Consultants hired for Petrotrin restructuring

Two external consulting firms have been hired to advise on the restructuring of Trinidad and Tobago’s state-owned Petrotrin, energy minster Franklin Khan said in a Senate session on Tuesday.

The minister said the hiring of Solomon & Associates and McKinsey & Company will help the board contend with a void created in the organisation’s management after the resignation of several board members. He added that in August 2017, the government approved the reconstitution of the board of directors and the appointment of advisors who have specialist skills and knowledge of the oil and gas industry.

“The board of directors have been given a mandate to govern and manage the company as a competitive business and as a sustainable, profitable entity,” Minister Khan said.

“The board and management are responsible for the conduct of the restructuring of the organisation. However, the board has engaged external consultants which have specific industry expertise and experience to advise the board on the strategic issues related to the achievement of this mandate.”