The Board of Directors at Petroleum says it has reviewed the Oilfields Workers Trade Union’s plan to restructure the Company but claims that it was not a viable option.
In a media release Petrotrin explained that in addition to the restructuring plan, the Union had also tabled a proposal for leasing the Pointe-a-Pierre refinery.
It noted that this was done during a two hour long meeting on Thursday at Petrotrin’s Pointe-a-Pierre Staff Club which was a follow –up to last week’s meeting.
Petrotrin’s Chairman Wilfred Espinet stated that the Board advised the Union that the proposal failed to address critical issues regarding financing and profitability and there was insufficient information to give the Board an understanding of how the plan would work.
He said that the Union also brought to Thursday’s meeting a lease proposal that was different to the one that had been presented last week.
The Board advised the Union that it would review the proposal but confirmed that it would be proceeding with its transition plans for a safe and efficient shutdown of the refinery and the preservation of the Company’s assets.
At the meeting, the Board advised the Union that Petrotrin’s operations will cease on November 30th 2018 and that all permanent employees will receive their termination by the terms of the relevant collective agreements.
The Company plans to meet next week with the Union and Associations to provide further information on termination packages and the exit procedure.