriotic would focus on using Trafigua's funds to refurbish infrastructure and restart the refinery. This also meant that Patriotic didn't need financing from Citibank anymore to make an upfront 700M payment. Once the refinery is back up, the revenue will be used to pay off the 700M across 10 years.

Unknowing to Patriotic, the assets of petrotrin (most) including the refinery was encumbered meaning that bondholders had a lien on the assets. All debts to the bondholders are to be paid off, and once that is done, the assets would be released to the state free from all encumbrances. The bondholders got word on that offer imbert mentioned in Parliament and was against it. Then covid happened.

Patriotic was still pursuing the refinery which the government didn't really expect during covid. Patriotic were still under the impression that the 700M payment across 10 years was the agreed deal until attorney letters and a document online stating that there was a lien on the refinery. The only way Patriotic could get the refinery is that they have to get purchase price financing which they had in the first place with Citibank who more than likely wasn't interested anymore. Patriotic eventually found RBC as a potential financier but they needed time to go through the whole deal + lien which would have taken months therefore would not commit to anything. Credit Suisse was also interested to be a financier as they are aware of the assets and the bondholders which meant they would have provided financing faster than RBC. As Patriotic had to hustle to find the upfront payment which they don't have now, deadline reach and it was on that basis the Government blank them.

Now we does clown OWTU, but for them to get Citibank initially now RBC and Credit Suisse to the table for purchase price financing while Trafigua remain committed throughout to provide restart financing, I have to give them kudos. By making that offer in Parliament without discussing with the bondholders first, Imbert and the government butchered the deal. They should have just taken the 700M upfront payment immediately from Citibank... bondholders paid off, refinery off their hands, and Patriotic would have been in the middle of refurbishing the refinery with Trafigua funds.

But why intentionally butcher the deal?

Rowley and imburt not dotish. They know damn well what they doing.


Is either they honesty offered the refinery with out the debt, in order to lure bidders, and roget is the only one cause the other bidders want it free(cite Rowley). And when time to Finalize songs and contracts they slip in the debt.

Or, they needed to put on the charade of offering and ruling out, and when it going too good they had to butcher it, so thst they get to have no other choice to sell It to PDVSA or Massey.



Again, delcy and the PDVSA officials visit makes absolutely no sense for covid.

[Redress10]

Why alluh does be so against Massy owning things and not Ansa Mcal? Ansa Mcal owns a whole media company and you all don't see anything wrong with that. You even know who owns Massy?

Venezuela not gonna own no refinery outside of Venezuela anytime soon. This venezuela talk is stupid and you have to be a retard to believe that venezuela would trust an insignificant entity such as TT with such sensitive information and motives. Alot of you all are living in a dreamland.

[De Dragon]

Why alluh does be so against Massy owning things and not Ansa Mcal? Ansa Mcal owns a whole media company and you all don't see anything wrong with that. You even know who owns Massy?

Venezuela not gonna own no refinery outside of Venezuela anytime soon. This venezuela talk is stupid and you have to be a retard to believe that venezuela would trust an insignificant entity such as TT with such sensitive information and motives. Alot of you all are living in a dreamland.

No one is against them owning anything, provided that their ownership is on the up and up, and not as a result of bribes, and bid rigging.

[Redress10]

I want the people who own it to make it profitable without state intervention and pay their fare share of taxes regardless of who it is. I was always against owtu owning it because down the line if they faces difficulties they would have tried to strong arm the state for fabourable terms.

I don't think any local company is interested. Doesn't it need about 1 billion usd to get up and running again? Also where would they get the oil to.run the refinery from? Seems like a lot of moving pieces to be honest.

[sMASH]

Why alluh does be so against Massy owning things and not Ansa Mcal? Ansa Mcal owns a whole media company and you all don't see anything wrong with that. You even know who owns Massy?

Venezuela not gonna own no refinery outside of Venezuela anytime soon. This venezuela talk is stupid and you have to be a retard to believe that venezuela would trust an insignificant entity such as TT with such sensitive information and motives. Alot of you all are living in a dreamland.

No one is against them owning anything, provided that their ownership is on the up and up, and not as a result of bribes, and bid rigging.

build it with tax, run to the ground, sell it to the 1% for peanuts on the dollar.
pnmites need to stop isolating each individual action and take stock and sum of all the actions.. but again, ostrich syndrome will not allow that.

[Habit7]

The one thing I am glad for is govt's intention not to spend a cent more on that refinery.

However, trying to sell that refinery now is like trying to sell an airline now with an old fleet. Firstly, despite the best bacchanal rumours, not local company with no experience in oil refinering is going to spend half a billion TTD. To claim that Massy or Ansa McAl wants it is dotishnes.

Secondly, it took St Croix 8yrs to get their refinery operational before the pandemic. Aruba is struggling too. Refining oil in the Caribbean is risky as you will have to import the crude oil and sell relatively small quantities.

Thirdly, the world's energy profile is changing. We have gone past peak demand for oil products. If Trinis are serious about diversification, then we need to understand that while we might still have a future with oil and gas, refining is not part of it.

[Galvatron]

Three companies were initially short listed as bidders. Patriotic was not one. Patriotic was later included and deemed the preferred bidder. A reliable source on the negotiation committee confirmed that Patriotic was never gonna be sold the refinery. All politics until election. Roget ride plane like maxi from London to Argentina to Bulgaria to procure investors. There is no future with oil and gas in TnT. There will not be any increase in production of either and renewable energy is the way forward for oil companies. When Train 2&3 is finished with our gas, there will only be sufficient for power generation. Panday made a horrible deal with that LNG plant! All other governments made poor decisions with selling our gas with no planning for the future. BP cashes in and NGC will be the fall guy.

[sMASH]

The one thing I am glad for is govt's intention not to spend a cent more on that refinery.

However, trying to sell that refinery now is like trying to sell an airline now with an old fleet. Firstly, despite the best bacchanal rumours, not local company with no experience in oil refinering is going to spend half a billion TTD. To claim that Massy or Ansa McAl wants it is dotishnes.

Secondly, it took St Croix 8yrs to get their refinery operational before the pandemic. Aruba is struggling too. Refining oil in the Caribbean is risky as you will have to import the crude oil and sell relatively small quantities.

Thirdly, the world's energy profile is changing. We have gone past peak demand for oil products. If Trinis are serious about diversification, then we need to understand that while we might still have a future with oil and gas, refining is not part of it.

spend it on zip line.

even rowley admitted, the three best bids they got was roget's, one where the people wnated it free, and one where the people will pay little over time. those were the three best bids. nobody else want it.
y they dont want it?
cause of the same debt that they saddled to the refinery. the same one kamala buss the mark with, and they blaming she for sabotaging the deal. both roget and rowley condemning she for selling out the details. the one who is offering the asset and the one bidding for the asset blaming she for selling out the details.
both of them supposed to be fully aware of all the details. if not, rowley was supposed to inform roget.

unless, they did not make wider knowledge about the lien on the asset to the investors of the project, before it was too late to turn back on it. slip it in after the fact, like section 34.

that is the nastiness we have running the country


be proud rowley aint spending a cent on it again, cause as it is, it not even worth to buy it for scrap iron to repay the malcom jones debt