ENERGY Minister Franklin Khan said privatisation is not one of the options being looked at for state-owned Petrotrin by the board looking at restructuring the company. He said that the Petrotrin restructuring exercise and the search of a new management team has been given a mandate of maximum of six months.
“So I think in six months time there will be great clarity as to the future of Petrotrin and what the options are.” He was responding to an question yesterday in Senate from Opposition Senator Wade Mark about the key elements of the restructuring plan following the recommendations of the Lashley Report on the operations of Petrotrin and whether the plan included privatisation.
Khan said the board of directors had been given a mandate to return the company to profitability and in consultation with stakeholders to secure a sustainable turn around and return to viability. He also reported the board built on the work of the Government-appointed team to review Petrotrin’s operations and to make restructuring recommendations, better known as the Lashley Report which was submitted on June 1, 2017. He said discussions were ongoing with frequent updates to Government and all stakeholders. “At this time the board is examining a number of strategic alternatives and has not selected privatisation or any other of those options but will make that selection in consultation with all relevant stakeholders.”
He said with the complexity of the matter no definite time line was set for the completion of the exercise but “given the serious financial position of the company an early report by the board is expected.”
Khan reported the strategic alternatives included splitting the company into business units such as one for refining and marketing and for exploration and production. He said there was also a view from some stakeholders that exploration and production be further subdivided into exploration and production land and marine, and the latter included almost solely Trinmar operations.