Caption: Minister of Energy Stuart Young, SC, left, has the attention of Heritage Petroleum Chairman Michael Quamina, SC, as Heritage Chief Executive Officer Eric Keskula, centre, looks on
By Prior Beharry
HERITAGE Petroleum Company Limited contributes $8.2 billion in the last five years to the economy of Trinidad and Tobago.
This was stated by the company’s chairman Michael Quamina, SC, last Friday at a media appreciation event at the company’s corporate office at the Queen’s Park West in Port of Spain.
He said, “Heritage plays a significant role in Trinidad and Tobago’s energy industry, with substantial contributions to the country’s economy and energy security, while upholding high standards of corporate governance and responsibility.
“As stewards of the national economy, we contribute significantly to Trinidad and Tobago’s GDP and foreign exchange revenue stream.
“Our remittances in taxes, royalties, and levies over the past five years have amounted to over TT$8.226 billion, a testament to our commitment to stakeholders and the sustainable recovery of hydrocarbons for the benefit of our nation.
“We continue to reduce our legacy debt having met all our debt obligations since inception.
“The remainder of our earnings goes towards funding our daily operations, our capital programs to maintain our assets and grow production, and community projects that benefit the people of Trinidad and Tobago.”
He listed a number of complete projects including the overhaul and renovation of a multi-story building on Clarke Road in Penal entrusted to the Ministry of Social Development and Family Services to be used as a transition home for female victims of domestic violence.
Quamina said the Beach Camp Facility in Palo Seco was now vested with the Ministry of Youth Development and National Service for its Youth in Agriculture Programme.
He said the former Trinmar Operations Administration Building will be given to the Ministry of Public Administration, which will be known as the Point Fortin Heritage Administrative Complex. This building will house several sectors of government services, adding further value to sustainable development and returns to our communities and our country, the chairman said.
Quamania said, ” Heritage is integral to our country’s development, our advancement, and our transition to better. We take pride in giving back to our communities and to Nation, living by our inspire values, committing to sustainable resource development, and collaborating with our stakeholders and partners.”
In November 2018, all employees were let go from state-owned Petrotrin and in a restructure, the government created Trinidad Petroleum Holdings Ltd. It has four subsidiaries – Heritage, Paria Fuel Trading Company Ltd, Guaracara Refinery Ltd, and Petroleum Company of Trinidad and Tobago (Petrotrin).
In March this year, Prime Minister Dr Keith Rowley said Heritage was more than halfway to repaying its predecessor’s (Petrotrin) $11.8 billion debt, after less than six years of operation.
See more photos below by AZP News Photo Editor Azlan Mohammed:
