Trinidad's Petrotrin must be restructured to avoid losses

摘要

Austin-Petrotrin must be fundamentally restructured to avoid $1.5 billion in losses and address myriad chronic financial problems that threaten the company's long-term survival, Trinidad and Tobago Prime Minister Keith Rowley said in an annual address to the nation Sunday night. Several reviews of Petrotrin's operations have identified numerous problems, including poor governance, declining productivity and crude oil production, escalating manpower costs, increasing maintenance and capital costs, low refinery margins, and poor asset quality, Rowley said.