Imbert challenges OWTU to deliver proposal for refinery

FINANCE Minister Colm Imbert has challenged the Oilfield Workers Trade Union (OWTU) to demonstrate its ability to deliver its proposal, now that it has won the bid to operate the former Pointe a Pierre refinery.

Last month, the OWTU’s wholly owned company, Patriotic Energies and Technologies Company Ltd, was selected from among 77 international companies as the preferred bidder to operate refinery.

In his budget presentation on Monday, Imbert said government is happy that the company owned by the union – which previously represented workers employed there – and more importantly, the only local bidder, is the preferred bidder.

“We remain confident if the union does its homework and puts its shoulders to the wheel, this strategic and national asset could be brought into operation in the shortest possible time.

“It is now up to the OWTU to transition from a proposal to confirmation of its ability to deliver what it has proposed,” Imbert challenged.

Since the closure of the state-owned Petrotrin and the refinery one year ago, fenceline communities have experienced some hardship.

“The benefits of the restart of the refinery for the communities of Marabella, Pointe-a-Pierre, San Fernando and Gasparillo are obvious...

“We look forward to working with Patriotic to bring about the objective of a different and successful operation.”

Patriotic was the only one of the 77 expressions of interest to offer an upfront cash consideration of US$700 million in its proposal.

Government has offered a three-year moratorium for the company to get off the ground.

It has also been given one month to present to the evaluation committee, a satisfactory and comprehensive work plan on how it intends to complete the process with respect to several key deliverables.

Among them, confirmation of its ability to finance the purchase and operation of the refinery, draft sales and purchase agreement, and various other commercial agreements inclusive of crude handling, domestic fuel supply, natural gas supply, product off take and transition support.

Imbert also took a jab at those who have expressed concerns about the company’s ability to finance and manage the project.

“For those who wish to undermine this important paradigm shift with political red herring and mischievous distractions, I wish to emphasise this is still an ongoing process which, if successful, we are ready to award the contract to Patriotic for the purchase of the refinery.