Opposition MP and former Prime Minister Stuart Young says the absence of Trinidad Petroluem Holdings Ltd and at least two of its subsidiaries from the schedule list of State enterprises under the Energy Ministry could lead to "disastrous" economic consequences for this country.
But Energy Minister Dr Roodal Moonilal tells TV6 News there is no cause for concern, and that there is no change from what obtained when Mr. Young was both Energy Minister and Prime Minister.
00:00Opposition MP and former Prime Minister Stuart Young took to his Facebook page to express concerns that the state-owned oil company and at least two of its subsidiaries were not on the schedule of state enterprises in the notice for the Ministry of Energy or the Ministry of Finance under the new UNT-led government.
00:17He was referring to Trinidad Petroleum Holdings Limited and subsidiaries Heritage Petroleum Company Limited and Paria Fuel Trading Limited.
00:25Contacted by TV6 News for comment, Energy Minister Dr. Rudal Munilal said this is nothing new.
00:31It is a pity that the former minister could not keep a keen eye on developments at Nikon and NGC as opposed to the schedule.
00:41Had he focused on Nikon and NGC, he would have saved the taxpayers over $1 billion.
00:48On its website, TPHL's corporate structure chart shows it to be under the government of Trinidad and Tobago.
00:54MP Young in his Facebook post made reference to TPHL having replaced Petrotrin in late 2018 following a decision by the former PNM-led government for the restructuring, as it called it, of the state-owned oil company.
01:08As he noted, former Petrotrin debts were refinanced a second time and the U.S. $850 million bond and other significant debts are now carried by Heritage.
01:18However, the birth of TPHL resulted in the closure of the oil refinery in point of pay.
01:25MP Young said in his Facebook post, with regard to the schedule of state enterprises under the Energy Ministry and the Gazette Notice dated May 13th,
01:33quote,
01:34TPHL, Heritage and Paria are nowhere to be seen.
01:38The UNC government has failed to recognize the existence of these companies, end quote.
01:43In response, Energy Minister Munilal made reference to MP Young's recent Facebook post of a visit to a beach.
01:50It appears that the former Minister of Energy is simply making mischief and probably has a lot of time on his hands.
01:58I can assure him that it is safe for him to return to the frolic on the beach.
02:04All is well.
02:07The schedule that was in the press and in the public space, incidentally, is the exact schedule that obtained in March 2025 recently,
02:16when the former Minister was reassigned as Prime Minister and Minister of Energy and Energy Industries.
02:22The former Prime Minister warned that this matter under the new UNC-led government could result in defaults being declared under the bond and loan agreements,
02:31lawsuits based on contractual obligations, and an immediate downgrading of the nation's sovereign ratings,
02:37as he said that would be disastrous for Trinidad and Tobago.
02:41MP Young said he is drawing what he called the serious negligence and or incompetence to the government's attention
02:47so that it can be immediately addressed and thereby avoid any crisis.
02:52Energy Minister Munilal provided TV6 News with a copy of notice dated March 25th of this year when MP Young briefly led the cabinet.
03:01It is the exact schedule. There is no difference.
03:04So the minister shouting now about the risk, the financial arrangements and the international banking community and so on.
03:14This is just mischief because there is no risk.
03:17And if there was a risk, why did you not raise that in March 2025 when you were assigned, when you assigned yourself the exact schedule?
03:25So I just wanted to state that this matter has been dealt with.
03:30There is absolutely no issue and there was never any mistake.
03:34MP Young posted a second Facebook post in which he alluded to a similar point having been made by the UNC's Public Relations Officer, Dr. Kirk Magoo.
03:42MP Young said his, quote, earlier post was careful to caution and say fix it and to post what was circulated a day or two ago by the government, so fix it.
03:52To say that was done previously is of no moment.
03:56The point is to ensure an error is corrected, end quote.
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