No sale of Petrotrin's assets

EVEN though it remains a cost to taxpayers, neither Petrotrin nor its assets are up for sale.

For the State's debt-burdened, inefficient energy company the future is simple—change the business model and improve governance arrangements.

These are the two recommendations of the committee's report, a copy of which was obtained by the Sunday Express.

It was set up by Prime Minister Dr Keith Rowley after the company's union, the Oilfields Workers' Trade Union, threatened strike action in January.

The committee recommended the establishment of three operationally independent business units — Trinmar, Land Exploration and Production and Refining and Marketing and that “each of these business units be led and managed by persons who would be responsible for organising all the resources (financial, human, physical) within the unit in order to achieve the established targets; and be held accountable of the business' performance.”