New Petrotrin chairman Wilfred Espinet says the company needs to be reinvented and its cost structure needs to be addressed.

However an Express report says, Mr. Espinet stopped short of advocating the privatisation of the company, arguing what is needed is the appropriate governance structure, greater accountability and no meddling by governments in its operations.

Mr. Espinet said his real concern is that Petrotrin does not end up being a Caroni Ltd.

Mr. Espinet said if the intention is for Petrotrin to survive—as distinct from leaving it as is and letting it collapse—then it must do so in the context of how enterprises survive.

He said it must have an income that is greater than its expenses and the surplus must be invested to maintain the business.

He added the cost structure of petrotrin has to be dealt with in the short term.