Imbert: Still no deal with Patriotic

FINANCE Minister Colm Imbert has further crushed any hopes Patriotic Energies and Technologies Co Ltd many have had of buying the Guaracara refinery, after they met virtually on Thursday.

In a release on Friday morning, Imbert, in his capacity as Finance Minister and Corporation Sole, confirmed, “The Cabinet decision of Thursday February 18, 2021 on this matter, that was announced at the press conference held on that same day, stands.

Patriotic said it had no comment to make at this time.

Imbert confirmed that he and officials of the Ministry of Finance met with Patriotic’s officials at Patriotic’s request on Thursday. Patriotic, through its parent organisation the Oilfield Workers' Trade Union (OWTU) had issued a similar release on Thursday.

Imbert said the meeting was not a rethink of the way forward with Patriotic, but rather “to clarify any issues that may exist with respect to the details of the financing proposal submitted by Patriotic on February 5, 2021 for the purchase of the Point-a-Pierre Refinery and Paria Fuel Trading, and the recent Cabinet decision regarding same.”

He said at the meeting, he confirmed to the Patriotic team that there was no way forward with that arrangement.

He restated the key points of the decision, namely, that Trinidad Petroleum Holdings Ltd (TPHL) and the Government would thank Patriotic for its proposals to date for purchasingthe assets of Guaracara Refining Co Ltd and Paria Fuel Trading Co Ltd, but that it could no longer support the exclusivity granted.

TPHL and the Government will immediately return to the open market, he said, to determine whether there are any suitable parties interested in running the refinery.

He also said that TPHL, through his ministry, will submit for the consideration of Cabinet, in three weeks, a proposal for canvassing the current market to explore options for the utilisation of the assets at Guaracara.