Senior Political reporter
The terms and conditions of the new CEO of Heritage Petroleum Company, Erik Keskula, include a base salary of $180,000 per month plus various other cash and non-cash benefits.
Prime Minister Keith Rowley gave the information in Parliament yesterday as well other aspects of the total compensation package offered to the CEO:
• Base salary - $180,000 monthly.
• Relocation allowance- 7 per cent - $12,600 a month;
• Completion bonus of -$180,000 payable at the end of the six-month probation.
• Non cash benefits include value of housing up to US$5,000 a month; a vehicle maintained by Heritage during probation, and subsequent to that vehicle purchase at value up to $700,000; utilities to be supported by the company; return airfare to their home country at the end for employee and spouse; international medical insurance for employee/spouse and two dependents; international life insurance for the employee only and 20 working days annual vacation.
There is also an annual bonus arrangement to be discussed with Heritage by Keskula, who was announced as the company’s incoming CEO on Monday.
Rowley noted that UNC MP Rudy Indarsingh, in his question, had finally acknowledged that the restructuring of Petrotrin had resulted from it going from billions of dollars in losses to Heritage making an after-tax profit of $1.1 billion.
Rowley said Heritage is dealing with aged inherited infrastructure and it has a programme of assessing that infrastructure “which is aged and some of it even dangerous.”
He said Heritage recently spent $9 million on an inspection programme. On changeout of certain aspects of the pipeline structure, Heritage is currently spending $15 million annually.
Rowley also said Government is not seeking a buyer for Caribbean Dockyard and Engineering Services Ltd (Caridoc) as the role it can play is very important to TT’s diversification effort in marine technology.
Government has appointed a competent qualified group of citizens to form Caridoc’s board.
“They’re currently assessing its needs in the context of the national economy,” he added.
In the interim, Cabinet has authorised the National Infrastructure Development Company (Nidco) to procure an appropriate floating dry dock for the company to service all national marine assets including ferries, Coast Guard vessels and other commercial requirements.
Rowley said after the old dry dock sank in place last year, he said there is now efforts to restart the dry docking process in Chaguaramas. Nidco has issued a request for proposals and is awaiting responses.
On other queries Finance Minister Colm Imbert said the Carnival activities for which Caribbean Airlines Limited (CAL) provided financial support and the dollar value of each are as follows:
(a) Trinidad & Tobago Carnival – National Carnival Commission in the amount of $250,000; and
(b) Machel 40 One Show in the amount of $1,275,000.