Home' Trinidad and Tobago Guardian : March 3rd 2015 Contents A15
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Oil prices declined yesterday in the
last half hour of trading, after rising
above US$50 a barrel earlier in the day.
West Texas Intermediate, the US
benchmark that trades within the range
of T&T's light sweet crudes, fell 17 cents
and ended that day at US$49.59 a barrel
on the New York Mercantile Exchange.
The European benchmark, Brent North
Sea crude, settled lower at US$59.54 a
barrel on the ICE Futures exchange
The latest downward movement
followed speculation about a nuclear
deal that could lift Iran's sanctions and
boost its oil exports. Worries about high
oil supplies were also promoted by
reports of rising Libyan crude output
and a firmer US dollar also weighed on
In earlier trading, Brent dropped
US$2.11 to $60.47 a barrel in London,
while WTI had added 69 cents to
US$50.45 a barrel.
This was in contrast to the previous
trading session on Friday when a volatile
trading week ended with oil prices
rebounding sharply. Brent's premium to
WTI crude narrowed yesterday to
around US$10 a barrel, after being as
high as US$13 on Friday.
Karen Darbasie, country treasurer
at Citibank (T&T) Ltd, is set to take
up the position of CEO at First Cit-
izens, filling a post that has been
vacant since the sudden resignation
of Larry Nath last December.
Darbasie was at one time managing
director at Citibank (T&T) and was
responsible for managing the asset and
liability positions of the bank in
Trinidad, Barbados and Bahamas, as
well as managing FX trading positions
and securities distribution in the three
countries. Prior to that, she was the
Capital Markets Head at Citicorp Mer-
chant Bank and the Relationship Man-
ager for the Government and Public
Sector at Citibank (T&T).
Darbasie received her BSc (Hons) in
Electrical Engineering in 1985 from the
University of the West Indies; an MSc
(Dist) in Telecommunications and Infor-
mation Systems in 1987 from the Uni-
versity of Essex; and an MBA (Dist) in
1991 from the University of Warwick.
Since Nath s resignation, First Cit-
izens chairman Anthony Smart had
been functioning as executive chairman
advised by retired Citibank executive
Darbasie s appointment, which has
not yet been officially announced by
the bank, follows the appointment in
January of Jason Julien, former general
manager of First Citizens Investment
Services (FCIS), as deputy chief exec-
utive of bank operations.
In the position of CEO, Darbasie will
be stepping into leadership of a bank
that is still recovering from the con-
troversy that erupted just months after
its historic initial public offering in 2013.
Valued at $1.1 billion, it was the largest
single IPO in the history of the T&T
However, within months the IPO
came under scrutiny after it was dis-
covered that Phillip Rahaman, the
bank s former chief risk officer, had
purchased 659,588 shares and within
four months had sold 634,588 of those
Rahaman was subsequently fired and
the controversy claimed other casual-
ties, including then chairman Nyree
Alfonso and several members of the
board of directors.
The IPO controversy is still being
investigated by the Securities and
Exchange Commission (SEC).
There is no word yet on when Dar-
basie will take up duties.
picks new CEO
Speculation on nuclear deal sends WTI below US$50
Officials of Rowan Drilling Trinidad and Lennox Petroleum recently met with Energy Minister Kevin
Ramnarine to update him on their activities in T&T. Rowan currently operates two rigs locally. The
Rowan Gorilla III is working for EOG Resources and the Rowan EXL II which is working for bpTT.
Later this year, a third Rowan rig, the Joe Douglas will begin work for BHP Billiton on the Angostura
Phase III development.
From left are Phillip Moore, operations manager of Lennox Petroleum, Michael Ivey, operations
manager, Rowan Drilling, Trinidad, Minister Ramnarine, Sieu Rambhajan, chief financial officer of
Lennox Petroleum, and Selwyn Lashley, permanent secretary in the Ministry of Energy.
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