Petrotrin Responds with Facts to Guardian’s Headline

The Headline Story “Pressure mounts at Petrotrin $$ Crisis Looms” carried in today’s Guardian on Sunday, 2014 February 23 is another example of irresponsible and inaccurate reporting by the editors of the Guardian.

In response to the two central themes of the plants being off-line and the repayment of a

US$150 million bond, the facts are as follows:-

•  Petrotrin is at present in the middle of a planned shutdown to effect maintenance on certain plants. We wish to reiterate that this is a planned shutdown in accordance with our strategic project plans and processes.
•  Part of the overall strategy encompassed both labour relations and product inventory management. In respect of labour, the OWTU represents the workers engaged in this shutdown and it is for this reason, the OWTU’s support was obtained and a Memorandum of Agreement was executed on 2014 January 08 between Petrotrin and the OWTU for the utilization of company labour. Apart from labour relations, Petrotrin’s management has been actively engaged in managing the product inventory. Petrotrin is utilising smaller distillation units for processing equity crude to supply product to critical markets.
• In respect of the US$150 million bond, suffice it to say that this Bond was redeemed or paid off since 2012 January 17.

We expect that the facts stated above clear any misconceptions and address any public concerns.

Original signed
Gillian Friday
Manager Corporate Communications
PETROTRIN

2014 February 23