OWTU presents lease plan for Petrotrin refinery

Trinidad and Tobago

PORT OF SPAIN, October 19, 2018 – In an effort to stop the shutdown of the Pointe-à-Pierre refinery, Trinidad and Tobago’s Oilfield Workers’ Trade Union (OWTU) has reached out to NOC Petrotrin’s board with a lease-to-own proposal for the asset, local media reported on Thursday.

With the help of Suriname-based private investment fund SunStone Equity, the union has created a plan whereby UK commodity trader MAK England would supply crude for processing at the refinery. The proposal aims to prevent the shutdown of the facility and allow many Petrotrin workers to continue in their positions.

“We are sure, once our plan is implemented, the country will benefit,” OWTU president-general Ancel Roget told reporters. “Our proposal of a lease will ensure that all of the jobs will continue, those jobs will be saved.”

At the end of August, the NOC announced it would be exiting the refining business as part of a larger restructuring process.

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