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Petrotrin's $2.8 billion disgrace

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06 Apr 2012 15:00 #82805 by chairman
Petrotrin chairman Lindsay Gillette said yesterday the multi-billion dollar World Gas To Liquid (GTL) plant would be dismantled and sold as scrap iron.

And taxpayers would have to swallow the more than $2.8 billion loss, he added.

Gillette made the announcement yesterday at an impromptu media conference at Petrotrin's Port of Spain offices initially to rebut negative statements by Opposition Leader Keith Rowley about the new gas find. It however quickly turned into a discussion on the financial burdens placed on Petrotrin because of the GTL investment.

Petrotrin acting president Khalid Hassanali attended the press conference.

"We actually considering right now, whether we should use this plant as scrap iron. That is a lot and that money could have been better spent looking for crude (oil)," he said.

"We spent $2.8 billion in building a plant and giving to the foreign shareholders total control of that money. Someone explain that to me," Gillette said.

"We spent $2.8 billion in World GTL in a plant that right now cannot work, it cannot function. It is about $2.8 to $3 billion of taxpayers money that was spent on a plant that cannot work," he said.

Gillette fired back at Rowley for his harsh criticism of Petrotrin's technical team after the find was announced last Thursday.

"I call on him to unreservedly withdraw his remarks that the technical team at the State owned oil company fabricated a story about the oil find," he said, adding that Rowley "maligned" the reputation of Petrotrin employees.

Gillette also said that Petrotrin followed the international protocol in announcing the one year old find only after confirmatory testing was completed.

Gillette, a former Minister of Energy, described the multi-billion dollar GTL investment as a "total disaster".

He said he has been trying to find ways to modernise the plant to earn some revenue from it, but found it was not possible.

"I have been pulling my hair out of my head trying to find ways we can generate money from this plant and there are two alternatives, scrap it or do nothing and let it rot," he said.

"If you put it into context that is almost half of the country subsidy money that just went waste," he said.

The lost money, he said, was irrecoverable, but as the matter was still in court he could not divulge much more about the financial losses.

"I can only say a lot of my money, your money, the taxpayers' money is spent on a plant that was wasted," he said.

Gillette said Petrotrin's focus now was to find as much crude oil as possible and reiterated the importance of the Jubilee oil find.

"This really does spell prosperity for the country," he said.

Hassanali said because of the size of the find Petrotrin may seek the aid of a foreign investment partner to monetise the crude oil. He said Petrotrin said 21 joint ventures and did not see this as a problem.

In 2005, Petrotrin and US-based World GTL entered into an agreement to build the plant in Trinidad. It was supposed to be completed in 2008. The deal went sour when World GTL accused Petrotrin of wrongfully expropriating its funds, which led to a $12 billion lawsuit against Petrotrin in a US court in February 2010. Petrotrin alleged that World GTL breached its contractual obligations by defaulting on a loan payment and the matter was placed in the hands of PriceWaterhouse and Coopers to act as the local receivers.
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06 Apr 2012 21:16 #82816 by mapoui
this is Trinidad...the whole westindies!

there is nutten goin orn save totoal corruption betwen the westindian blac/brong elites and the forrin exploiters.

there is absolutely nutten in the westindies that is worth the money paid for it by the governments and business in the name of the westindian people..for the westindian people.

vehicles on the roads, imported and sold by the dealerships are lemons and rejects and claim the lives of countless trinidadians/westindians.

all the imported food and medicines is garbage.

all government  projects are toxic, debt-ridden, white elephant efforts, calculated to burden the people at high interest charges to enrich the banks.

nobody here appear to know exactly how the westindies works...how life goes there routinely.  all people here think ethnocentric and Kamla is sarcrosanct, sacred, above criticism.

but she is not.  she is no better than all who went before her as prime minister.  she is more of the same.

westindian life is a cesspool of corruption.  thats all there s in the westindies...bobol.

the come now with this petrotrin crap.  what has happened is what they intended from the start.  thaqt prokect was a gravy train for all who conceived, oragnised the financing, constructed the thing, sell the scrap now, dismantling and shipping it.

everybody who was involved made a killing...and in the end it goes on the books of the nation as an expense, a debt on which the people will have to pay taxes to clear off.

that was the intent from the start.  only the people get fooled if they still believe anything their governments say...no matter who is in charge..man or woman, regardless of party.

it is really, truly ridiculous living in the westindies.  you take your life in your hands on the road frm bad vehicles, in taxis and buses..anytime you go to the supermarket or bay anythng at all.  maybe the peoples markets selling locally grown good are half decent.

but dont get sick there in the westindies save if you are bajan.  nowhere else in the region is the medical structure worth spit. go in and come out on your back

