Finance Minister Colm Imbert says Petrotrin poised for success

Finance Minister Colm Imbert said the issue of previous massive debt and a lower wages bill through fewer employees are just two factors that give a new version Petrotrin under the OWTU a greater chance of success.

He has identified two ingredients for the success of the Pointe-a-Pierre refinery under the ownership of Patriotic Energies and Technologies, the company that is wholly owned by the Oilfields Workers Trade Union, which represented workers at the now defunct Petrotrin.

The Finance Minister said among the reasons that Petrotrin was unprofitable were that it was burdened by the equivalent of US$1.9 billion in mostly foreign debt and it suffered from “extremely high operating costs.”

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