Former Energy Minister has Questions on Refinery Sale to OWTU

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FORMER energy minister Kevin Ramnarine says Trinidad and Tobago is in a state of shock with the impending sale of the Pointe-a-Pierre refinery to Pa­tri­ot­ic En­er­gies and Tech­nolo­gies Com­pa­ny Ltd (PET­CL) which is fully owned by the OWTU.

Former energy minister Kevin Ramnarine

And he has asked eight questions:

  • Was this a political decision or an economic decision?
  • Where is the OWTU sourcing $US700 million and who is going to supply that money to them?
  • Why the need for a three-year moratorium on payments ? So our plant and equipment will be utilized for three years and depreciated before we get a red cent ?
  • What is the cost of starting the refinery after it’s been down for a year and neglected since 2015?
  • How is the refinery going to compete against US refineries which are getting cheap shale gas and cheaper crude oil and are in their golden age.
  • What is the role of Trafigura in this entire deal ? They were mentioned by the Minister of Finance in his statement.
  • Will the refinery be subject to the same rates of corporation tax that Petrotrin paid?
  • Are we saying that the OWTU will now have the sole right to supply the country with fuel? How does that affect out energy security?



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