24-01-09 The Government is looking for a joint venture partner to operate the Petrotrin subsidiary, Trinmar. Or alternatively it will offer the State-owned oil producing company for sale or lease. This is because Petrotrin has allowed the Trinmar operation to run down to the extent that it now needs a cash injection of at least $ 10 bn to stay afloat.
Should Trinmar crash, oil production in Trinidad and Tobago would be crippled.

Making this startling announcement in the Lower House was UNC-A Couva South MP Kelvin Ramnath, who told his parliamentary colleagues he had just retired from his long-time Petrotrin post of health, safety and environment manager.
He said he was not privy to any confidential information, but felt it was his duty to tell the nation via Parliament about the state of affairs at Petrotrin and Trinmar. Ramnath said he would not be calling names of those responsible, but Petrotrin was now in deep financial trouble having tried to fashion itself as the oil refining centre of the Caribbean. Petrotrin's pursuit of a gas to liquid plant to produce refined diesel had totted up a $ 3.4 bn cost overrun and it was still not complete.

Company collapse
Ramnath said Petrotrin now needed the Government to guarantee a loan of $ 600 mm to get the project back on track. A recent auditor's report on Trinmar stated the extent of Petrotrin, and by extent, governmental neglect, was "devastating" according to Ramnath.
Platforms had been closed down and Trinmar had lost production capacity of 20,000 bpd on just one of its wells. Ramnath said he was sure his colleague, Paula Gopee-Scoon, who is PNM MP for Point Fortin, where Trinmar is based, was not aware of the full extent of the oil producing company's plight. When the price of oil was up it was the ideal time to resuscitate Trinmar, said Ramnath, who expressed fears that the company would collapse.

During the UNC 1995-2001 Administration, Petrotrin had been scathingly called "PetroSingh" by the then-Opposition PNM. Today, said Ramnath, Petrotrin could be called PetroJones, or PetroPNM.
Because Petrotrin's work force from 3,300 in 2001 had swollen to 5,800 in 2009, with the excess workers being all staunch PNMites from south Trinidad, Ramnath declared.