Patriotic Energies and Technologies Co Ltd, which is wholly-owned by the OWTU has won the bid for the Pointe-a-Pierre refinery with a US$700 million offer. Finance Minister Colm Imbert confirmed this, on Friday in the parliament.
The Finance Minister said the Government saw Patriotic as the most suitable buyer over Beowulf Energy and a third company, Klesch.
Minister Imbert said Patriotic 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.