Govt owes Petrotrin over $7 billion
Government owes State oil company Petrotrin more than $7 billion for unpaid gasoline and subsidies since 2011.
This was disclosed yesterday by Energy Chamber president Roger Packer during the chamber's annual general luncheon at the Hyatt Regency (Trinidad) in Port of Spain.
He was delivering an address before Finance Minister Larry Howai's presentation to the chamber on his 2012/2013 budget which he read in Parliament on Monday.
Packer said he welcomed Howai's budget statements about significant levels of investment from State-owned companies.
But Packer noted that Petrotrin has been challenged in delivering capital investment projects by the fact that the company is owed $7 billion in subsidy payments.
"This is hidden national debt which needs to be taken into account when assessing the impacts of the fuel subsidy," he said.
The Trinidad and Tobago Electricity Commission is also owing the National Gas Company about $300 million for subsidised gas, it was disclosed.
Howai responded yesterday to questions about these debts, telling reporters that later this week or next, a plan would be implemented to sort out what was owed to Petrotrin.
He said a loan arrangement over 15 years has also been worked out for T&TEC's debt to the NGC