Petrotrin in a recent press release stated that it had won an arbitration victory in a case before the London Court of International Arbitration. The state-owned oil company indicated that the case was brought against Petrotrin by World GTL Inc. and World GTL St. Lucia Ltd (together WGTL) where WGTL sought damages in excess of US $200 million for breaches of fiduciary duties it claimed Petrotrin owed to them.
WGTL had been in a joint venture with Petrotrin for the construction of a gas-to-liquids plant.
The London Court of International Arbitration dismissed all of the claims made by WGTL and ordered WGTL to bear the costs of the arbitration and pay Petrotrin for its legal costs.
From past reports, it was noted that this GTL plant, though completed, is non-functional due to the lack of the appropriate technology and it has since been relegated to scrap iron.
It’s difficult for me to see the benefit of such poor management with our tax payers’ dollars. We as citizens need to take this seriously because billions of dollars went down the drain!! This money could have been utilised in improving or health care system, infrastructure and crime reduction strategies. Three billion dollars is approximately 5% of our national budget! Why do we continually have to suffer such losses? When will this end?