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Citizens benefit from Petrotrin’s ‘non-operating assets’

The Trinidad Petroleum Holdings Company (TPHL) has recently undertaken several projects to repurpose some of its non-operating assets. The latest of these is the project launch of the Point Fortin Heritage Administrative Complex, which took place on Tuesday.

Speaking at the launch, Managing Director of Heritage Petroleum Company Limited Reynold Ajodhasingh said the future complex previously served as an administrative building for Trinmar Operations.

However, he said the Ministry of Public Administration will now have the space to accommodate various sectors of government services.

Ajodhasingh said the historic building is expected to undergo significant repairs and renovations to ensure it is fit for purpose.

“I understand that this building will become a hub for government services, providing citizens with easy access to public services, including TTPost, valuations and licensing, social, legal and financial services,” he said.

The executive further noted that Heritage Petroleum Company had inherited a loan worth TT$11.9 billion from its predecessors, of which the company had already paid TT$7.5 billion in interest, principal and withholding taxes.

He explained that TPHL and Heritage, as part of the company’s 2022 debt refinancing, have agreed to the lenders’ release of direct and indirect liens on Petrotein properties and Heritage’s non-operating assets, all of which had previously been pledged to secure the loan.

“This has now allowed us to rezone these properties accordingly,” he said.

Ajodhasingh said as a result, several projects have been successfully completed, including the renovation and equipping of the former Augustus Long Hospital during the pandemic, which has since been handed over to the South West Regional Health Authority (SWRHA).

In addition, he said another building in Clarke Road, Penal, has also been renovated and handed over to the Ministry of Social Development to be used as a transitional home for survivors of domestic violence.

“We are currently financing the lease for a building formerly known as the Core Repository Building, located in Forest Reserve, Fyzabad, which will be transferred to the Ministry of National Security for use as an immigration center,” he noted.