Petrotrin expects $1B profit by year-end

This is the dream of executive chairman of the company, Malcolm Jones who addressed the company’s long service award ceremony at the Hilton Trinidad on Saturday night.

He noted that the company’s unaudited figures show an after tax profit of well over $600 million for the first six months of the current fiscal year... and he thought it was good news.

But he warned, "While we applaud the sterling contributions of many of our employees in the context of these results, we remind ourselves that these levels of profits are more a reflection of favourable market conditions, rather than genuine improvements in efficiencies and productivity.

"This growth in net revenues, must not cloud our judgment, nor lull us into a false sense of complacency," he said.

According to Jones, Petrotrin cannot depend on the efforts of Joint Venture Partners, the war in Iraq, nor instability in Nigeria or Venezuela to chart its course.

"For us to be truly successful, there must be tangible improvement in every division and department throughout the company.

"We must expedite the full implementation of our 5-year Strategic Plan. Production levels at Trinmar Operations and Land North and East, must reach agreed targets. We must fast track all the oil winning projects that would yield the desired results. Refinery projects must keep their time schedules and we need to quickly re-design the organisation’s structures and jobs, consistent with our future strategic direction and technological needs, he said.

Jones made it clear that all the major international oil and gas companies are alreasy with Petrotrin, operating alone or in Joint Venture partnershps with local firms. Also, too, he said, most of them have significant plans for extending local operations.

"Our company is exploring all possibilities for increased business activity along the entire length of the oil and gas value chain.

"We have on stream major oil and gas projects, both onshore and offshore

"Whether it is upsteam in oil-winning activiies, mid-stream in increased refinery optimisation or downstream in the marketing of improved products — Petrotrin is ready," said Jones.