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Patriotic calling for meeting with Finance Minister

Minister of Finance Colm Imbert

Patriotic Energies and Technologies Limited is calling for a meeting with Finance Minister Colm Imbert.

The company notes with great concern.

A statement from Minister Imbert issued on Saturday under the caption “Clarification of the reasons why the government could not proceed with the sale of the refinery”.

It was announced last week that the Cabinet decided against the sale of the Petrotrin assets to the Oilfield Workers Trade Union owned company.

Patriotic says from the Ministers statement it appears that there are significant and serious misunderstandings about its proposal.

It says futile attempts were made on February 5th and 9th formally requesting meetings with the Minister to avoid such occurrences.

It says in complex financial arrangements such as the one contemplated, Patriotic understands that there is need for dialogue to ratify positions of parties since the parties may have varying expectations.

The company says there is absolutely no doubt that Patriotic has access to the US$1 billion required to acquire and restart the refinery.

It says the parties now need to work together to finalize the terms under which the government is prepared to receive the upfront payment of US$500 million.

As such Patriotic says, its bankers and technical team would like to publicly request an urgent meeting with the Minister of Finance and his technical team to arrive at mutually agreeable terms.

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