The United States Government "strongly recommends" T&T pass FATCA legislation no later than February next year.
You are here
Petrotrin president: T&T will remain a key energy player
Despite the discovery of alternative sources of fuel internationally, Khalid Hassanali, president of state-owned Petrotrin, is confident this country will remain a relevant player on the world energy market. Speaking at the company’s long service awards ceremony at the Hilton Trinidad and Conference Centre on Saturday evening, Hassanali said the wealth of knowledge, experience and competence within Petrotrin assures its bright future.
“The road ahead is not an easy one. In the last few years we have witnessed a transformation in North America as a result of the shale gas revolution, which is causing many countries all around the world to look again at their own potential. The net effect has been a reduction in refining margins, not only for Petrotrin, but for most refiners outside of the United States.
“Addressing these inherent challenges in our industry, therefore necessitates the banding together of all employees, drawing from knowledge and past experiences, working together step-by-step, to shape Petrotrin’s future and ensure its long-term viability,” he said.
Hassanali added: “When I joined this company almost 40 years ago, the international industry was beset with problems. Respected figures from the industry, both local and international engineers, geologists and economists, were warning that the world would run out of oil within 20 years.
“On reflection, choosing a career in this industry at that time may have seemed a brave choice for all of us. But as we all know, that gloomy forecast has been proven wrong. New sources of oil and gas have been found, old sources have been regenerated and production has continued to grow.”
Hassanali outlined strategic imperatives which would determine the future of the company starting with an increase in production and reserves, maximising returns from refinery investment, managing costs, instituting a cultural change of accountability and high performance and improving asset integrity.
“This company has evolved and thrived under your capable hands. Our resilience and longevity have been forged through your hard work and unwavering loyalty. With over a century of history, we have had quite a journey working with inherited and aged assets and infrastructure. We have faced and continue to face challenges that those who preceded us would never have imagined.
“This industry has its ups and downs and so too our company has had its fair share of highs and lows, but what has always remained constant is our resilience and ability to weather the storms through the mettle, tenacity and capability of our employees,” he said.