State-owned oil company Petrotrin announced today that its refinery and marketing unit will be shut down within the coming months.
As a result, 1,700 temporary and permanent refinery workers will lose their jobs in about two months, while another 800 will be kept on as part of a redesigned exploration and production unit.
In a press conference after meeting with the Oilfield Workers Trade Union (OWTU) at the Petrotrin Staff Club earlier today, chairman Wilfred Espinet made the announcement.
Espinet said the move is necessary to keep Petrotrin profitable.
Responding to questions from journalists, Espinet said there is no likelihood that the refinery will be sold.
“Would you buy something that you can’t make a profit from?” he retorted.
Petrotrin has a total of 3,500 permanent and 1,500 temporary employees.