Chamber head anticipates job cuts at Petrotrin

On Wednesday evening, Prime Minister Dr Keith Rowley addressed the nation for the first time for the year. He chose to focus his address on the recently averted Oilfield Workers Trade Union strike against Petrotrin’s offer of zero, zero, zero percent for the 2011-2014/2015 negotiation period. Calling Petrotrin a “ward of the Treasury”, Rowley frankly informed the nation about the extent of Petrotrin’s $1.2 billion in taxes owed to the government, its $1.9 billion annual wage bill, its $5.8 billion debt that is set to be paid in 2019, and the company’s failure to turn borrowed funds into profits. To save Petrotrin, Rowley said that “immediate” action needed to be taken to reduce operational costs which would involve major restructuring in the company.

Though Rowley’s speech did not speak directly to job cuts, Ali believes it was clearly alluded to.

“Do not be surprised if some workers are offered an enhanced package that they would be willing to accept in order to reduce the staff at Petrotrin by a significant number,” said Ali in a telephone interview with the Newsday.

“It will pay off in the long run but they would need to find the money to pay them that package.

They cannot just sever people just so because the union will kick up a fuss.” Ali applauded Rowley’s approach to saving Petrotrin.

Also applauding the Prime Minister was President of the Chaguanas Chamber of Industry and Commerce, Richie Sookhai. Sookhai did not agree that Rowley was alluding to job cuts at Petrotrin, but speculated that privatisation of the Stateowned company was involved. “I believe a national conversation should start taking place about Petrotrin. We are all for the fact that privatisation brings greater efficiency and leaner operations at Petrotrin which was all alluded to.” Sookhai also said that if any restructuring of the company is to take place, it should be from the top down, not the bottom up. “Maybe some of the salaries and benefits that individuals at managerial levels make should be realised and restructured for the current economic climate so that it would be a fair share and not this large disparity between salaries amongst workers.”