This letter critiques the obstruction of the Trinidadian government’s efforts to lease the Pointe-a-Pierre refinery, particularly by Opposition Leader Kamla Persad-Bissessar, who has undermined potential investors, notably Naveen Jindal. Reports regarding Oando plc’s investigations fail to acknowledge the company’s recovery and governance improvements. The author advocates for an investor-backed management over state control for the refinery’s future.
In response to recent developments regarding the Pointe-a-Pierre refinery, I feel compelled to engage in investigative journalism inspired by a social media post. My online research reveals troubling efforts aimed at obstructing the Government’s attempts to attract an investor for the refinery. Opposition Leader Kamla Persad-Bissessar has been campaigning to postpone government leasing and operational plans for the refinery until after the upcoming election.
I firmly oppose this stance, as her alternative proposal to run the refinery as a state-owned entity is concerning, given the track record of state-operated enterprises in Trinidad and Tobago. Persad-Bissessar’s actions against the refinery lease process date back to June 2024 when she targeted Indian businessman Naveen Jindal, who previously showed interest in investing in the refinery.
Persad-Bissessar alleged that Jindal was unsuitable for engagement due to purported connections with Venezuela and ongoing corruption charges in India, consequently leading to his withdrawal from the opportunity. This event marked a detrimental moment for Trinidad and Tobago in securing potential investment. Following this, the Finance Minister indicated progress in securing an investor, revealing three shortlisted companies: Oando plc, Inca Energy LLC, and CRO Consortium.
The very next day, however, local media reported that Oando plc was under investigation by the Nigerian SEC. This report meritously omitted crucial context regarding the investigation, which originated in 2019 over allegations of corporate mismanagement. Notably, Oando was exonerated of wrongdoing by 2021, a fact overlooked by the local press amid the ongoing election narrative.
The timing of the negative reporting raises significant concerns about its intent, particularly following posts by former journalist Ken Ali questioning Oando’s ability to manage the refinery. My subsequent investigation into Oando uncovered a remarkable transformation the company underwent in recent years, including new leadership and significant governance reforms.
Oando’s aggressive growth trajectory has included strategic acquisitions and substantial increases in investor confidence, exemplified by staggering share price gains of 123% in 2023 and 529% in 2024. While I do not have a vested interest in Oando, their recent advancements challenge the characterization of the company as lacking credibility.
Ultimately, the choice is between a refinery operated under a Persad-Bissessar/OWTU regime versus one run by a competent entity backed by investors. To my mind, the decision is evident, and I encourage readers to conduct their research to form their own conclusions.
In summary, the ongoing discourse surrounding the Pointe-a-Pierre refinery highlights a critical choice facing Trinidad and Tobago. As the government works to secure an investor, the opposition’s attempts to impede progress could have far-reaching consequences. A competent, investor-backed management of the refinery may offer a more favorable future compared to a state-run initiative. It is crucial for citizens to seek clarity and information to make informed decisions on this pivotal issue.
Original Source: newsday.co.tt
