Petrotrin recorded an after-tax loss of $16.3 billion for the year ending September 30, 2018.
According to newly appointed chairman Michael Quaminam in his report on the company’s financial statements, the loss included the “impairment of property, plant and equipment, primarily refinery assets of $15.5 billion.”
He noted that terminations benefits cost the company $1.9 billion.
Quamina said the company also realised “net benefit income arising from curtailment of post-retirement benefit arrangement of $2 billion.”
The company’s revenues increased from $20 billion in 2017 to $24.5 in 2018. It generated $2 billion in cash from operating activities in 2018 compared to $2.5 billion in 2017.
Quamina said 2018 “represented a transformational year in the history of the Petrotrin group.”
“Following a careful and discerning due diligence process, the board and shareholder approved the group’s restructuring to address the perennial issues of substantial annual losses and billions of dollars in debt to ensure the long-term survival and sustainability of the nations petroleum industry.”
According to Quamina, the company’s restructuring was successfully implemented subsequent to the year end. The Oilfields Workers’ Trade Union recently won the bid for the Pointe-a-Pierre refinery with a US$700 million offer that the Government has accepted.
The former Petrotrin refinery operations—now called Guaracara Refining Co Ltd—was sold to Patriotic Energies and Technologies Co Ltd, which is wholly owned by the OWTU.
The Business Guardian also recently reported that Mak England saying, “The company that has an agreement with the OWTU to supply it with crude oil for the refinery and to sell all its refined products in the global market is prepared to put up money to get the facility up and running.
“England told the BG that it is committed to the OWTU and to the Pointe-a-Pierre refinery.”
