[UPDATED] PM: Gazette error was corrected

PRIME Minister Kamla Persad-Bissessar says a copy of the TT Gazette which did not show Trinidad Petroleum Holdings Ltd (TPHL) and entities which fall under it, included under the responsibilities for the Energy Ministry, was not an approved document.

She made this comment at a post-Cabinet news conference at the Red House on Thursday May 15.

Persad-Bissessar made these comments after former energy minister Stuart Young took to Facebook to express concern on this matter.

She said 711 entities were listed in the official document but this document (which omitted the names of TPHL and its subsidiary entities) was not approved for release. “That is not an official document of the government.” Persad-Bissessar said she was advised that the error was corrected.

When Newsday checked the TT Gazette, on Page 9, there were the names of the TPHL, Paria Trading Co Ltd and Heritage Petroleum Co Ltd.

Earlier in the day , in a Facebook post, Young observed that TPHL was not included in the list of entities which fall under new Energy Minister Dr Roodal Moonilal.

He said, “The restructuring of Petrotrin resulted in the formation of new companies and these companies are responsible for the refinancing of Petrotrin’s historical debt including the US$850 million bond that was due in August 2019 as well as a US$750 million bond.”

The restructuring of Petrotrin in November 2018 resulted in the formation of TPHL, an umbrella entity which had other companies under it. These included Heritage Petroleum and Paria Fuel Trading Company.

Young said, “TPHL and Heritage carried the legal obligations of the refinancing of the US$850 million and other significant historical debts. This was then refinanced a second time and the US$850 million bond and other significant debts are now carried by Heritage.”

He claimed the absence of TPHL under Moonilal’s assigned duties and responsibilities in the Gazette suggests that neither Moonilal nor Finance Minister Davendranath Tancoo were considered, identified or assigned.

“Heritage and Paria are no where to be seen. The UNC government has failed to recognize the existence of these companies.”

Young said, “I caution that if this is not immediately rectified it may result in defaults being declared under the bond and loan agreements.”

He added this “can also trigger lawsuits based on contractual obligations, it can also lead to an immediate downgrading of our sovereign ratings.” He called on government to immediately address this matter in order to avoid any possible crisis.

In a subsequent Facebook post, UNC PRO Dr Kirk Meighoo said TPHL was not listed in the TT Gazette notice of March 20 under Young’s responsibilities as energy minister.

In a subsequent response, Young said Meighoo’s post was an attempt, behind the scenes, to sell an excuse. “My earlier post was careful to caution and say fix it and to post what was circulated a day or two ago by the government.”

Young said Meighoo’s claim was this was done previously is not the issue. “The point is ensure an error is corrected.”

An updated version of the May 13 Gazette was subsequently released.

This story was originally published with the headline Young concerned about Trinidad Petroleum omission and has been updated to include additional details. See original post below.

FORMER energy minister Stuart Young has expressed concern about Trinidad Petroleum Holdings Ltd (TPHL) not being included in under the responsibilities for the Energy Ministry listed in the TT Gazette Notices of May 13.

In a Facebook post on May 15, Young observed TPHL was not included in the list of entities which fell under new Energy Minister Dr Roodal Moonilal.

He said, "The restructuring of Petrotrin resulted in the formation of new companies and these companies are responsible for the refinancing of Petrotrin’s historical debt including the US$850 million bond that was due in August 2019 as well as a US$750 million bond."

The restructuring of Petrotrin in November 2018 resulted in the formation of TPHL, an umbrella entity which had other companies under it.

Those included Heritage Petroleum and Paria Fuel Trading Company.

Young said, "TPHL and Heritage carried the legal obligations of the refinancing of the US$850 million and other significant historical debts. This was then refinanced a second time and the US$850 million bond and other significant debts are now carried by Heritage."

He claimed the absence of TPHL under Moonilal's assigned duties and responsibilities in the Gazette suggest that neither Moonilal nor Finance Minister Davendranath Tancoo were considered, identified or assigned.

"Heritage and Paria are no where to be seen. The UNC government has failed to recognize the existence of these companies."

Young said, "I caution that if this is not immediately rectified it may result in defaults being declared under the bond and loan agreements."

He added this "can also trigger law suits based on contractual obligations, it can also lead to an immediate downgrading of our sovereign ratings."

Young advised government to immediately address this matter in order to avoid any possible crisis.

In a subsequent Facebook post, UNC PRO Dr Kirk Meighoo said TPHL was not listed in the TT Gazette notice of March 20 under Young's responsibilities as energy minister.