Today marks the end of Petrotrin’s operations and is an understandably difficult period for all of those affected. Consistent with its commitment, the Company has today disbursed $2.7 billion in exit and other payments to its employees.

Comment

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.

Comment

The Petrotrin Board of Directors met on 2018 Tuesday August 28 with its employee
representative unions and the Company’s management to announce plans to end Petrotrin’s oilrefining operations at Pointe-a-Pierre and to redesign entirely its Exploration and Production
business. The restructuring exercise is geared to curtail losses at the state owned oil company and get it on a path to sustainable profitability.

Comment