Trinidad: Petroleum company boss getting US$425,000 annual salary plus perks

By Trinidad Guardian

 Share This On:

Gail Alexander

(TRINIDAD GUARDIAN) — (US) $425,000 a year—plus hous­ing, trans­porta­tion and health.

That re­mu­ner­a­tion pack­age is what Mike Wi­ley, the chief ex­ec­u­tive of­fi­cer of the Her­itage Pe­tro­le­um Com­pa­ny Ltd in the re­struc­tured Petrotrin, is get­ting.

The salary alone works out at ap­prox­i­mate­ly (TT)$2.9m an­nu­al­ly.

Prime Min­is­ter Kei­th Row­ley gave Wi­ley’s re­mu­ner­a­tion pack­age in Par­lia­ment yes­ter­day re­ply­ing to ques­tions from Op­po­si­tion whip David Lee.

Row­ley re­it­er­at­ed the re­struc­tured Petrotrin’s new com­pa­nies: an Ex­plo­ration and Pro­duc­tion com­pa­ny (the Her­itage Pe­tro­le­um Co Ltd), an­oth­er for fu­el trad­ing (Paria Fu­el Trad­ing Co Ltd) and an­oth­er where the re­fin­ery as­sets will be placed (Guaracara Re­fin­ing Co Ltd.)

On Her­itage CEO Wi­ley, PM Row­ley added: “So far Petrotrin used in­ter­na­tion­al re­cruit­ment process­es to hire one per­son of the high­est cal­i­bre be­cause it’s the in­ten­tion of Petrotrin to use in­ter­na­tion­al bench­mark­ing so that the oil com­pa­ny would be en­gaged in oil com­pa­ny pro­duc­tion,”

“To date Petrotrin has hired Mike Wi­ley to head the E&P of the new Her­itage Pe­tro­le­um Com­pa­ny. That in­di­vid­ual was hired in Au­gust 2018 and is now ac­tive­ly en­gaged in the re­cruit­ment process. We’ve hired no-one for the Paria com­pa­ny but the search has be­gun and very soon we can re­port when it’s done.”

“With re­spect to the (Wi­ley) re­mu­ner­a­tion, be­cause of the na­ture of the as­sign­ment, in­ter­na­tion­al bench­mark­ing and the run­ning of an oil com­pa­ny of the size we in­tend to, I’m ad­vised Mr Wi­ley’s pack­age in­volves US$425,000 per year plus hous­ing, trans­porta­tion and health.”

UNC MP Roodal Mooni­lal asked if Gov­ern­ment was pay­ing Wi­ley “….Quar­ter mil­lion (TT) a month as a salary and if so could we not have sourced that lev­el of per­son­nel with­in T&T?”

Row­ley replied, “The salary is com­men­su­rate with the re­spon­si­bil­i­ty, the na­ture of the busi­ness and our ex­pec­ta­tions to op­er­ate the new com­pa­ny at in­ter­na­tion­al stan­dards.”

Mooni­lal lat­er told the T&T Guardian the quar­ter mil­lion dol­lar a month fig­ure was what Wi­ley’s (US)$425,000 an­nu­al salary worked out when con­vert­ed to TT cur­ren­cy and cal­cu­lat­ed on month­ly ba­sis.

When Lee asked for the for­ma­tion and reg­is­tra­tion date of the her­itage com­pa­ny Wi­ley will head, Row­ley said he didn’t have the date.

“But the com­pa­ny Petrotrin has been in ex­is­tence for decades and in an­tic­i­pa­tion of pop­u­lat­ing its sub-units un­der the hold­ing com­pa­ny (in the re­struc­tured en­ti­ty) it would have been pro-ac­tive in find­ing such per­sons,” Row­ley said.

He added, “The rel­e­vance of when the her­itage com­pa­ny was formed or reg­is­tered “wasn’t a big” is­sue be­cause it was al­ways the in­ten­tion in the com­pa­ny re­struc­tur­ing to hire a CEO to head the Ex­plo­ration and Pro­duc­tion as­pect.

He said peo­ple would al­so be sought to head the Paria com­pa­ny and even­tu­al­ly the Guaracara com­pa­ny.” As soon as the busi­ness de­ci­sions were tak­en the com­pa­ny (Petrotrin) would have been proac­tive in seek­ing staff,” the PM said.

Row­ley stressed he didn’t say Wi­ley was do­ing re­cruit­ing, “The com­pa­ny has put in place a team of per­sons of rel­e­vant skills and re­quire­ments and is us­ing that team to re­cruit em­ploy­ees to pop­u­late the new com­pa­nies,” he added.

Row­ley said Petrotrin was in the process of invit­ing in­ter­na­tion­al in­ter­est­ed par­ties/peo­ple to re­spond to re­quests for pro­pos­als re­gard­ing the re­fin­ery as­sets which will be in the Guaracara Re­fin­ing Com­pa­ny.

He said RF­Ps haven’t gone out yet. A da­ta room will be opened at the Pointe a Pierre re­fin­ery so in­ter­est­ed par­ties can view what will be avail­able and re­spond to RF­Ps.

“Hold your hors­es ‘til the process gets there,” he told the Op­po­si­tion.

(0)(0)
This article was posted in its entirety as received by stlucianewsonline.com. This media house does not correct any spelling or grammatical error within press releases and commentaries. The views expressed therein are not necessarily those of stlucianewsonline.com, its sponsors or advertisers.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.