Gov’t Grants Patriotic 15 More Days To Secure Financing For The Refinery

Patriotic Energies and Technologies Limited has been granted a further two weeks to secure financing for the purchase of the Pointe-a-Pierre Refinery. In a media release, Finance Minister Colm Imbert said Cabinet met on Wednesday and decided that Patriotic will be given a further 15 days, that is, up to Friday February 5th, 2021, to produce from Credit Suisse, a firm binding commitment to finance for Patriotic the acquisition price of US$500 million for the assets. Minister Imbert said a letter from Patriotic to the Corporation Sole dated January 18th, 2021, indicated that Credit Suisse has expressed great enthusiasm and confidence of their capacity to successfully finance the acquisition price of US$500 million for Patriotic. On Tuesday, Minister Imbert announced that Patriotic could not satisfy all the requirements needed to finalise the sale of the refinery, and Government was going 'back out' to market for another bidder.