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07 Apr 2012 01:42 #82822 by Kwami
Maps you are guilty of a false equavalency when you equate the Kamla administration with the Mnnning corrupt PNM rule. These fiascos are now being exposed  by the UNC and to equate the PNM  with UNC  is disingenious. Who knows that maybe in the future the UNC  might be just as corrupt but as of now this is not the case .
Kamla  has gotten the Syrian mafia who were ardent supporters of the PNM on the run and at least you  should give her some time to see whether she would  institiute some positive change in that country

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07 Apr 2012 09:38 - 07 Apr 2012 10:13 #82831 by mapoui


where has that taken place...and if it has what does it actually mean..reform of the process or the replacement of the syrian mafia by an indo one?

yu dont understand reform:  this sitaution with petrotrin reflects what big business in trinidad actually is...a rip off, bobol, corruption from the start.  hat is the way it is doen in the westindies....all the way.

they all understand it and if you want to clean it up it cannot be an undercver but open process involving the people by expaling t to them..what yu doing afn why and why they need to support the PM put in the streest even because she would face a lot of oppostion..lies even physical violence when it come so.

the only protection she would have is the massive support of the people.  and such support would be more than enuff.

once the people get involved and on-side, you can go very far with reform.  to harm the leader makes no difference or make  things worse for them... for a radicalised people would likely throw-up even more radical leaders.

what has been UNC action on Petrotrin?

its billions we talking about here!
Last edit: 07 Apr 2012 10:13 by mapoui.

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07 Apr 2012 10:54 #82833 by mapoui
in 1962 on the break up of the westindian federation jamaica and then Trinidad rush up to lancaster house to set up independece fuh the 2 islands.

especially in the case of Titty the english said -" sure independence. that is fine but you are aware of what we want.  we want the central bank and certain economic standards.  otherwise we have no problem with independence.

and oh Eric...on Chgaguaramas!  we will have a word with the americans.  you wont have a problem there.

Ok the english wanted the central bank.  all Trinidads money would be borrowed from that centarl bank that was to come.  the Titty and Yardie governments would not print their dollars freely, at no interest to the people and so ensure their own development with no constraints.  no sir!  an income tax would be insittutued and rigidly collected...to pay the interest on government expenditure at interest through the new centarl bank

and who would get that interest...why the real owners of the cental bank...the international bankers.

so from the start the possibility of regional development was taken away, subsumed in the finaicial arrangements of international banking. 

but it was far worse than that.  westindians had litle hope of progress as citizens of the new natins for all the banks were forrin owned and they had long set up policies that red-lined the westindies and westindians in specifcia ways that throttled any hope of regional development.

no indo or afro would get money for anything save it butressed the status quo.  deh could put their money in the bank but if deh wanted to buy a car and deh had a good job fine.  not land and investment in business.

but if a syrian landed, or a white man from anywhere he would get money for anything he wanted..just like that..from the banks. that is how forrin control was facilitated.

forrin investment and technology transfer was a similar crock.  the forrin owned banks lent all such projects locally harvested funds.  none of them had to bring any money in.  the came, got westindian money, invested to take advantage of governemtn investment programs and left when those concessions ran out.

they brought nothing, left nothing took all they earned with them.

and all of this was covered up in the lies of development plans and forrin investment.  it was all a joke and a game.  and it still is a joke and a game.

and as tourism rose the spectacle of westindian futility became even plainer for all to see.  all amnner of keskerent white people from europe and north america flooded in..got money freely from the banks..the money of regular blac people who could get none of it for any expansionary purpose..money with whihc they set up boutiques in westindian town and cities, to serve white tourists.

little returants popped up all over the place for the same purpose.  and all these whites cliqued togetyher to form apartheid colonies in westindian life all over the region...antigua being a particularly eggregious example.

I dont know what it is like now but back in the eighties of the last century they had already formed strong racist enclaves in areas of Antigua that shut out ordinary Antiguans completely.

most of the business in the westindies that sprins from any area of economic expansion is exploited not by westindians but by white forriners.  the forrin owned local banks ensures that this takes place.  blac people are relegated to the sidelines as usual, hewing wood, drawing water, waiter, cleaning, bellhops..all ammner of useles wuk.

that is the westindies I know.  the only area of groth within which blac people prosper is in politics and the related corrupitons involved in politics..government contracts, projects conceived to rip off the peoples money, the resulting losses loaded unto the public debt.

the forriner bleeds the people by the banking system and debt.  the local political classes have climbed on to to the same.  thats the only area they have any room at all to make any money for themslves.

Indos are different.  they collectivised and supported each other and saved into the generations.  indos in the earlys wud nbot put their money into the forrin banks because they knew they would not ge it it back in ways that supported their social movement.  they hid it away at home and when it was necessay they invested it in expansionary ways.

today indos manage and run the local branches of rorrin banks and can loan money to their people for whatever they eant to do to deepen their  ownership of the region..  and as usual afros sleep out, suck sal'

but nothing has changed in the westindies.  independence is a sham, a mamaguy, a hypocrissy, a joke and a laffing matter. 

