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Petrotrin’s path in 6 months

Wednesday, March 14, 2018
Khan: Board working to complete task
Energy Minister Franklin Khan during yesterday’s sitting of the Senate. PICTURE OFFICE OF THE PARLIAMENT

There should be clarity in six months on what the options are for state-owned, struggling Petrotrin.

This was confirmed by Energy Minister Franklin Khan in the Senate yesterday in response to questions from United National Congress Senator Wade Mark.

Khan said given the company’s serious financial position, an early report is expected by Petrotrin’s board on its restructuring plan. A transition team comprising board members and engagement of other third parties is underway to seek a new management team, Khan said. He said that mandate is for six months and in that time there should be clarity on Petrotrin and what the options are.

Khan said one of the recommendations of the Lashle restructuring report is to split Petrotrin into business units - Refining/Marketing and Exploration/Production.

“Another stakeholder view is that Exploration/Production needs sub-dividing into Exploration (Land/Marine) which includes solely Trinmar operations. Also, the union (OWTU) wants a Human Resource Division and they’re even saying Petrotrin’s Augustus Long Hospital should be a separate business unit,” he said.

Khan said Petrotrin has “long tentacles” in the south west peninsula and Government will take serious cognisance of the impact of any decision on residents’ lives.

He said there was also room for compromise with the Oilfield Workers’ Trade Union (OWTU).

“Petrotrin’s future won’t have a smooth ride unless we have OWTU’s engagement. We’re conscious of that and are working assiduously to bring that to fruition,” he said.


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