Over half of the $11.9 billion debt inherited by the closure of Petrotrin has already been paid, the Deputy Chairman of Heritage Petroleum Company Ltd, Reynold Ajodhasingh, has confirmed.
He made the disclosure on Tuesday, at the project launch of the Point Fortin Heritage Administrative Complex.
Deputy Chairman Ajodasingh revealed that $7.5 billion in principal, interest and withholding tax have been paid.
He said the company has since secured the release of several non-operational assets, which are now being re-purposed for the benefit of the people and the country, noting that the administrative complex is one such asset that is being re purposed to house various government services.
“As part of our refinancing of this debt in 2022, TPHL and Heritage Petroleum Company secured the release of direct and indirect liens on Petrotrin Company and non-operational assets, all of which were previously pledged to this loan,” he explained. “This has now enabled us to re-purpose these assets accordingly.”
Reynold Ajodhasingh noted that some of the assets that were repurposed include the Augustus Long Hospital for the use of the SWRHA, as well as a multi-storey building on Clarke Road in Penal that has been vested with the Ministry of Social Development as a transition home for domestic violence survivors.