Imbert: Still no deal with Patriotic
File photo: A view of the refinery along the Guaracara River in Gasparillo. PHOTO BY MARVIN HAMILTON
FINANCE Minister Colm Imbert has further crushed any hopes Patriotic Energies and Technologies Co Ltd many have had of buying the Guaracara refinery, after they met virtually on Thursday.
In a release on Friday morning, Imbert, in his capacity as Finance Minister and Corporation Sole, confirmed, “The Cabinet decision of Thursday February 18, 2021 on this matter, that was announced at the press conference held on that same day, stands.
Patriotic said it had no comment to make at this time.
Ministry of Finance meets with Patriotic
Port of Spain, 26 February, 2021: The Minister of Finance/Corporation Sole, Honourable Colm Imbert, M.P., wishes to advise that yesterday February 25, 2021, officials of the Ministry of Finance, including himself, met with officials of Patriotic Energies and Technologies (Patriotic), at the request of Patriotic, to clarify any issues that may exist with respect to the details of the financing proposal submitted by Patriotic on February 5, 2021 for the purchase of the Point-a-Pierre Refinery and Paria Fuel Trading, and the recent Cabinet decision regarding same.
At the meeting, the Minister confirmed that the Cabinet decision of Thursday February 18, 2021 on this matter, that was announced at the press conference held on that same day, stands.
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Clarification of reason why the Government could not proceed with the sale of the Refinery to Patriotic
The Minister of Finance, the Hononourable Colm Imbert M.P., has taken note of comments made by spokesmen for Patriotic Energies and Technologies regarding the nature of its proposal to finance the purchase of the Point-a-Pierre Refinery and the Paria Fuel Trading Company.
It appears that there is a complete misunderstanding of the true nature of transferable tax credits as compared to tax concessions or incentives to industry. Patriotic has said that the tax credits are nothing new and are given to multinational companies making foreign direct investment in Trinidad and Tobago.