ENERGY Minister Stuart Young accused Patriotic Energies and Technologies Co Ltd of submitting a fake document claiming to possess US$1.5 billion to purchase the Petrotrin refinery.
The company, which is wholly owned by the Oilfields Workers’ Trade Union (OWTU), has faced scrutiny over its bid to acquire the facility.
Young’s allegations came in response to recent statements by OWTU President Ancel Roget, who suggested that political motives had thwarted the union’s attempt to secure the refinery. The Energy Minister described Roget’s remarks as “reckless” and clarified the reasons why Patriotic did not receive approval for the purchase.
The minister made his comments during the Budget debate on Friday.
According to Young, the company failed to prove its financial capability, even after being granted additional time to secure financing. He stated that the document submitted, purportedly reflecting the US$1.5 billion, was fraudulent. “Any responsible Government would want to restart the refinery, but not at a financial burden to the people,” he said.
Young explained that in 2018/2019, Patriotic was the preferred bidder and was granted a period of exclusivity. However, the deal fell through due to two significant issues: one of Patriotic’s partners demanded exclusive rights to the Paria tank farms, and they sought government bonds as part of their financing strategy, which would place taxpayers at risk.
The Energy Minister noted that Patriotic was among ten companies that expressed interest in the refinery. He said the evaluation committee, comprising independent experts from Houston, determined that Patriotic could not substantiate its financial standing with its initial Expression of Interest (EOI).
After receiving a second chance to provide proof of financing, Young claimed, a document surfaced claiming to show a cash wire transmission of US$1.5 billion to a local bank in Trinidad. However, upon further investigation, it was revealed that the document was forged. “No US$1.5 billion was received by Patriotic at any local bank,” he stated, holding up the document, although he was cautioned by Deputy Speaker Esmond Forde against displaying it in the House. He said he received the document in his mailbox.
Young’s assertions prompted gasps from his colleagues, with one member exclaiming, “That is a crime!” He said, “The document produced as proof of financials is not real. Fake, fraud, fraudulent, and that is the truth as to why Patriotic couldn’t make it to the next hurdle.”
