The Oilfield Workers Trade Union (OWU) has welcomed the decision by the government to sell to the union backed Patriotic Energies and Technologies Co Ltd, the oil refinery of the state –owned company, PETRORTIN, even as the main opposition United National Congress (UNC) raised some issues regarding the sale.
“We would have struggled, we would have prayed, we would have fasted, and at the end of the day, Almighty God would have showered blessings on us, not just us, but on the people of Trinidad and Tonbago. The people of Trinidad and Tobago certainly deserve a lot more,” said OWTIU President General Ancel Roget after Finance Minister Colm Imbert announced that the company had been the successful bidder for the refinery that was closed last year.
Imbert told Parliament on Friday that the Patriotic Energies and Technologies Co Ltd, which is wholly owned by the OWTU had won the bid for the refinery situated at Pointe-a-Pierre, in south Trinidad with a US$700 million offer which the government had accepted.
He said that the Keith Rowley administration regarded the company s the most suitable buyer over the US-based Beowulf Energy and Switzerland-based Klesch Group.
Imbert said that from the results for the request for proposals for the sale of the refinery, Patriotic was the only bidder that offered an upfront consideration of US$700 million. Beowulf offered a US$42 million lease per month over a 15-year term and the Klesch proposal indicated the only payment to government would be through taxes.
Government has shut down the refinery last year as part of the move to revamp the state-owned company that had been losing billions of dollars (One TT dollar=US$0.16 cents) annually, resulting in more than 5,000 workers being put on the breadline.
Roet said that the workers “who were in support of the union for the acquisition of those assets, those workers will not be disappointed” and that the first priority would be a national prayer thanksgiving service, stressing that the purchase of the refinery was for the country’s benefit.
“It is not just for the OWTU members, it is for the OWTU members, that is a fact. But, it is also for the people of TT,” he told reporters.
“We are going to ensure that the acquisition of those assets do not go in vain, but go for the benefit of every single citizen that walks this land. The acquisition of those assets is not a gift from the Government. We did not get any gratis or did us any favour. The people deserve it,” he said, adding that the new company is awaiting a formal document from the government stating the terms of the acquisition.
But the opposition UNC said that while it welcomed the sale of the refinery to the preferred bidder there were issues that still needed to be addressed.
“While at face value we have absolutely no objection to the sale of the refinery to locals, there are several outstanding questions which need to be addressed,” the party said in a statement, calling on Imbert “to explain how a company incorporated on December 4th 2018, just about 10 months ago, would be able to provide finance and expertise to secure a multibillion dollar industrial asset.
“The Minister must explain the Cabinet’s decision to sell the refinery without undertaking any due diligence on the preferred bidder. We also call upon the Minister of Finance to state urgently any and
all foreign partners associated with the preferred company.”
The UNC said that it also wanted the government to “explain under what circumstances they have taken a decision to give away a multibillion-dollar asset, without the payment of a single dollar to a company that is less than one year old.”
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