Petrotrin's Assets To Be Vested Next Week
1,059 views · Published 8 November 2018 · 1:55 · Indexed 23 September 2026
Channel: TTT Live Online · 2018 · People & Blogs
Government has taken a decision with respect to the vesting of the assets of Petrotrin. The vesting will be undertaken in Parliament next Wednesday, November 14th 2018. Speaking during the Post Cabinet Media Briefing on Thursday, Communications Minister Stuart Young said the vesting of Petrotrin's assets will allow Government to set up the various entities under Petrotrin. Minister Young said these various entities will carry out restructured operations from November 30th, 2018. He said Government will be transferring the assets of Palo Seco Agricultural Enterprises Ltd (PSAEL) to the Heritage Petroleum Company Ltd. to oversee exploration and production, while the non-core assets of Trintoc and Trintopec will be transferred to the Guaracara Refining Company. Minister Young said Government intends to submit Requests for Proposals (RFPs) to the "world at large" for the Petrotrin Refinery, following the vesting of the company's assets. He also dismissed what he said was the "distortion of reality" being circulated, adding that at no point did Government indicate that Petrotrin was being shut down.
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