What plans are in store for Petrotrin?
■ Andrea Perez-Sobers
andrea.perez-sobers@trinidadexpress.com
FORMER finance minister Mariano Browne has expressed concern that no mention was made about plans for the former Petrotrin refinery in Monday's budget presentation.
The refinery was shut down by the Government in November 2018.
In June, Finance Minister Colm Imbert told the Lower House of Representatives that there was a preferred bidder, but they will remain unidentified until the due diligence process has been completed.
He added that during the exclusivity period, the preferred bidder would be in direct negotiations with Trinidad Petroleum, its advisers and the Government with respect to an agreement for the purchase or lease of the refinery.
Speaking on Wednesday night at the Supermarket Association's (SATT) post-budget session at Buffet King Restaurant, Chaguanas, Browne said not even a line in the budget was mentioned on whether it would be purchased or leased.
'There is value in the refinery, but nothing was said on it. And even if the refinery was to be given away, that can be a positive move, due to other spin-offs, we can benefit from,' he said.
Browne noted that while the country is experiencing a windfall from high oil prices as a result of the ongoing war in Ukraine, the question to ask is how long will the country benefit from the higher oil prices.
'What is important is how do you reposition the country, what are the key steps that we need to make, and what are the other things that are likely to be affected, where subsidies are concerned,' he said.
Panellist Dr Marlene Attzs, an economist, said the increased air- and seabridge cost between Trinidad and Tobago, which was announced in the budget, is going to have a knock-on multiplier effect in terms of doing business on the island. 'How are we going to manage those inflationary pressures? You want to develop the tourism sector, but many issues need to be addressed. However, Minister in the Office of the Prime Minister Stuart Young, who was on a budget panel with me on Monday night, said the issues would be addressed,' Attzs said.
She said the budget did very little to release the pressures citizens have been enduring. While the economist said she understood why the fuel subsidy could not be sustained, now was not the time to increase fuel prices.
'Would it not have made sense, from my perspective, to do the survey of living conditions, have the data to support some of the initiatives that you want to put in place, some of the vulnerable people? You would then have had the data to say, 'Well, we have recent, accurate data from the survey of living conditions and the household budgetary survey'?' she asked.
Also speaking at the forum, Commander Garvin Heerah, strategic security consultant and organisational transformation expert, called on supermarket owners to further secure their establishments, as crime will unfortunately increase. 'A storm is coming and crime is going to go in the next direction and (it) is not because of the budget. But criminals have gotten more sophisticated and their targets are going to be supermarkets, minimarts and business places are some of those targets. We have to be careful how we are conducting business,' Heerah said.
He is hopeful that within the National Security roll-out plan, there would be measures to mitigate such crimes, along with others.
'VALUE IN THE REFINERY': Mariano Browne
ECONOMIST: Dr Marlene Attzs
