Petrotrin president Khalid Hassanali also addressed the topic of “ageing infrastructure,” previously mentioned by him, Energy Minister Kevin Ramnarine and Petrotrin chairman Lindsay Gillette in the wake of the December 2013 oil spills and their relapses in 2014. He said it would take $8 billion “to upgrade all our current assets. “All these issues have served to put a significant strain on the company’s net income. The net loss for last fiscal 2013/2014 was $346 million,” he said.
This contrasts with the $106.7 million total comprehensive income for the year ended September 30, 2013; $421.8 million for the same period in 2012; and $2.7 billion in 2011. He said: “Due to the company’s unfavourable financial position, our current wage offer is zero per cent for each year of the period under negotiation (from 2011 to 2014, or 2012 to 2015 depending on the agreement).
“Even with the proposed zero per cent increase, employees would have enjoyed an adjustment to their salaries through Cost of Living Allowance (Cola) payments, ranging from 11 to 19 per cent, depending on where the job was pegged on the salary scale, with an average increase of 15 per cent during the period.
“This has cost the company approximately $226 million. Petrotrin continues to pay its employees a very competitive compensation package that is superior to the vast majority of workers in the country. “Let us all continue to rally together to achieve our targets and ensure Petrotrin’s long-term viability, to secure our future, Petrotrin's future and the future of our nation.”
In a press release yesterday, Petrotrin accused the union of refusing to recognise the company’s financial constraints in the ongoing negotiations. Noting loses incurred, falling oil prices and the fact that the company would have to implement cost-cutting measures in future, Petrotrin said entertaining the union’s proposal could threaten the viability of its operations.