OILFIELDS Workers’ Trade Union’s (OWTU) subsidiary Patriotic Energies still has a major stake in the reopened Petrotrin refinery.
Even after being booted out from possibly buying or leasing the Pointe-a-Pierre facility, Patriotic is well placed to be a crucial provider of labour, logistics and other supplies.
And the company is likely to fare even better if a local consortium – one of three shortlisted bidders – wins control of Petrotrin.
Sources said the Government’s Evaluation Committee, led by former Permanent Secretary Vishnu Dhanpaul, was “impressed” by the presentation of CRO Consortium, including its stated ability to fund a restart.
CRO is made up of local engineering company D. Rampersad and two foreign partners.
The Trinidad and Tobago team includes Kenesjay Green Ltd., whose principal officers are close relatives of former industrial czar Professor Ken Julien, and Navneet “Navin” Boodhai, a prominent engineer and university lecturer.
The foreign partners are Chemie-Tech Ltd., an international engineering and construction company, and Ocala Engineering, a US-based company.
OWTU operatives have past working relationships with key figures in the local consortium.
A resumption of operations would require at least 5,000 skilled workers and hundreds of millions worth technical and related supplies.
As Sunshine Today had previously revealed, Oando PLC, a Nigerian-based energy company, and Inca Energy LLC, a South African renewable energy firm, are also shortlisted.
These and seven other bidders were previously reviewed by Scotia Capital (USA) Ltd., an exercise that cost taxpayers $12 million.
Finance Minister Colm Imbert said in his Budget address that “the Government has no intention of exposing taxpayers to the recurring billion-dollar losses that occurred previously in the operation of the refinery.”
Evaluation Committee sources said CRO Consortium made an effective presentation on finances and technical matters.
The Committee placed heavy emphasis on the ability of the bidders to raise the required funds.
“It was a major focus of our work,” a Committee source said.
Oando, which suffered financial losses and had difficulties in repaying loans, was briefly suspended by the Johannesburg Stock Exchange earlier this year for failing to present its audited results on time.
The corporation is reportedly depending on negotiating a loan from the African Import-Export Bank (Afreximbank), but the financial institution is not yet registered in T&T.
Industry experts say that 15-year-old Inca may face difficulties in securing financial capital for the Pointe-a-Pierre project.
The Government is expected to make a formal announcement on the selected bidder to dovetail with the peak of the general election campaign.
OWTU’s Patriotic is preparing for an expected role in the supply chain and is reportedly creating a business plan with a new corporate structure and company chairman.
A prominent industrial figure is earmarked to chair the company.
Patriotic was axed from the Petrotrin deal for allegedly submitting a fake document on a US $1.5 billion source of funds.
Company officials denied the allegation, which was made in Parliament by Energy Minister Stuart Young.
Patriotic is also collaborating with several senior energy officials who were displaced when Petrotrin was mothballed in November 2018.
The shutdown of the plant had a devastating economic impact on surrounding areas including Pointe-a-Pierre, Marabella, Vistabella, Claxton Bay, Couva and San Fernando.
In the 1970s, OWTU, led by George Weekes, campaigned for nationalisation of the facility.
