Newspaper advertisements seeking to recruit a new president for state-owned Petrotrin have reportedly caught the man who currently holds the position, Khalid Hassanali, by surprise.
The advertisements, first published last week, come months ahead of the expiration of Hassanali's current contract with the energy company in October. He has held the position since May 2012. It also comes just over a month after an international ratings agency lowered Petrotrin's long-term corporate credit and senior unsecured debt ratings to BB+ from BBB-.
Sources told the T&T Guardian Hassanali was not consulted on the matter and had not indicated to Petrotrin's board of directors any plans to quit the position. In fact, sources said he was likely to reapply for the position at the end of his three-year contract, which he may still do.
Contacted for comment, Hassanali said: "That is a matter for the board. I would not like to say anything about it." The advertisements, which first appeared in daily newspapers last Thursday, stated that the ideal candidate should demonstrate effective leadership and direction to ensure the company achieves its strategic goals. The successful applicant will report to Petrotrin's chairman, Lindsay Gillette.
Prospective candidates have until July 3 to submit applications to HRC Associates managing director Hollick Rajkumar who is handling the recruitment exercise. Petrotrin has been under intense scrutiny in recent times. Last year, company was fined $20 million by the Environmental Management Authority (EMA) following a series of oil spills which were blamed on poor maintenance.
The fall in oil prices has not helped the company which is servicing an almost $2 billion debt. In January, Hassanali predicted revenue problems and a loss of between 40-50 per cent.
However, mid-year results released just yesterday show an improvement in the company's financial position.
Results for the period ending April 2015 show that Petrotrin generated more than $960 million in direct taxes and fees plus an additional $704 million in indirect benefits and taxes for a total of approximately 1,664 million in benefits to its shareholder, the T&T Government.
Hassanali said of those results: "We are proud that Petrotrin is the driving force behind the low energy prices enjoyed by the nation and fuels numerous other industry related entities that together drive nearly 50 per cent of overall GDP and economic output."
Petrotrin's total average production for the past seven months has been 48,238 barrels of oil per day and 148.12 mmscfd of natural gas. The company's operated oil production has averaged 34,586 barrels per day as at April 2015. Non-operated interests have also seen an average oil production of 13,653 barrels per day. Petrotrin's total average production for the past seven months has been 48,238 barrels of oil per day and 148.12 mmscfd of natural gas. Of this total, Petrotrin operated oil production has averaged 34,586 barrels per day as at April .
Petrotrin's non-operated interests have also seen an average oil production for this fiscal year of 13,653 barrels per day onshore.
Hassanali, the son of the late President Noor Hassanali, graduated with a BSc Degree in Mechanical Engineering from the University of the West Indies in 1974 and obtained a Diploma in Engineering from Queen Mary College and an MSc. at the Distinction level, in Systems Planning and Optimisation from the University of London in 1975. He also has a Bachelor of Laws (LLB) Degree from the University of London. Hassanali's career in the petroleum industry began in December 1975 when he joined Tesoro Petroleum Company Limited, predecessor company to Petrotrin, as a trainee engineer. Over the years, he has held some 28 positions within the organisation
Hassanali has also served as first vice president of the South Trinidad Chamber of Industry and Commerce, as well as on the boards of Point Lisas Industrial Port Development Corporation Ltd (Plipdeco), Metal Industries Company Limited (MIC), Niherst, Ansa McAL Chemicals Limited and the National Gas Company.