(Trinidad Guardian) Energy Minister and acting Prime Minister Stuart Young says it is concerning that a former prime minister aspiring to lead T&T again “would continually attempt to mislead the population” (sic) and indicate to potential investors that she and her party would not honour legal agreements that may be entered into for the benefit of citizens.
Young posted the comment on Facebook after Persad-Bissesar spoke on Thursday following his announcement that Oando PLC was the preferred bidder for the Petrotrin refinery. Persad-Bissssar subsequently vowed the UNC, if it becomes the next government, won’t honour any agreement the PNM Government enters into regarding the refinery. She promised the UNC would investigate everyone who participates in “this theft of the refinery assets.”
But Young claimed, “The behaviour of the UNC leader is most unfortunate and unbecoming.”
In the post, he said he was compelled to respond to “another unfortunate attempt” by Persad-Bissessar, “ to mislead the population with respect to the facts surrounding the financial standing of Petrotrin in 2018.”
The Minister cited Thursday’s story quoting her saying Petrotrin made a profit of $1.67 billion in 2018, its last year of operation. He attached the relevant pages of the consolidated financial statements for Petrotrin for 2018, which he said “clearly showed a $16.487 billion loss for 2018.”
“Make your choices very carefully,” Young added.
Petrotrin’s audited financials for 2018 can be found on the Trinidad Petroleum Holdings Ltd website. The independent audit of Petrotrin was conducted by the firm of chartered accountants, KPMG, and the engagement partner was Nigel Panchoo.
The audit indicates that Petrotrin in 2018 generated revenue of $24.54 billion, but recorded cost of sales of $39.10 billion, resulting in an operating loss of $14.56 billion.
The main elements of Petrotrin’s cost of sales were purchases of $16.71 billion and the impairment of property, plant and equipment amounting to $15.45 billion.
Meanwhile, chief education and research officer of the Oilfield Workers’ Trade Union (OWTU), Ozzi Warwick said, “We will be making an official statement after Carnival. However, we do find it suspicious that they named the preferred bidder just before the elections and when their Dragon deal is about to collapse.”
Patriotic Energies Ltd, which bid multiple times for the refinery, was registered by the OWTU led by Ancel Roget.
Patriotic Energies was said to be the preferred bidder for the refinery just before the 2020 general election.
