Wednesday, February 21, 2018

Single offer for Petrotrin's GTL plant

THERE has been one expression of interest in the failed gas-to-liquids (GTL) plant at Petrotrin's Pointe-a-Pierre refinery but company chairman Lindsay Gillette remains "dubious" that the facility will ever work.

He was speaking as Petrotrin officials met with the Public Accounts Enterprises Committee yesterday at Tower D, International Waterfront Centre, Port of Spain. The PAEC examined the accounts of the company for the years ended 2008, 2009, 2010 and 2011.

Petrotrin president Khalid Hassanali said 2009 and 2010 were the only two years for the period that the company made no profit because the investment in the GTL plant was written off at $1.2 billion for each year.

Gillette noted that with the GTL project, a joint venture with World GTL, Petrotrin put up all the money while its foreign partner had most of the say. He stressed that the project "went wrong from the beginning" and after spending $2.8 billion of taxpayers' money there was still no working plant.