Petrotrin to shut November 30
(Trinidad Express) State-owned Petrotrin will cease operations on November 30.
And permanent employees will receive their termination by the terms of the relevant collective agreements, says chairman Wilfred Espinet.
This was announced at meeting of Petrotrin’s Board of Directors and Oilfields Workers’ Trade Union (OWTU) on Thursday.
A Petrotrin release stated that the two-hour follow up meeting was held at Petrotrin’s Pointe-a-Pierre staff club.
The meeting was held to discuss the trade union’s proposal on the future of the oil company which was presented to management last week.
Espinet said, “The Board advised the Union that the proposal failed to address critical issues regarding financing and profitability and there was insufficient information to give us an understanding of how the plan would work. We therefore decided that it was not a viable option.”
He said the union also presented a lease proposal that was different to the one that had been presented last week.
The release state that the Board advised the union that it would review the proposal but confirmed that it would be proceeding with its transition plans for a safe and efficient shutdown of the refinery and the preservation of the company’s assets.
Espinet said, “The Board is open to any option that would make the business self-sustainable and profitable but time is not on our side and we are proceeding with the one viable option that is available.”
Another meeting has been scheduled with the OWTU to provide further information on termination packages and the exit procedure, Petrotrin stated.