(Trinidad Guardian) State-owned Petrotrin is in crisis and all options are being considered for the future of the company, Energy Minister Franklin Khan said yesterday.
Khan said Government has not taken any decision on Petrotrin but added: “All options are being currently evaluated. Nothing is off the table. These decisions that will be taken on Petrotrin call for deep analysis and some prudent business judgement.”
He said the company is saddled with an unsustainable debt stock and high debt servicing payment, with a bullet payment of US$850 million due in 2019 and another of US$750 million is due in 2022.
At a media briefing at the Energy Ministry’s offices at the International Waterfront in Port-of-Spain, Khan said he wanted to clear up “misrepresentations” by the Oilfield Workers’ Trade Union (OWTU) on the state of the company. On Thursday, OWTU president general Ancel Roget accused Government of trying to sell off Petrotrin’s assets.