Young: Petrotrin changes not due to AV Oil

MINISTER of Communication Stuart Young flatly denied Opposition attempts to blame Petrotrin’s restructuring on the AV Oil scandal, as the successor firm now inherits an obligation to address that controversy.

In the Senate budget debate yesterday, he said such claims were “a complete fabrication” and “a fictitious distortion of truth.”

Young said Petrotrin had to be restructured as it had the potential to bring down the country.

Petrotrin’s woes could have caused the country to be downgraded, he said, which in turn could lead to demands for loan bonds to be repaid, with the risk of default.

Reports from ratings agencies like Moody’s and Standard and Poor’s on Petrotrin had once created a call for TT to repay a hefty Japanese loan.

“They were able to call on US$200 million to be repaid within seven days. Fortunately, we got 14 days.”

Young warned that another downgrade could expose TT to $100 billion in default.

Of the Petrotrin restructuring, he said, “It is not to do with what those on the other side have said.”

He said he was currently engaged in very intense talks with bpTT and Shell, to ensure that for the first time the population gets a fair value for the country’s natural gas.

Young chided the former People’s Partnership government for allowing billions of dollars in lost revenues in natural gas, likely alluding to tax incentives.

“They never utilised the Petroleum Pricing Committee, which is now in place and can deal with transfer pricing (that is, a way companies try to pay less tax).”

Young said in 2014 and 2014 the prime minister at the time, Kamla Persad-Bissessar, had led the charge to dismiss Oilfield Workers Trade Union leader Ancel Roget from his job at Trinmar.

“I am the person who defended him,” the attorney said.