THE Oilfield Workers Trade Union (OWTU) is going to be the new owner of the Pointe-a-Pierre refinery with a US$700 million offer.
Speaking in Parliament on Friday, Finance Minister Colm Imbert said Government has accepted the union’s offer.
He said Patriotic Energies and Technologies Company Ltd (PETCL), fully owned by the OWTU, was the most suitable buyer over Beowulf Energy and another company Klesch.
Imbert said from the results for the request for proposals for the sale of the refinery, PETCL was the only bidder that offered an upfront consideration of US$700 million.
He said 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.
Speaking to the media in Point Fortin, OWTU president Ancel Roget confirmed the successful bid.
He said since December 17, 2018 when Petrotrin was closed down, OWTU was busy incorporating PETCL.
Roget said the new acquisition was to benefit the whole country.
“The acquisition of those assets is not a gift from the government. We did not get any gratis, nobody did us any favour. We deserve it, the people deserve it.”
He said he was now waiting for a formal document from the Government and the first order of business would be a “national prayer service where we will be giving thanks to God.”
Roget said all former Petrotrin workers who were in support of the acquisition of the refinery would not be disappointed.