Petrotrin Chairman Wilfred Espinet is justifying Petrotrin’s decision to close its refinery and send home hundreds of employees.
Approximately 2600 workers who have permanent employment at the company, will be affected by the plans to close the refinery and expand its exploration and production.
The company noted that it has lost a total of about eight billion dollars in the last five years; is $12 billion dollars in debt and owes the Government of Trinidad and Tobago more than $3 billion dollars in taxes and royalties.
It is also projected to continue losing about TT $2 billion dollars a year.
Mr. Espinet says the aim is to reduce significant losses incurred by the state owned company and return it profitability.
Petrotrin in a statement explained that the refining of oil will be phased out and the Company will import the refined products (gasoline, diesel, aviation fuels, etc.) that the country needs –– approximately 25,000 barrels of oil equivalent a day.
All of the Company’s oil will be exported.
The period of transition will commence on October 1st, 2018.
Petrotrin said it will be meeting with all of its stakeholders during the coming weeks to discuss how the proposed changes may affect them.