(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.