Post Cabinet Media Briefing - Thursday February 18th 2021

Key Points from Post Cabinet Media Briefing – Thursday February 18th 2021: Government will return to the open market to find another bidder for the Petrotrin Refinery. Finance Minister Colm Imbert confirmed this as he gave an update on Patriotic's bid for the Refinery at today’s Post Cabinet Media Briefing. The Minister noted that in January, Government had given Patriotic another 15 days to submit a firm, binding commitment for the Refinery. Minister Imbert said on February 5th, Patriotic instead submitted an "indicative" proposal outlining two financing options: 1. A Tax Credit Purchase Facility 2. A Receivables Purchase Agreement The Finance Minister said technocrats in the Ministry pointed out that both options presented challenges, with Government having to finance both options to the tune of $5 billion in the first option, and $6 billion in the second option. The Finance Minister said their analysis of both options was presented at Cabinet today and it was decided that they could not proceed with this matter with Patriotic since “the burden on the Government was too onerous.” RFPs will be prepared in the next few weeks, which Cabinet will sign off on it and Trinidad Petroleum will then invite proposals. Minister Imbert said the matter with Patriotic has been one of the most transparent procurement processes with Press Conferences and Press statements issued every step of the way.