The Acting Prime Minister says the process with the shortlist of potential bidders to restart the oil refinery in Point-a-Pierre will continue, despite calls from the Opposition for the process to be scrapped.
The Acting Prime Minister, who is also the Energy Minister, told the Senate today that the Cabinet given the Evaluation team the green light to enter into conversation and negotiation with all three companies on the short list to see what may be the most feasible.
00:00I am pleading with those who really care about Trinidad and Tobago. Do not try to
00:05scuttle the government's attempts to restart the refinery. Do not attack every
00:11individual who doesn't fit your narrative. He finishes by saying there
00:16are entities that are interested in it, they want to reopen it. What do you want
00:19to reopen it for? Why you close it in the first place?
00:24The war of words over the government's efforts to have a preferred bidder
00:28restart the state-owned oil refinery in Pointer Pier continued on day three of
00:34the Senate's debate of the 2025 budget in the Red House on Wednesday. Acting
00:39Prime Minister and Energy Minister Stuart Young reiterated the government's
00:43position that the refinery was costing taxpayers billions of dollars in losses
00:48by the time it was closed down as part of the restructuring of the state-owned
00:53oil company from Petrotrin into Trinidad Petroleum Holdings Limited in late
00:582018. So Heritage has made 40.3 billion in revenue, paid 12.6 billion in taxes
01:07and royalties and made a profit of 6.5 billion. The 850 million US dollar bond
01:13that I referred to that was threatening to sink our economy, we managed through
01:18the restructuring to refinance that not once but twice without a
01:24government guarantee and that is because of how we restructured it. So these
01:28profits that are being made by Heritage, Heritage is carrying the burden of that
01:33refinancing. Opposition Senator Arnold Roberts made reference to the
01:37government's decision not to pursue legal action filed by the state against
01:42the late former boss of Petrotrin. One thing I've learned about this PNM, they
01:47are not politicians, they are magicians. Just poof, he says that the burden of the
01:53taxpayer has been eliminated because Heritage had to pay the 850 million plus
01:59interest for our next 12 years and the bullet payment comes due in 2028. Who is
02:04Heritage? Heritage is people of Trinidad and Tobago, Heritage is taxpayers, the burden is on the taxpayers.
02:11Acting Prime Minister Young attributed Petrotrin's losses to actions taken
02:16during the UNC-led People's Partnership Administration from 2010 to 2015 in
02:22responding to claims made by Leader of Opposition Business Wade Mark in the
02:26Senate on Monday about companies on the short list to restart the refinery
02:31selected by the cabinet-appointed Evaluation Committee. One is to be
02:35selected as a potential preferred bidder.
02:39Okala is a Venezuelan company engaging in oil and gas. It's a holdings company, Mr. President, that is sanctioned by the United States.
02:52How come this government is short-listing a company that is sanctioned by the United States to take over our point of view refinery?
03:01Mr. President, I have here OFAC renews its sanction list every few days. The most recent one we could have gotten yesterday is dated the 17th of this month.
03:13And there is clearance from OFAC, not a single one of these companies in Okala, including
03:19parent, including subsidiaries, any of them is on any sanction list.
03:24The acting Prime Minister also responded to Senator Mark's concern about the local consortium on the short list by referring to a document he identified as a current due diligence prepared by Scotia Capital to TPHL dated October 22nd.
03:39A consortium does not in laws, I'm sure Senator Vera's senior counsel would bear out, become a registered incorporated consortium.
03:50You may do so at the consummation of the deal, but a consortium is really a gathering of legally incorporated companies.
03:58The only one incorporated in Trinidad is D. Rampersad and Company Limited.
04:04And the directors and shareholders of that company are well known in a previous life to those on the other side.
04:11Acting Prime Minister Young had another response to one call from Senator Mark.
04:16So we want the government to scrap that entire project.
04:23It is too corrupt.
04:26And the government must answer.
04:29In fact, we need a criminal forensic investigation into this entire transaction.
04:35The refinery process will continue.
04:38We have three who are being subjected due diligence.
04:41The cabinet has taken a decision.
04:43The evaluation team has been given the green light to enter into conversation and negotiation with all three to see what may be the most feasible result for the people of Trinidad and Tobago to redone solely to the benefit of the people of Trinidad and Tobago.
04:58The acting Prime Minister said not a single day since the refinery's closure have citizens been unable to obtain fuel at any gas station.
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