The Petroleum Company of Trinidad and Tobago, PETROTRIN, is not aware of any lawsuit regarding its gas-to-liquid plant at Pointe-a-Pierre.A New York firm, World GTL, has launched a TT$12 billion lawsuit against PETROTRIN for breach of contract. The records show the matter was filed on February 23, 2010, giving the energy company 21 days to respond.
World GTL and its subsidiary World GTL (St Lucia) are seeking damages for Petrotrin's failure of continue with a joint venture energy.
Petrotrin's Human Resources and Corporate Services Vice President, Preston George, has issued a statement in which the State-owned company said, “To date, Petrotrin has not been served with this complaint. Petrotrin states that there is no basis for the allegations and when properly served will defend vigorously this claim.”
World GTL and its subsidiary are alleging "fraud, negligent misrepresentation, breach of contract, unjust enrichment, negligence and expropriation."
The firm is claiming that the Trinidad energy company wrongfully took a $3-billion gas-to-liquid plant that's nearing completion at the Petrotrin refinery, in Pointe-a-Pierre, Trinidad.
According to the company's website, World GTL Trinidad Limited was a joint venture between World GTL Inc and Petrotrin, which is wholly-owned by the Government of Trinidad and Tobago.
GTL Trinidad has been engaged in the construction of the first commercial gas-to-liquid facility in the Americas with a capacity is 2,250 barrels per day, requiring about 21mcf per day of gas feedstock.
In May, 2004, the two companies entered into an agreement to build the plant at Pointe-a-Pierre, with World GTL (Trinidad) being in charge of the project. Completion date was 2008.
Credit Suisse provided a US $125 million ($TT825M) credit facility for the project.
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The court documents claim that in 2007 all construction was suspended as a result of sulfur emissions from the Petrotrin refinery causing sulfur dioxide to contaminate the entire facility.
World GTL claimed that despite Petrotrin’s plans to correct the situation, the problem persisted with plant evacuations and shutdowns leading to the death of one worker from “acute respiratory distress syndrome due to toxic fumes inhalation.”
World GTL said Petrotrin acquired the plant by paying off the Credit Suisse loan, and paying $100 million to World GTL.
The firm is claiming that Petrotrin wanted total control and was unwilling to enter into a viable management agreement with World GTL, which had been managing the construction of the project since its inception.
On September 25, 2009, Petrotrin appointed a receiver who took control of the facility at Pointe-a-Pierre.
According to the court documents, Petrotrin has 21 days from the date of service - Feb. 23, 2010 - to respond. If it fails to do so World GTL would enter a default judgment, with a demand for the compensation.
Read details of the court matter filed Feb. 23, 2010
Read more about the story in Courthouse News Service
Source: ttgapers.com
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