Petrotrin workers to go on strike

Petrotrin workers are set to go on strike on Monday in an effort to force a breakthrough in talks between its union, the company and the government.

The three parties have been at odds for several days now, with the Oil Workers Trade Union seeking a 10% increase in salary for the people employed at Trinidad and Tobago’s state-controlled Petrotrin. The company said it could and would not commit to raising salaries as the drop in oil prices has wreaked havoc on its finances.

In related news, Transocean will likely have to pay the Trinidadian government a sum of USD 35 million for the cold stacking of several drill ships off the coast of Chaguaramas, local media reported over the weekend. The fee is a result of a September 2015 increase in mooring fees. Negotiations are ongoing with the Ministry of Works and Transport.

Finally, a local court on Monday signed off on Trinity Exploration & Production’s restructuring plans, enabling the London-based player to resume trading. Trinity was forced to suspend trading in July over doubts regarding its financial position.