THERE IS NOTHING IN THE WESRTINDIES THAT WESTINDIANS CONTROL LEAST OF ALL BANKING WHERE ALL THE ACTION IS AT...BANKING THAT FLEECES THE REGION ROUTINELY, MAKES SURE IT NEVER DEVELOPS, ROBS ESPECIALLY BLAC PEOPLE OF ANY CHANCE AT ALL, DEEPENS FORRIN CONTROL ALL THE TIME.

no westindian government is allowed to do for its people anything necessary to move forward.  and these westindian governments are totally cruel to the westindian people in manitaining that ridiculous and totally rapacious status quo.

the westindian peple have responded in kind with monstrous crime..a crime I am sure that is the misdirected energy of the people wh really want to kill their elites and the forriners who rape the westindian life

that I am convinced is the nature of the westindian powder keg, house of crap!

In titty Kamla has not adressed anything remotely consistent with the reality I described. she is not going to do that.  there is nothing remotely consistent with such reform in the UNC. Kamla is also an elitist, from above.  she has litle or no connection to ordianry westindians.  this is the person we are to expect reform from?

Kamla has never uttered a nationalist or reformist or revolutionary word in her life.  there is not the slightest evidence of a progressive attitude in Kamla and her UNC.

its the same with all the parties now.  they all compromise a structure of westidian crap that upholds by hook or croick a disgusting status quo that bleeds the westindian people, and will one day explode into disaster

SO KWAMI..PIK ME APART.  SHOW WHERE I AM WRONG AND RIDICULOUS MYSELF

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07 Apr 2012 11:10 #82834 by mapoui
THE PRICE OF INDEPENDENCE WAS THE PRIVATISING OF THE TITTY DOLLAR/CURRENCY ..OF ALL WESTINDIAN CURRENCIES...WHICH ACTUALLY MEANS THE GIVING CARTE BLACE OF THE NATION TO A FORRIN EXPLOITATION MORE COMPLETE AND FAR WORSE THAN THE SLAVERY AND COLONIALISM THAT PRECEDED IT.

THE FORRIN MASTER HAD WORKED OUT A WAY TO ACHIEVE HIS DOMINATION WITHOUT DIRECT MILITARY CONTROL AND OCCUPATION.  WHILE HE ALWAYS MAINTAINED THE THREAT OF INTERVENTION HIS WAY WAS NOW BANKING THAT ACHIEVED ALL HE HAD BEFORE AND FAR MORE WITHOUT THE TREMENDOUS PREVIOUS COST OF OCCUPATION AND COLONIAL CONTROL

ALL FACETS OF THE WESINDIAN ECONOMY IS FPORRIN OWNED.  THEY USED OUR OWN MONEY TO ACHIVE ALL OF IT.  THEY HAVE TURNED ALL OUR EFFORTS, LABOUR, ALL WE EAT ETC.,  AGAISNT US.

THERE IS NOTHNG THAT WE DO IN THE WESTRINDIES THAT DOES NOT ENRICH THE FORRINER AND THOSE OS HIS KIND WHO LIVE IN THE REGION.

THE WESTINDIES HAS ONE CHANCE OF OF BEING FREE TO DEVELOP THE REGION FOR THE PEOPLE.  AND THAT IS TI TAKE IT BACK..TO EXPROPRIATE THE FORRINER AND KICK HIM OUT OF THE REGION... DESTROY THE CURRENT PARASITIC WESTINDIAN ELITES. 

THEN TO DEVELOP THE REGION FOR THE PEOPLE.

IF THAT DOES NOT HAPPEN AND SOON WESTINDIAN SOCIETY WILL BE VISITED BY ATROCITY..ONE  OF THE OPTIONS CLEARLY OBSERVABLE AT THIS TIME.

I MAY NOT SEE IT IN MY LIFE TIME BUT I AM SURE SOME OF YOU WILL LIVE TO SEE IT. IT WILL BE SOON BY HISTORICAL TIME FRAME..10-50 YEARS

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07 Apr 2012 11:23 #82835 by killer
phew, :police:

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07 Apr 2012 12:14 #82840 by ketchim
Trinis jus wanna colleck the $$$$  :

dont read too much into Employment , Independence , Forrin Investor et al :

Jus grab yuh stuff ...Head to Maracas Bay :

and Chillax... :cool:

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07 Apr 2012 12:17 #82841 by killer
Au contraire, we hard wukking people, we nah wah handouts like the PNM created.

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07 Apr 2012 12:18 #82842 by ketchim
Mapoui is a PNM man ?  ::eek::

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