Chairman of the NGC Group of Companies Gerry C Brooks said yesterday that a number of re-engineering options are being considered for cash-strapped Petrotrin. Although he steered clear of a direct response to a question about the possible privatisation of State-owned company, Brooks said he is optimistic that the company can become profitable once more.
Brooks, who was responding to questions from reporters at the re-opening of the $4 million BP Carrousel Service Station in San Fernando, said: "There is a need to look at how you re-engineer Petrotrin in a way that is relevant."
Noting that oil prices are currently at US $53 a barrel at the height of a very cold winter, the challenge is how to re-engineer Petrotrin to restructure its debt and improve productivity. He said it is extremely important that the union, Gvernment and the board of Petrotrin addressNGC those issues in the interest of Petrotrin and the country.
"There are several different models which can be employed. There is the model of Ecopetrol in Columbia, which was successfully followed and which saw private-public partnership which saw a rationalisation of the organisation and which was a re-engineering of the organisation," Brooks said.
"It's important that we take those bold steps given, one, the debt of Petrotrin, given what's happening in the environment and given the need to re-engineer the organisation."
He suggested that stakeholders come together "urgently but deliberately, thoughtfully and co-operatively" to find a solution in the interest of Petrotrin and T&T
"I am sure various re engineering models have been looked at and they will progress with the guidance of the minister or with the guidance of Corporation Sole."
Brooks, painted a rosy picture of the economy going forward in 2017, as he highlighed NGC's strategic plans.
"We have a team which goes off to Guyana and Suriname tomorrow (Thursday) because of the important find in the Liza- 1, the Liza-2 and the Liza-3 wells there and to work with the government of Guyana and with the government of Suriname to provide technical support and also provide engineering and pipeline support," he said.
"We had several discussions on Ghana, we are progressing the Venezuela discussions in terms of gas coming to Trinidad and Tobago which will improve our gas availability situation. Those discussions are going well between Shell, ourselves and PDVSA.
"We also, through our National Energy Company ,was able to support BP in terms of the Juniper platform that was successfully completed and is now actually off to the Gulf Of Paria, which will allow the legs to be inserted and then allow the Juniper platform to come on stream, which is expected to come on stream in Q3 of 2017."
Noting that there is "a fair amount of good news in the economy", Brooks said the key was to keep focused, do the work, be engaged and work co-operatively and intelligently
He also said the NP/CNG service initiative is extremely important as it demonstrates co-operation andpublic sector participation in the interest of the consumer.
"It also helps our country as well, because as you know we spent over $4 billion in subsidies and this CNG initiative allows the country to move to cleaner burning fuel, brings two state entities together and provides a far more cost effective fuel station," Brooks said.