Petrotrin pain persists
Pardon the public if there isn't much enthusiasm over reports that Trinidad Petroleum Holdings Limited (TPH) is seeking a billion-dollar loan on the international market. The pain of Petrotrin is still too fresh in the memories of many for any state energy transactions of that magnitude to be embraced by the average citizen.
That is why it is essential to maintain a high degree of transparency in matters related to TPH and the assets of the now-defunct Petrotrin. The way information is shared going forward is fundamental.
On that score, TPH chairman Wilfred Espinet's reticence on the US$1.4 billion loan being sought by TPH contrasted with yesterday's upbeat post-Cabinet response from Finance Minister Colm Imbert who said talks are going well. Imbert's explanation that the discussions are at a delicate stage clarifies why more information on the deal isn't being revealed and makes much more sense than the chairman's claim, that a report published by Reuters Business on the matter, had not been sanctioned by the company.
It is only natural that there would be considerable interest in any developments with TPH, the holding company with three entities under its umbrella following the closure of Petrotrin. The traumatic experiences of late last year when Petrotrin shut its doors for the final time, and 1,700 workers ended up unemployed are still being felt, including in some unexpected areas, like the carnival industry.
There will not be any public appetite for even a whiff of failure on anything in the state energy realm, mainly because of the significant economic implications for T&T.
The immediate priority for TPH in this debt restructuring effort, from what has been reported, is the repayment of a US$850 million bond due in August. Another priority should be to avoid—or at least minimise—any further post-Petrotrin pain.
That Grande gridlock
The traffic chaos experienced in Sangre Grande since Wednesday was showing no signs of letting up, so Chairman Terry Rondon and the members of the Sangre Grande Regional Corporation should be commended for bringing a speedy end to that failed experiment.
That should not deter them from going back to the drawing board and coming up with an improved plan. Sangre Grande is the gateway to Trinidad's far eastern communities, so more efficient traffic arrangements are needed.
Leading from the front
President Paula-Mae Weekes' willingness to be tested for glaucoma was an important gesture that put needed public focus on an eye disease that is a leading cause of blindness. Hats off to Her Excellency for supporting such a worthy cause as the country observes Glaucoma Week.