Thought Leadership

Date/Time
Date(s) - 12/09/2018
8:30 am - 11:30 am

Location
Hilton Conference Centre/Hotel

Categories

• Thought Leadership

PETROTRIN’S RESTRUCTURING – A CREDIT UNION RESPONSE

The Research and Marketing Unit of the Central Finance Facility invites all Credit Union leaders and managers to our third Thought Leadership breakfast session for 2018.

The recent decision by Petrotrin’s Board of Directors and the Government of Trinidad and Tobago to end Petrotrin’s oil refinery operations at Point a Pierre, and to redesign its Exploration and Production business will not only affect the 2,600 workers identified by the Board, it will also affect thousands of credit union members.

It is clear that consideration was not given to the impact on employees of down-stream service companies. Consideration was also not given to other businesses who are members of these and other credit unions who may experience significant fallout from this decision.

The CFF appreciates that, while there was a financial imperative to address the haemorrhaging that has been taking place at Petrotrin over the past two years—to the detriment of the Government’s coffers—it also appreciates the impact that such a decision will have on the national economy. More importantly, the Movement must understand how this decision will impact our fellow cooperatives and the possible actions they will now have to consider to mitigate any adverse events.

Accordingly, the Central Finance Facility will host a seminar entitled “Petrotrin Restructuring – Implications for the Credit Union Movement and the Economy” on  Wednesday September 12, 2018 at Trinidad Hilton from 8:30 am to 11:30 am.

At this seminar, special panellist as well as members of the credit union community will be invited to discuss the following matters:

• The Rationale for closure of the refinery and restructuring of Petrotrin
• The Expected Impact of the closure of the refinery and restructuring of Petrotrin on the economy
• The Expected  Impact on the Financial Services Sector
• Proposed/Suggested mitigating Strategies
• An independent analysis of Petrotrin’s performance relative to the oil and gas industry
• Impact of the closure of the refinery and restructuring of Petrotrin on the economy
• Suggested mitigating strategies
• Impact on the Credit Union movement and Strategies to mitigate same
• The expected impact of the closure of the refinery and restructuring of Petrotrin on trade union/credit union members
• Suggested Strategies for  the Trade Union Movement to assist and cushion the impact
• Reflections …how can credit unions and trade unions work together to best insulate their members in the future
• What is the expected Impact of the closure of the refinery and restructuring of Petrotrin on Credit Union members and Credit Unions
• Suggested Strategies to empower members against similar developments
• Are worker cooperatives the solution?

Invited speakers will include:

• Senator the Honourable Allison West, Minister in the Ministry of Finance
• David Abdullah, Political Leader of the Movement of Social Justice and former member of the Lashley Committee (appointed to review the operations of Petrotrin)
• Ivor Andrews, Consultant Director, CFF
• Local Economist

We look forward to your attendance at this significant event at a cost of $600.00 per participant. For further information please contact the Central Finance Facility at 665-9734. The CFF continues to work steadfastly to ensure that the Credit Union Movement of Trinidad and Tobago remains resilient in these uncertain economic times.

Bookings