The Patriotic Energies and Technologies Company, wholly owned by the Oilfield Workers Trade Union, returned to the table with Finance Minister Colm Imbert on Thursday, for talks about its February 5th proposal for purchase of the Petrotrin Refinery.
The company did not go into detail about the outcome of the meeting, only describing it as “productive”.
Patriotic said it was able to clarify its proposal, which the Finance Minister exactly one week ago announced had been rejected.
The company said it is now “optimistic” about the future.
At last Thursday’s Post Cabinet media briefing, Minister Imbert explained why the proposal- the third submitted by Patriotic- had been turned down.
“Essentially, we could not accept the proposal because the burden on the government was just too onerous…it would take us back to where we were. The country was being asked to pay to buy its own asset…and allow it to be mortgaged to a third party.” Minister Imbert said.
Imbert said Patriotic listed two options for purchase of the refinery- one requiring government to issue tax credits to Patriotic in the amount of US$750 million, and the other involved a ‘receivables purchase agreement between Patriotic and Credit Suisse, whereby the purchaser would agree to buy the assets in the form of receivables from Trinidad Petroleum.”