Timeline of Patriotic’s bid for refinery

File photo: A view of the refinery along the Guaracara River in Gasparillo. PHOTO BY MARVIN HAMILTON -
File photo: A view of the refinery along the Guaracara River in Gasparillo. PHOTO BY MARVIN HAMILTON -

November 2018 – State-owned Petrotrin was closed.

September 2019 – Finance Minister Colm Imbert announces Patriotic Energies and Technologies Company Ltd as the preferred bidder for the Guaracara refinery from among 77 companies.

September 2019 – Government gives Patriotic one month to present to the evaluation committee, ten deliverables including confirmation of its ability to finance the purchase and operation of the refinery.

November 4, 2019 –Patriotic team/consortium met with the evaluation committee and delivers the ten areas of requirements.

July 2020 – Prior to the general election, the Prime Minister said Government was ready to close the deal with Patriotic, but would not be pressured by the union to sign before election.

September 2020 – At the Spotlight on Budget forum, the Prime Minister gives Patriotic an October 31 deadline to arrive at a conclusion or Government will seek other options.

October 31, 2020 – Government rejects final proposal from Patriotic. The evaluation committee was asked to reconvene and Patriotic was given a second chance.

January 19, 2021 – Government again rejected Patriotic’s bid. Patriotic’s chairman Ancel Roget said the company was misled by government and called on the Prime Minister to intervene.

January 20, 2021 – Government gives Patriotic an additional 15 days to prove it can pay the US$500 million for the acquisition of the assets.

February 5, 2021 – Patriotic submits final proposal and a letter of financial commitment from Credit Suisse.

February 18, 2021 – Finance Minister Colm Imbert announces that Government has again rejected Patriotic’s bid.

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"Timeline of Patriotic’s bid for refinery"

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