Monday, July 24, 2017

‘Company in worse off $$ position’*

Petrotrin strike off but business groups still worried...

TRIUMPHANT: Oilfields Workers’ Trade Union (OWTU) president general Ancel Roget, centre, addresses jubilant workers on Monday night outside Petrotrin’s Pointe-a-Pierre refinery. —Photo: TREVOR WATSON

While Government can pat itself on the back for averting a shutdown of Petrotrin, the reality is that the State-owned company is now in a worse off financial position than it was before, the San Juan Business Association has said.
“I’m certain the Government must have crunched their numbers but that five per cent is not an easy five per cent for Petrotrin to pay at this stage in the game. It’s only going to add to the debt that they are already face or the losses they’re already facing,” the association’s president Vivek Charran said yesterday.
He said while the association was happy that the strike was off it was troubled by the matter.
Last Wednesday the Oilfields Workers Trade Union served strike notice on Petrotrin but this was called off on Monday after a wage agreement was reached at the Ministry of Labour on Monday.
Charran said the union and workers may have “come out on top” in the negotiations, it was still not clear what Petrotrin was able to secure for itself.

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