Petrotrin refinery not closing Oct 1

• Petrotrin’s re­fin­ery gates won’t be closed im­me­di­ate­ly on Oc­to­ber 1 - there’ll be a phased ex­it of em­ploy­ees start­ing with the re­fin­ery. 

• The jobs of al­most 4,800 per­ma­nent and tem­po­rary/ca­su­al em­ploy­ees will all be af­fect­ed, par­tic­u­lar­ly 1,700 re­fin­ery posts. Work­ers will even­tu­al­ly have to reap­ply for jobs in a re­struc­tured Ex­plo­ration and Pro­duc­tion di­vi­sion which will be Petrotrin’s new fo­cus. 

• Notes to Petrotrin’s Au­gust 2018 fi­nan­cial state­ments showed the com­pa­ny record­ed a net prof­it af­ter tax of $83.2 mil­lion for last month. Ex­plo­ration and Pro­duc­tion, in­clud­ing Trin­mar, record­ed a net prof­it of $20.5 mil­lion - but Re­fin­ing and Mar­ket­ing record­ed a net loss of $7.5 mil­lion. 

• The board’s memo al­so stat­ed that de­tails on com­pen­sa­tion and ben­e­fits are “cur­rent­ly be­ing fi­nalised.”

 Source: TT Guardian