Patriotic submission to go to Cabinet next week

THE Prime Minister said the financing proposal submitted by Patriotic Energies and Technologies Company on February 5 will be brought to Cabinet next week for a decision. Speaking in Parliament in response to a question from Pointe-a-Pierre MP David Lee, Dr Rowley said the financing proposal for the purchase of the assets of the Guaracara refinery and Paria Fuel was currently under review and would be submitted to the Cabinet next week for a decision.

This was the second extension granted to Patriotic Energies to prove its ability to purchase the Pointe-a-Pierre refinery. On February 5, Patriotic’s parent company, the Oilfield Workers Trade Union (OWTU), said it is confident its submission will find favour with government to acquire the ageing refinery and restart the company.

In January government announced that it had withdrawn the offer to Patriotic because of its inability to secure the US$500 million financial commitment needed to buy the refinery. Patriotic denied the claim and appealed to the Prime Minister to reconsider its proposal.

On January 20, the finance minister, in his capacity as corporation sole, said government had granted Patriotic a 15-day extension, until February 5, to secure financing.