UNC: How will Patriotic finance refinery?

THE Opposition yesterday raised questions about the sale of the Pointe-a-Pierre refinery, asking how the OWTU-owned company could finance the asset, less than a year after it was formed.

Finance Minister Colm Imbert announced Government had accepted a US$700 million bid from Patriotic Energies and Technologies Co Ltd which was established by the OWTU, last December.

In a statement, the Opposition said although it did not object to the sale of the refinery to locals, Imbert had to address outstanding issues, including if there are foreign partners associated with the bid.

It made the following points:

1. The minister needs to explain how a company incorporated on December 4, 2018, just about 10 months ago, would be able to provide finance and expertise to secure a multi-billion dollar industrial asset.

2. The minister must explain the Cabinet’s decision to sell the refinery without undertaking any due diligence on the preferred bidder.

3. We also call upon the Minister of Finance to state urgently any and all foreign partners associated with the preferred company.

4. The Government must explain under what circumstances they have taken a decision to give away a multi-billion dollar asset, without the payment of a single dollar to a company that is less than one year old.