Petrotrin Refinery Interest Withdrawn
Prime Minister Dr. Keith Rowley has announced that the Indian-based Jindal Steel and Power Ltd has withdrawn its interest in the state-owned oil refinery that was shut down in 2018.
According to Rowley, Jindal’s chairman, Naveen Jindal, sent a letter on July 26 indicating that the company was no longer interested in investing in the refinery, which the government had been forced to close due to massive losses over the years.
Investment Opportunity
Jindal had initially expressed interest in the refinery, proposing an investment of approximately $US700 million to bring it back into operation. The refinery was considered a money loser due to its obsolescence, and Rowley stated that upgrading it would require significant investment.
Opposition Reaction
However, the main Opposition, the United Nations Congress (UNC), welcomed the decision, citing Jindal’s alleged involvement in corruption and his reported connection to Venezuela. Opposition Leader Kamla Persad Bissessar had earlier called for Rowley to address allegations of corruption involving Jindal.
Conclusion
The withdrawal of Jindal’s interest in the refinery is a significant setback for Trinidad and Tobago, which had hoped to revive the facility and create jobs and economic opportunities. The government’s decision to close the refinery in 2018 was made due to massive losses over the years.
FAQs
Q: Why did Jindal withdraw its interest in the refinery?
A: Jindal’s chairman, Naveen Jindal, sent a letter indicating that the company was no longer interested in investing in the refinery due to the Opposition’s reaction.
Q: What was the proposed investment amount?
A: Jindal proposed an investment of approximately $US700 million to bring the refinery back into operation.
Q: Why was the refinery closed in 2018?
A: The refinery was closed due to massive losses over the years, which the government deemed unsustainable.
Q: What does this mean for Trinidad and Tobago?
A: The withdrawal of Jindal’s interest in the refinery is a significant setback for the country, which had hoped to revive the facility and create jobs and economic opportunities.