Trinity Exploration & Pr... Share Discussion Threads

[mount teide] 28/8/2018 19:42

Logic suggests the essential restructuring of PetroTrin may well be the catalyst for the announcement of the much needed SPT reforms if the Nation's focus is to be lifting domestic production.

[dunderheed] 28/8/2018 19:36

Blimey o Reilly, now there's a turn up for the books!!

[mark10101] 28/8/2018 19:15

Petrotrin’s refinary is to close according to this. Looking for other confirmation. The country is going to focus on improving domestic production. Hopefully reforms to encourage greater production will follow and be a lift to TRIN.

[mount teide] 28/8/2018 19:11

D Day for PetroTrin - T&T Guardian


According the todays T&T Guardian, Energy Minister Franklyn Khan declined to comment on the planned restructuring but he ruled out disposal of the assets saying: “Petrotrin does not belong to the Cabinet, it belongs to the people of Trinidad and Tobago and for the time being we operate in trust for the people.

We will not flippantly dispose of the assets of the people of Trinidad and Tobago,” Khan said.'

This suggests the sale of the oil refinery is not one of the options likely to be in the restructuring plan for the Company due to be announced later today.



'The plan to be revealed by the company follows months of discussions and international expert analysis which examined what Khan described as “the quagmire that is Petrotrin,” including its finances, performance, debt and its benchmarking which Khan described as being at the “bottom of the fourth quartile.”

Khan said the plan which had been “formulated and accepted on the future of Petrotrin,” will be articulated to the unions today. It is only after those meetings that the national community will be informed of what had been decided upon.

He did not want to prejudge what will happen after the Company meets the OWTU but contingency plans are being put in place in the event of any action by the workers led by the OWTU.

Khan said “this country is ruled by law and order. Any action deemed illegal will obviously have to be dealt with.”

In a situation like this he said “contingency plans will have to be put in place,” but he declined to say what those are, “let us wait and see I don’t want to prejudge what will happen, let’s wait and see,” Khan said.

Khan reiterated his call for “maturity, pragmatism and nationalism,” saying this is about the “national interest.'

[diseasex] 28/8/2018 14:15

you're a shark marvelman ;)

[marvelman] 28/8/2018 13:55

Wouldn't call it big alamaison but the 70,000 was mine

[alamaison5] 28/8/2018 13:34

Letting in some big buys. Check the last two trades...

[mark10101] 28/8/2018 08:46

Yes it is an important refinary for the whole region, closure would have consequences far beyond the shores of T&T. This has been years in the making, this is not under creditor duress, so hopefully a preemptive restructure to get Petrotrin back on track.

[whiskeyinthejar] 28/8/2018 08:40

There may already be buyer for refinery, but I can imagine why they'd want to close it down, sack everyone and start again with new managers and without the union.

I read somewhere that with recent discoveries, Guyana now haa more reserves per head than any other country. Population of fewer than one million people. Anyway, IMO the region needs big refinery even if Trinidad doesn't.

[mark10101] 28/8/2018 08:34

Post placing we should have been straight back into low 20’s just on pure value and being debt free. The changing landscape in T&T is what will hopefully take us into the 30’s. The summer doldrums May be coming to a close.

[dunderheed] 28/8/2018 08:34

People mooting the possibility of Trinidad oil refinery closing on here.
Very very unlikely (famous last words lol!!)

[dunderheed] 28/8/2018 08:29

Yes Christ, if they closed the refinery there would be riots on the streets imho.

[alamaison5] 28/8/2018 08:28

Good buying pressure this morning. O trade won't affect the price much but the ASK is nearly paid for now. A tick up soon?
September figures are good, no doubt.
Therefore I feel very confident here having bought at 16.75p.

[mark10101] 28/8/2018 08:26

TRIN and TXP management are on the discussion forums with the Government, I emailed the company in April this year to check we have a contingency plan should Petrotrin go in bankruptcy, I would assume they have a plan....

In the articles coming out yesterday there was emphasis on losing $3 for every imported barrel. So they may close it or they may focus on local production. Given they clearly make money off the back of the domestic oil they buy from TRIN at a discount maybe TRIN will realise higher prices going forward (we sell an oil quality closer to Brent than WTI), maybe we have been underselling.

Is there a way they can temporarily scale back the refinary until the local production ramps. Overall I see so many opertunities here for TRiN, we will find out later this afternoon.

[whiskeyinthejar] 28/8/2018 08:25

Petrotrin doesn't pay oil companies full market rate so I think Trinity would get more but have to pay transportation. If story is true.

But new focus on getting production up could be very positive for Trinity. Reform of tax regime is deffo needed.

[spellbrook] 28/8/2018 08:19

I think the refinery will remain open , but under new management, staff cuts and maybe with bp / shell influence/ knowledge...

[deeppockets] 28/8/2018 08:14

If it did where would Trin sell? Would it incur more cost or maybe get more for its oil?

[phowdo] 28/8/2018 08:12

Possibly disruptive to TRIN and TXP then if they have to ship their oil elsewhere and/or find other buyers?

[whiskeyinthejar] 28/8/2018 08:07

Still just rumours but Trinidad Express says Petrotrin refinery to close. Says Trinidad can no longer afford to refine oil so country will instead expand exploration and production efforts.

[whiskeyinthejar] 27/8/2018 23:14

OWTU President Ancel Roget will address Petrotrin workers and the media at Pointe-a-Pierre roundabout tomorrow, following a meeting with the state company.

In a media release, Mr Roget says the executive from the Oilfield Workers’ Trade Union has accepted Petrotrin Board’s invitation to meet tomorrow at 10:30am.

Following the meeting, he is expected to address the media around 3pm.

The meeting comes following an announcement from the Cabinet that a restructuring plan has already been devised by the board of directors and approved by Cabinet.

The Prime Minister is also scheduled to address the nation this coming Sunday, to outline Petrotrin’s future.

[mark10101] 27/8/2018 09:43

Thanks SB, going to be an interesting week.

[spellbrook] 27/8/2018 08:58

He said after Tuesday’s meeting between the union and Petrotrin Prime Minister Dr Keith will address the nation on the future of Petrotrin on September 2.

Quizzed on options Government could look at going forward, Khan refused to say whether privatisation or a merger with Shell could be involved