PETROTRIN MEDIA RELEASE:
The Board of Directors of Petroleum Company of Trinidad and Tobago Limited (Petrotrin) met on Thursday (2018 September 27) with the Oilfields Workers’ Trade Union (O.W.T.U.) in a follow-up to a meeting last week when the Union presented, for the Board’s review, the O.W.T.U’s plan to restructure Petrotrin. In addition to the restructuring plan, the Union had also tabled a proposal for leasing the Pointe-a-Pierre refinery.
Yesterday’s meeting took place at the Petrotrin’s Pointe-a-Pierre Staff Club and lasted approximately two hours, following which Petrotrin’s Chairman Wilfred Espinet said: “The Board advised the Union that the proposal failed to address critical issues regarding financing and profitability and there was insufficient information to give us an understanding of how the plan would work. We therefore decided that it was not a viable option.”
He said that the Union also brought to Thursday’s meeting a lease proposal that was different to the one that had been presented last week.
The Board advised the Union that it would review the proposal but confirmed that it would be proceeding with its transition plans for a safe and efficient shutdown of the refinery and the preservation of the Company’s assets.
Espinet said: “The Board is open to any option that would make the business self-sustainable and profitable but time is not on our side and we are proceeding with the one viable option that is available.”
At the meeting, the Board advised the Union that Petrotrin’s operations will cease on 2018 November 30 and that all permanent employees will receive their termination by the terms of the relevant collective agreements.
The Company plans to meet next week with the Union and Associations to provide further information on termination packages and the exit procedure.
Corporate Communications Department, Petrotrin
2018 September 28