New Heritage CEO getting TT $240,000 a month

JULIEN NEAVES

PRIME Minister Dr Keith Rowley has reported the new CEO of Heritage Petroleum Company is receiving a salary of US $450,000 annually or about TT $240,000 per month.

He was responding to prime minister's questions in Parliament Friday.

He said Petrotrin, in its restructuring, has indicated there will be an exploration and production company and a company dealing with fuel trading and other business.

"So far, Petrotrin has used international recruitment processes to hire one person of the highest calibre so far. Because it's the intention of Petrotrin to use international benchmarking so that the oil company be engaged in oil company production."

He said Petrotrin hired Mike Wylie in August 2018 to head the exploration and production of the new Petrotrin Heritage company. He added Wiley was now actively engaged as part of the recruitment process. He said no one has been hired for Paria Fuel Trading Company at this time but the process has begun.

Rowley said Wylie's remuneration given the nature of the assignment, international benchmarking and the running of an oil company of this size "I am advised that Mr Wiley's package is US $425,000 per year plus housing, transportation and health."

Heritage is one of five new State entities created in the wake of Petrotrin’s restructuring. The others are Guaracara Refining Company, which will hold the assets of the Pointe-a-Pierre refinery; Paria Fuel Trading Company, which will handle exploration and production and trading and marketing, respectively.

Point-a-Pierre MP David Lee asked when the Heritage Petroleum Company was formed in reference to when Wiley was hired. Rowley said he did not have the date in hand but Petrotrin has been in existence for decades and in anticipation of populating its sub-units under the holding company it would have been proactive in finding such persons.

"So the relevance of when the Heritage Company was formed or registered was not a great issue."