Tunapuna Chamber criticises refinery closure

UPDATE:

Prime Minister Dr Keith Rowley has come in for criticism from the Greater Tunapuna Chamber of Industry and Commerce for the decision to close Petrotrin’s refinery – part of the company’s restructuring plans – and for signing a gas deal with Venezuela.

Chamber president Surindra Maharaj said, “What are our citizens supposed to do, when basic needs and costs of living rise, not unlike our suffering Venezuelan neighbours? How can our Prime Minister, the chief guardian of our nation, not yet respond to the matter?”

Hence the chamber inviting the PM to meet with its members “on the wide ranging matter and address the direct concerns of the country’s business community.”
Maharaj shared the chamber’s concerns yesterday, one day after Petrotrin’s board confirmed reports that its restructuring plan involves closing the oil refinery – a move which will affect about 2,500 jobs.

Maharaj took note of Petrotrin’s debts before calling on the Rowley administration to provide some answers.

He cited Petrotrin chairman Wilfred Espinet reminding the nation on Tuesday that the state-owned oil company needs a TT$25 billion injection to get up to code, has debts amounting to $12 billion, owes government more than $3 billion in taxes and royalties and has two bond payments due - a US$850 bond due in August 2019 and a US$750 million bond due in May 2022.

“While from a business perspective, the chamber appreciates the necessary moves made by the company board to nullify these incredible losses, our queries go out to the present administration that authorised the closure. We are already starting to see the ripples created by this tidal wave crashing down on our country’s staggering economy, the walking wounded, like many of our innocent citizens, a victim of a crime in the night...Rumours of a rise in the price of goods, services and foodstuff, already high, are coming in thick and fast.”

Maharaj said there has also been panic-buying at gas stations in the area which, in turn, was causing traffic. Calls to the chamber’s office – to get more information – went unanswered. Newsday was however able to speak with an official at National Petroleum (NP) yesterday, who said they had not received any reports of panic-buying in Tunapuna.

The chamber president then turned his attention to the recent Dragon gas deal – signed in Caracas by Rowley and Venezuela’s president Nicolas Maduro – which will see TT processing Venezuelan natural gas.

Saying the chamber’s members “continue to bear the burden and attempt to stabilise a fragile and crippled system,” Maharaj claimed Rowley was “continuing to ignore our country’s interests (while) signing foreign gas deals with a fragile and crippled nation.”

Describing TT citizens as warm and loving, Maharaj argued that TT’s population of 1.3 million cannot care for 31.3 million Venezuelans.

“The diversification, much touted by this administration is away from oil and gas (to) just towards gas. A tainted gas coming from a South American nation brought to its knees by inflation, shortages and bordering on a humanitarian crisis. How can this deal bring security to TT?
“What are our citizens supposed to do, when basic needs and costs of living rise, not unlike our suffering Venezuelan neighbours? How can our Prime Minister, the chief guardian of our nation, not yet respond to the matter?” Maharaj asked.

ORIGINAL STORY:

Prime Minister Dr Keith Rowley has come in for criticism from the Greater Tunapuna Chamber of Industry and Commerce for the decision to close Petrotrin's refinery – part of the company's restructuring plans – and for signing a gas deal with Venezuela.

Chamber president Surindra Maharaj said, "What are our citizens supposed to do, when basic needs and costs of living rise, not unlike our suffering Venezuelan neighbours? How can our Prime Minister, the chief guardian of our nation, not yet respond to the matter?"

Hence the chamber inviting the PM to meet with its members "on the wide ranging matter and address the direct concerns of the country’s business community."

Maharaj shared the chamber's concerns yesterday, one day after Petrotrin's board confirmed reports that its restructuring plan involves closing the oil refinery – a move which will affect about 2,500 jobs.

Maharaj took note of Petrotrin's debts before calling on the Rowley administration to provide some answers.

He cited Petrotrin chairman Wilfred Espinet reminding the nation on Tuesday that the state-owned oil company needs a TT$25 billion injection to get up to code, has debts amounting to $12 billion, owes government more than $3 billion in taxes and royalties and has two bond payments due - a US$850 bond due in August 2019 and a US$750 million bond due in May 2022.

"While from a business perspective, the chamber appreciates the necessary moves made by the company board to nullify these incredible losses, our queries go out to the present administration that authorised the closure. We are already starting to see the ripples created by this tidal wave crashing down on our country’s staggering economy, the walking wounded, like many of our innocent citizens, a victim of a crime in the night...Rumours of a rise in the price of goods, services and foodstuff, already high, are coming in thick and fast."