Patriotic rejects fake document claim by Energy Minister
Written by Newsday Reporter on October 5, 2024
THE Oilfields Workers’ Trade Union (OWTU)-owned Patriotic Services Co Ltd has rejected statements made by Energy Minister Stuart Young that a fake document submitted by it, was the reason why its bid to acquire the former Petrotrin refinery in Pointe-a-Pierre was unsuccessful.
In his contribution to the 2024/2025 budget debate in the House of Representatives on October 4, Young produced what he claimed to be a fake document was submitted by Patriotic as part of its second bid to acquire the refinery in the 2018-2019.
He said the document, which claimed to show Patriotic submitted a payment of US$1.5 billion to a local bank as proof that it had the financial capability to acquire and run the refinery, seemed to be fraudulent.
In response, Patriotic in a statement on October 5, said Young’s statements were misleading.
The company claimed the document Young referred to, did not come from its financial partner.
“The solely selected financier would have been submitted to the (Cabinet-appointed) evaluation committee and Scotiabank International which both accepted as our preferred financier.”
Patriotic said it remained confident that its “preferred financier can stand the scrutiny of any due diligence process and invite the same.”
The company added it received no communication from either the committee or Scotiabank “as to the unsuitability of our preferred financial partner.”
Patriotic remains confident that it has met all the requirements outlined for potential bidders and presented the best proposal for the sale or lease of the refinery.
In his budget presentation on September 30, Finance Minister Colm Imbert said proposals from a locally-based consortium, an American-based company and a Nigerian-based company for sale or lease of the refinery will be considered by the committee and Scotiabank.
The refinery was closed in November 2018 when Petrotrin was restructured into Trinidad Holdings Petroleum Ltd.
The post Patriotic rejects fake document claim by Energy Minister appeared first on Trinidad and Tobago Newsday.
