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alexk
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Despite finally meeting with Prime Minister Dr Keith Rowley on Petrotrin’s future and its pending restructuring process yesterday, Oilfield Workers Trade Union (OWTU) head Ancel Roget described the meeting as “not helpful”, admitting suspicions had flooded his mind about the future of the company’s refinery since they were no clearer on its future.
“By the Prime Minister’s utterance, we are very suspicious that the recommendation would have contained therein that the company would not now own the refinery, but we wait to see,” Roget said.
Roget was speaking with the media after meeting with Rowley, Minister of Energy Franklin Khan, Minister of Trade Paula Gopee-Scoon and Stuart Young in his capacity as Minister in the Office of the Prime Minister (OPM) at the OPM in St Clair.
Roget said terms and conditions of the restructuring were not discussed and added that the union was now waiting with bated breath to meet with the Petrotrin board to continue the process of restructuring the company’s operation.
“We are in no way clearer or assured on Petrotrin’s success. Based on the PM’s utterances, the board produced a report to the PM and Cabinet which they have accepted and about implementing the recommendations,” Roget said.
He added that whilst restructuring was accepted, the way forward on how it will be done was not disclosed.
Roget, however, made it clear that the OWTU has always called for restructuring as a way of making the state-company “viable and profitable”.
“Of course Petrotrin needs new capital and it will come from financiers that will see higher prospects based on restructuring. No financier will invest with it as it is,” Roget said.
He, however, reiterated his call for members to come out in their numbers on Sunday at 3 pm outside the Prime Minister’s residence in St Ann’s to engage in a prayer service for the company, the nation and the job security of Petrotrin employees.
Gopee-Scoon, who spoke on behalf of Rowley after the meeting, said the issue of restructuring Petrotrin was a national one “with much work to be done”. She added that the new board would have carefully considered all options and included its cost structures and bond payments, one of which is due August 2019 (US$850 million) and another in 2022 to the value of US$750 million.
“It was incumbent of the board to come up with some solutions…the Cabinet dissected and restructured all that was put forward by the board, including several recommendations addressing the major aspects of Petrotrin, including Trinmar, on-land operations, refinery and some other points,” Gopee-Scoon said.
“These issues are not going away…these issues are involving heavy costs, which would further impact Government’s economic situation and economic growth situation.”
From as early as 9.30 am yesterday, scores of unionised Petrotrin employees had gathered outside the OPM where they chanted and prayed for job security and success for Petrotrin’s future. The huge gathering caused a heavy police presence in and around the OPM in a bid to ensure that law and order were maintained.