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No new agreement on the way forward for Patriotic’s purchase of Petrotrin

Minister of Finance, Colm Imbert

Government says its decision to reject Patriotic Energies and Technologies, company’s proposal for the third time, stands.

This follows a virtual meeting between the company’s board and Minister of Finance, Colm Imbert and his technical team yesterday.

In a statement this morning, Minister Imbert said the meeting was held to clarify issues that may exist with respect to the details of the financing proposal submitted by Patriotic on February 5th, 2021 for the purchase of the Point-A-Pierre Refinery and Paria Fuel Trading, and the recent Cabinet decision regarding same.

It says at the meeting, the Minister confirmed that the Cabinet decision of Thursday 18th February 2021 on this matter stands.

It says Patriotic’s bid to acquire Petrortin’s assets can no longer be supported.

The company owned by the Oilfield Workers Trade Union has described the talks as productive.

Patriotic is seeking to purchase the assets of Petrotrin from the State.

However to date its offer has not been accepted.

Last week Minister Imbert said the offers made by Patriotic were unattractive, as they would cost the State millions of dollars.

Patriotic responded saying the Minister was not being fully honest in his analysis.

In its release Patriotic said it looks forward to the future with optimism.

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