PORT OF SPAIN, Trinidad, Trinidad, CMC – Prime Minister Dr. Keith Rowley says the Indian-based Jindal Steel and Power Ltd has withdrawn its interest in the state-owned oil refinery that was shut down in 2018.
Prime Minister Rowley, addressing a constituency meeting of his ruling People’s National Movement (PNM) over the last weekend, said that he had received a letter from the company’s chairman, Naveen Jindal, on July 26 indicating that the Indian-based company was no longer interested in investing in the state-owned refinery that the government said it had been forced to close down due to massive losses over the years.
“When Mr Jindal came, he was the one who thought it was exciting, and he had until July 31 to put in the proposal. He came, he visited, and he left. And the Opposition Leader launched an attack on Naveen Jindal.
“All that happened is that several Trinidad and Tobago politicians launched an attack on Naveen Jindal personally. This man is chairing a conglomerate that produces 40 percent of India’s steel and has investments worldwide,” Rowley said.
However, in an immediate response, the main Opposition, the United Nations Congress (UNC), welcomed the decision by the businessman, whom it had earlier said had been under investigation by authorities.
In June, Opposition Leader Kamla Persad Bissessar had called for Prime Minister Rowley to address allegations of corruption involving Jindal and questioned his reported connection to Venezuela.
She described a potential partnership deal with the businessman as a scandal.
“When you read the letter purportedly written by Naveen Jindal, you would believe it was written in Balisier House,” Opposition legislator Wade Mark told reporters on Sunday in his apparent reference to the ruling party’s headquarters.
“Imagine this man dares to talk about the composition, and the Opposition must be constructive, and we could pose a security issue and stability. Imagine he is talking about ethics in business, a man facing six corruption charges. Look, Naveen Jindal, good riddance,” Mark added.
Prime Minister Rowley said he received the letter from Jindal “after having come to Trinidad and Tobago and expressed an interest in our mothballed refinery.
“He said it would involve an investment of approximately $US700 million. One of the reasons the refinery was a money loser was because it was obsolete, and bringing it back into operation means that you have to upgrade it significantly.
“One of the upgrades includes using modern technology because some dials are 100 years old. You would have to spend some significant money on the physical management of the refinery, which is from a company that can do it. This is unlike some people who want the refinery but need help paying their lawyer. I am talking about a multi-billion-dollar company, and the only thing that could happen from the other side of the Parliament was to launch an attack on the man.”
Rowley told supporters, “This is an investor who was prepared to consider putting in a bid in the offer of approximately US$700 million to bring that refinery into operation, and the only people in this country who don’t want that to happen is a handful of politicians who don’t care if you eat the bread the devil knead because they prefer to have the refinery there talking stupidness about it than to see it re-started and operated differently for the benefit of the people of Trinidad and Tobago”
He described the situation as “Sandals all over again” regarding the Opposition move against the Jamaica-based Sandals International building a hotel on the sister island of Tobago. Sandals has since withdrawn from the project.
“The same way the people of Trinidad and Tobago are now ruing the loss of that opportunity, I will say tonight that is a result of the behavior of parliamentarians who should be encouraging investment.”
Meanwhile, the Trinidad Express newspaper published a letter that it said Jindal had sent to Rowley. In it, he said the Opposition’s behavior risked significant economic and reputational damage to Trinidad and Tobago.
“The Jindal Group is one of India’s foremost industrial conglomerates, with investments exceeding USD 25 billion and global operations in steel, mining, power and infrastructure sectors spread over India, Australia, the Middle East and Africa. Our commitment to sustainable and ethical business practices is reflected in our projects, which aim to improve the quality of life in the communities we serve. This dedication to excellence has enabled us to build a substantial presence on the world stage.
“It is with great disappointment that I must address the reaction led by the official Opposition parties following our visit. The character assassination I experienced merely for considering the investment opportunity in the Guaracara refinery was deeply disheartening and discouraging.
Moreover, the unjust attacks directed at our Group’s companies, entities that operate independently and are unconnected to legal matters mischaracterized in the local press and Parliament, set a troubling precedent for potential investors planning to invest in Trinidad and Tobago,” according to the letter.
and then 