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The Trinidad and Tobago government says at least 10 proposals have been submitted to the operator of the state-owned Point-a Pierre refinery after Prime Minister Dr Keith Rowley announced at the weekend that Jindal Steel and Power Limited was no longer a potential buyer of the asset.
The request for proposals issued by Trinidad Petroleum Holdings Ltd. closed on July 31.
“Currently, the evaluation committee chaired by former permanent secretary and current Trinidad and Tobago High Commissioner to the United Kingdom, Vishnu Dhanpaul, is busy doing its work and looking at the progress,” Trinidad and Tobago’s Minister of Energy and Energy Industry Stuart Young told reporters at the event.
“I look forward to getting their results and recommendations in the coming weeks,” Young said.
The minister declined to reveal the exact number of bids and said the review process was still ongoing.
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Rowley told a constituency meeting that he received a letter from Naveen Jindal, chairman of the Indian company, on July 26 stating that Jindal Steel There is no longer any interest in investing in the Guaracara refinery, which the government says was forced to close due to years of huge losses.
“When Mr Jindal came, he thought the proposal was interesting and had to submit it by July 31. He came, visited and then left. The Leader of Opposition launched an attack on Naveen Jindal,” the Prime Minister said.
“What happened is that some Trinidad and Tobago politicians launched a personal attack on Naveen Jindal. This is a man who runs a conglomerate that produces 40% of India’s steel and has investments around the world,” Rowley commented.
Reacting to the news, India’s main opposition party, the United Nations General Assembly, said it welcomed the businessman’s decision.
Corruption allegations
In June, opposition leader Kamla Persad Bissessar had called on Prime Minister Rowley to respond to allegations of corruption against Jindal and questioned his links to Venezuela. She described the potential cooperation deal with the businessman as a scandal.
In response to these allegations, opposition MP Wade Mark responded to Jindal’s withdrawal of interest in the refinery by “walking away”.
Prime Minister Rowley said he received a letter from Jindal “after he came to Trinidad and Tobago and expressed interest in our defunct refinery”.
“One of the reasons is Refinery losses It’s because it’s outdated and to get it back into service means it has to be massively upgraded,” the Prime Minister explained.
“One of the upgrades is to use modern technology because some of the dials are 100 years old. You have to invest a lot of money in the physical management of a refinery, and this company can afford to do that; unlike some people who want a refinery but can’t afford the lawyers,” he said of critics.
“I’m talking about a multibillion-dollar company and the only thing the other side of Parliament can do is attack this guy,” he said.
The prime minister charged: “This investor is prepared to consider a bid of about $700 million to get this refinery operational, and the only people in this country who don’t want that to happen are a handful of politicians who are making stupid comments about it” rather than “seeing it restarted and operated in a different way.”
He described the situation as a “replay of the Sandal affair,” referring to the opposition’s move to oppose plans by Jamaica’s Sandal International Resorts to build a hotel on the sister island of Tobago. Sandal has since pulled out of the project.
“The people of Trinidad and Tobago now regret the loss of that opportunity and I say tonight that it was caused by the actions of parliamentarians who should have been encouraging investment.”
Meanwhile, the Trinidad Express published a letter purportedly from Jindal to Rowley.
“The Jindal Group is one of India’s premier industrial groups with investments exceeding USD 25 billion and operations in steel, mining, power and infrastructure across India, Australia, the Middle East and Africa. Our commitment to sustainable and ethical business practices is reflected in our projects, which are designed to improve the quality of life in the communities we serve. This pursuit of excellence has earned us a place on the world stage.
“I must therefore respond with great disappointment to the reaction of the Official Opposition following our visit. I am extremely frustrated and discouraged by the personal attacks I have faced simply for considering the opportunity to invest in the Guaracara refinery. Furthermore, the unfair attacks against our group of companies, which operate independently and have nothing to do with the legal issues mischaracterized by the local media and Parliament, set a disturbing precedent for potential investors planning to invest in Trinidad and Tobago,” the letter reads.
– China-US Business Center
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