PATRIOTIC Energies and Technologies Co Ltd has said it is ready to bring to a close its acquisition of the Guaracara refinery.
One of the directors, Ozzi Warwick, said Patriotic's acquiring the assets and restarting the refinery is in the best interest of Trinidad and Tobago.
At Monday’s Spotlight on the Economy, the Prime Minister said unless Government’s negotiations with Patriotic are completed by the end of October, that deal will be dead. Rowley said new options will have to be sought.
Warwick said he is not certain where this October ultimatum of Dr Rowley's came from as they have been advocating for the sealing of the arrangement for months.
He recalled at the many news conferences Patriotic’s parent company, the Oilfield Workers Trade Union (OWTU), held during the local government and general elections, “We called for a closing of this acquisition process.
“We said that this process was going on for too long, and might I remind you, the announcement that we were the preferred bidder was made on September 20, 2019."
He pointed out that was over a year ago.
“We believe that it is a matter of urgency we need to close this acquisition process, and I will tell you why. We need this now more than ever before, because of the current state of the economy in terms of the impact of covid19.
“There is a real issue and a real challenge with regard to foreign exchange, and when this process is closed and we begin...work at Pointe-a-Pierre, the inspection, then the turnaround and all of that would attract foreign exchange.
“It would also significantly impact on job growth.”
He pointed out that closing the refinery had curtailed economic activity not only in the south but all of TT.
The OWTU had previously announced some 5,000 jobs could be created from the start-up.
“With the economy stagnated, the acquisition process, resolving this issue, getting activity back at P-a-P is critical for the economy of TT and in the best interest of TT.”
Asked about other options to be sought for the refinery as stated by Dr Rowley, Warwick said that is a question only the PM can answer.
“I do not know there are other options. The only option that would serve the interest of the people of TT is that Patriotic Energies and Technologies Co Ltd acquire the assets of the P-a-P refinery. That is the only option.”