Patriotic submits revised refinery proposal

AT EXACTLY 10.07 pm on Thursday, Patriotic Energies and Technologies Co Ltd, the union-owned energy company picked for the sale of the Pointe-a-Pierre refinery and port, submitted a proposal for the resolution of issues which hindered the acquisition process.

In a release sent to the media on Friday, Patriotic said it met with the ministerial committee in an attempt to resolve what was described as a “unique challenge” associated with the government’s offer, which was put on the table in September 2019.

“At last week’s meeting Patriotic reiterated its commitment to complete the process and therefore agreed to submit a proposal to overcome the “stumbling block.”

“Patriotic earnestly hopes that this proposal will lead to the swift completion of the acquisition process, paving the way to the reopening of the refinery in the interest of the people of TT,” the release said.

After Petrotrin’s operations ceased amid increasing debt, low productivity levels and escalating manpower costs, the refinery was one of four subsidiaries of the energy company.

Patriotic was the only company out of three companies to make it to the final stage of bidding to offer an upfront payment.

Speaking to the deputy Speaker in the House of Representatives in September last year, Minister of Finance Colm Imbert said Patriotic offered an upfront payment of US $700 million for the refinery, plus another US$300 million for its non-core assets, which included a hospital.

Last month the Prime Minister gave until the end of October to agree on a way toward the final closure of the acquisition process. The release said it was only last Wednesday the two parties met.