(Trinidad Express) – The strike is off. The Oilfields Workers Trade Union (OWTU) and Petrotrin yesterday settled a bitter wage dispute, a day before workers planned to walk off the job.

At around 10 am, it was agreed that the workers of the state-owned oil company would accept a nine per cent wage increase over three years for the bargaining period 2008-2010.

The deal came after a marathon 16-hour meeting at the Ministry of Labour, St James Street, San Fernando.

At 10.30 am, the union signed the terms of settlement on behalf of the five bargaining units it represents.

Under the terms of settlement, the workers will receive their nine per cent increase over three years after the consolidation of Cost of Living Allowance (COLA).

President general of the OWTU Ancel Roget was expected to address workers at the union’s Paramount Building headquarters to share details of the deal.

The eleventh hour negotiation meeting was chaired by Labour Minister Errol Mc Leod who intervened to help broker a deal before workers abandoned the job at multiple onshore and offshore installations at 10 am today.

The strike threat was already causing transportation chaos ahead of the Carnival, and would have cost the country untold millions. Since Tuesday, there has been panic buying of fuel across the country, leading to a shortage concentrated in south and central Trinidad, which strained the ability of National Petroleum and Petrotrin to deliver fuel to service stations.

Several service stations remained closed this morning, and there were vehicles in long queues at other stations.

Talks broke down last Friday after company and union could not find common ground on wages.

The union had initially asked for a 75 per cent increase over the three-year period, but stated it was willing to settle for less.

However, Petrotrin’s vice president Khalid Hassanali said the company’s five percent offer, which came with other allowances, was extremely competitive given that Petrotrin workers were already among the highest paid in the energy sector.

Hassanali said offering a double digit increase would imperil the company’s financial viability.