FORMER energy minister Stuart Young has warned that the Government’s proposed resurrection of the defunct Petrotrin refinery could “sink” Trinidad and Tobago.
Young again defended the restructuring of Petrotrin by the former People’s National Movement (PNM) government, insisting there was “no union busting whatsoever”.
He was speaking in the House yesterday on The Miscellaneous Provisions (Heritage Petroleum, Paria Fuel Trading and Guaracara Refining Vesting) (Amendment) Bill, 2026. The bill seeks the continuation of all collective agreements to which Petrotrin was a party, and to deem Heritage Petroleum Company Ltd and Paria Fuel Trading Company Ltd to be the successors to Petrotrin for the purposes of those collective agreements and the Industrial Relations Act, Chap 88:01.
Young said the country could not afford the “anchor” that was the Petrotrin refinery, stating the company was not shut down, but restructured, and its assets placed in holding companies.
He accused the Government of rushing the legislation, and of coming to the Parliament on the day before Labour Day with “nice rhetoric”. Citing “excellent politics”, Young said Petrotrin’s liabilities could not have been taken on by the Treasury. He said the refinery was sinking Petrotrin, including the inefficient cost of lifting barrels.
Young said this issue could come back to haunt the country, recalling that Petrotrin had been losing US$5 to $6 on each barrel of refined crude. He added the refinery was suffering from T&T’s declining oil reserves, and was importing some 120,000 barrels of crude per day.
Outlining a series of the refinery’s debts and liabilities inherited by the former government, Young underscored losses of $4.3 billion in 2016, and totalled losses around $5.9 billion over three years.
He said Paria and Heritage, however, had been operating for eight years now and were making a profit. He added the terms and conditions, as well as liabilities, as a result of the Government’s efforts to revive the refinery, were now being imposed on those companies. Young warned of “far-reaching consequences on a fiscal scale”.
He warned the population that a burden was being placed on the Treasury, while the profitable status of Paria and Heritage was at risk.
Young said Petrotrin’s restructured debt was paid by Heritage.
He pointed out the Oilfield Workers’ Trade Union (OWTU) was given exclusivity by the former government in the refinery matter, and thus the union should not claim victimisation.
He went on to blast the Government over its criticisms of the PNM for shutting down the refinery. Young said the United National Congress (UNC) had fired over 40,000 workers from the URP, CEPEP and Forestry Division, with no compensation.
