September 16, 2021

Government To Receive Formal Proposal Bids For Sale Of Petrotrin Refinery By Month End

By Newsroom

Government has already received interest from a few qualified parties as it relates to the sale of the Petrotrin Refinery.

So says Prime Minister Dr. Keith Rowley, who revealed that formal bid proposals are likely to be submitted by the end of this month.

“Access has been granted to the virtual data room, with all the requisite technical, commercial and financial required to make an initial bid proposal,” the Prime Minister said. 

Due to the sensitive nature of the process, the Prime Minister says names and quantification of these parties cannot be disclosed at this time.

The search for a new buyer for the Petrotrin refinery came after proposals from the Oilfield Workers Trade Union, government’s preferred buyer, was blanked three times.

In February, Finance Minister Colm Imbert said the proposal could cost taxpayers billions of dollars as government was asked to carry the burden of providing start up financing.

“All expenses and risks are to be borne by the Government in the form of the initial capital by way of the $5 billion.”

“A related risk is that Patriotic would also be able to pledge the assets for financing that has no relationship to the start-up of the refinery.” By this the country could lose the assets, he warned in February.

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