Colm Imbert----use

NEW MEASURE: Finance Minister Colm Imbert

Following is the text of the statement delivered in the Parliament yesterday by Finance Minister Colm Imbert in announcing that a company named Patriotic, wholly owned by the Oilfields Workers’ Trade Union (OWTU), has been chosen to purchase the Pointe-a-Pierre refinery, formerly Petrotrin.

PETROTRIN, Trinidad and Tobago’s largest crude oil producer, operating the country’s only petroleum refinery, ceased refinery operations on November 30, 2018. The refinery was plagued by high and increasing debt; low productivity levels; escalating manpower costs; and an expenditure pattern of habitually surpassing its earnings and income. The refinery lost billions of dollars every year.

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FINANCE Minister Colm Imbert said the Board of Inland Revenue targeted the “big taxpayers” in the recent tax amnesty, which netted $2.38 billion for the Government’s coffers, over than four times more than was predicted.

US-based travel and hospitality conglomerate, Apple Leisure Group, has been chosen to run Tobago’s 198-room Magdalena Grand Beach and Golf Resort. Finance Minister Colm Imbert revealed yesterday that Apple Leisure was chosen from among a few foreign hotel operators.

IN PRESENTING the 2020 budget on Monday, Finance Minister Colm Imbert indicated that T&T was reaching the end of the ten-year road called CLICO, the insurance company that collapsed at the end of January 2009.

FOUR YEARS after Compass Café opened its flagship store at 142-82 Rockaway Blvd, New York, USA, Compass Café TT opened its doors promptly at 10 a.m. on Saturday at 1047 SS Erin Road, Debe.

Head of The University of the West Indies Cocoa Research Centre, Prof Pathmanathan Umaharan envisions that one day Trinidad and Tobago would be well-known not only for its fine cocoa, but for its chocolates.