Khan tackles Petrotrin ‘mischief’

Energy Minister Franklin Khan yesterday categorically dismissed a social media report which alleged 2,000 workers would be retrenched from state oil company Petrotrin. The report also claimed the Ansa McAl Group would buy 65 per cent of Petrotrin, the Massy Group would purchase 25 per cent and Government would only retain ten per cent of the company. Speaking to Newsday during the tea break in the Senate, Khan said, “That whole set of false information is being fed by people who are trying to influence Government’s policy position on Petrotrin.” He added, “It is mischief to say the least.”

Khan said Government has taken no such decision regarding divesting equity in Petrotrin or retrenching the number of workers alleged in the report. “As a matter of fact, we have taken no decision on retrenching a single worker at this point in time,” he stated. The minister said Government has been very transparent in how it is dealing with Petrotrin. He said it is well-known that Petrotrin has serious challenges which include a lack of working capital, a high cost structure, significant debt and matters concerned with operating efficiency.

Khan said Government committed a series of studies and appointed a new board of directors which is extremely competent. He said great autonomy has been given to the current Petrotrin board.

However he underscored that, “the process would be taken in steps.” Khan said consultation is currently underway with all stakeholders, with the main ones being Petrotrin’s workers and the Oilfield Workers Trade Union (OWTU). “The board of Petrotrin intends to meet with the OWTU this week, to outline what the options are, “Khan said. He reiterated, “Obviously the options are not what you see on social media today.”

On the alleged divestment circulating on social media, Khan quipped, “If that is not ridiculous, God alone knows what is.” Stressing time is of the essence, Khan said for every month that passes, Petrotrin sinks deeper into a hole. However he said due process must be followed and the consequences of the actions must be understood. Khan said significant communities in southwest Trinidad depend on Petrotrin for their survival. “What we do with Petrotrin has to have an impact on these communities. We are very, very sensitive to these things as a government,” Khan stated.