Indian steel giant withdraws Trinidad refinery bid

Naveen Jindal, Chairman of Jindal Steel and Power Limited had visited the southern Caribbean federation state with Tobago earlier this year, reciprocating a trip by Rowley to India seeking investment support to revive the Petrotrin Oil Refinery that the very Rowley administration had closed back in late 2018 because of abysmal unprofitability. Thousands had lost jobs when the facility which had sold refined oil to many neighboring Caribbean countries had shuttered its doors, taking with it all the money from support services in southern Trinidad.

A very disappointed and angry Rowley told a political constituency meeting in the past week that withering criticism of the project and attacks on Jindal by the main opposition United National Congress (UNC) party of former prime minister Kamla Persad-Bissessar had driven away a once in a lifetime economic opportunity in the aftermath of failed bids by other ambitious but less financially able investors. Rowley says the Jindal group is one of India’s leading industrial companies with investments of more than $25 billion. Its global wingspan touches operations in steel, mining, power and infrastructure with links to Australia, the Middle East and Africa.

Just days before the end of July deadline, Jindal wrote to Rowley formally withdrawing plans to bid for the refinery and expressing hurt at the attacks on his person by politicians in Trinidad. He blamed the political atmosphere for the decision.