TTPC:
bpTT’s
Robert Riley laments high and rising wages
The Trinidad Guardian
Port
Spain
Petroleumworldtt.com
02 11 07
In
light of Government’s goal to expand T&T’s
downstream industrial capacity, bpTT chairman
and CEO Robert Riley yesterday lamented the rising
cost of skilled labour in the energy industry.
“As
we struggle to build more localised supply chains,
a very interesting dilemma is arising,”
he said. “It is the dilemma of huge inflation
and the challenge of labour retention occurring
today in the energy sector.”
Riley
was speaking during the South Trinidad Chamber
of Industry and Commerce’s annual T&T
Petroleum Conference held at the Trinidad Hilton,
Port-of-Spain.
He
observed that this labour trend occurred in the
1970s and was repeating itself today.
Riley
said workers were leaving the country and local
wage rates were approaching the equivalent of
what obtains in the US.
The
industry is a cash generating one and sets high
expectations for workers, Riley reasoned.
He
said over the past 33 years Amoco and bpTT generated
$30 billion in operating cash, invested $11.4
billion, paid $17.6 billion in taxes all at a
return of $1.8 billion to the company.
He
also addressed the pace of development in T&T,
taking into consideration the size of the economy.
Riley
referred specifically to the expansion of the
energy sector and the rate at which capital is
injected into the economy.
If
you slow it you face the very difficult dilemma
of human expectation,” he added. “A
much faster pace requires either we accelerate
development, which there are limitations on, or
you take next step to liberalise the resources
you have.”
With
accelerated development, T&T would have to
recreate its notions of immigration and address
any issues with local versus international, he
said.
Professor
Ken Julien, who also spoke at the conference,
said T&T needed to develop a culture of learning.
He
added that T&T’s real resource had to
be its brain power.
Riley
also noted that T&T had up the ante and rapidly
improve its capacity and capability in the sector.
He
admitted it was a major challenge.
Is
it really possible to pursue all the aspects of
development in the timeframes we are setting if
we don’t find a way to improve both the
capacity and capability of the economy?”
The
conference ends today.
The
Trinidad Guardian
Tuesday 6th February, 2007
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©2006 Trinidad Gaurdian. All Rights Reserved.
