Petrotrin to cut costs in 2017

In an end of year message, Jupiter observed the company’s 2015- 2016 annual budget had been developed and approved against stringent cost-cutting directives with the focus on “lean and efficient operations” where manpower and overtime costs were reduced during that period.

He noted manpower expenses had been reduced by TT$132 million while overtime expenses were cut by TT$5 million. The overall operating expenditure for the 2015-16 period was reduced by TT$500 million with a further reduction of TT$500 million in capital expenditure.

The chairman stated in a release, “In 2017, Petrotrin will continue to build upon the foundation established in the previous fiscal period. The company will continue to adjust its operations in response to the market outlook and will pursue opportunities to reduce operating expenses by another US$500 million (TT$3.2 billion).” There would be an increased focus on asset integrity improvements and enhanced safety performance throughout the company’s operations, Jupiter said, while exploratory drilling is expected to continue on the company’s acreage while making use of seismic data. The completion of the Ultra- Low Sulphur Diesel Plant, a key component of the refinery upgrade, was also a top priority as it was expected to increase revenue in the downstream industry, the chairman stated.

Jupiter stated, “As the chairman of the board of directors, we give our commitment in 2015, and, we repeat that commitment in 2016 to support the continued development of this business, the bedrock of the oil industry in Trinidad and Tobago. We give our commitment also to continue in the spirit of transparency and accountability, working closely with all stakeholders in the interest of strengthening and sustaining our company for future generations.”