FORMER energy minister Stuart Young has expressed concern about Trinidad Petroleum Holdings Ltd (TPHL) not being included in under the responsibilities for the Energy Ministry listed in the TT Gazette Notices of May 13.
In a Facebook post on May 15, Young observed TPHL was not included in the list of entities which fell under new Energy Minister Dr Roodal Moonilal.
He said, "The restructuring of Petrotrin resulted in the formation of new companies and these companies are responsible for the refinancing of Petrotrin’s historical debt including the US$850 million bond that was due in August 2019 as well as a US$750 million bond."
The restructuring of Petrotrin in November 2018 resulted in the formation of TPHL, an umbrella entity which had other companies under it.
Those included Heritage Petroleum and Paria Fuel Trading Company.
Young said, "TPHL and Heritage carried the legal obligations of the refinancing of the US$850 million and other significant historical debts. This was then refinanced a second time and the US$850 million bond and other significant debts are now carried by Heritage."
He claimed the absence of TPHL under Moonilal's assigned duties and responsibilities in the Gazette suggest that neither Moonilal nor Finance Minister Davendranath Tancoo were considered, identified or assigned.
"Heritage and Paria are no where to be seen. The UNC government has failed to recognize the existence of these companies."
Young said, "I caution that if this is not immediately rectified it may result in defaults being declared under the bond and loan agreements."
He added this "can also trigger law suits based on contractual obligations, it can also lead to an immediate downgrading of our sovereign ratings."
Young advised government to immediately address this matter in order to avoid any possible crisis.
In a subsequent Facebook post, UNC PRO Dr Kirk Meighoo said TPHL was not listed in the TT Gazette notice of March 20 under Young's responsibilities as energy minister.
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