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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