Home' Trinidad and Tobago Guardian : July 15th 2015 Contents A15
• Twitter: @GuardianTT • Web: guardian.co.tt
NEW YORK---Twitter's stock briefly
spiked on Tuesday after a fake story
said the short messaging service
received a US$31 billion buyout offer.
Although the hoax involves a
knockoff news website set up by a
secret owner targeting a social media
company with a US$24 billion market
cap, experts said the events look like
a modern twist on a stock scam as
old as the markets themselves.
The fake story, which cited "people
with knowledge of the situation,"
appeared on a website made to look
like Bloomberg's business news page.
The website was registered Friday,
according to a search of the nonprofit
Internet Corporation for Assigned
Names and Numbers, and the identity
of the person or company who
registered it is not publicly available.
Bloomberg spokesman Ty Trippet
says the story is "fake and appeared
on a bogus website that was not
affiliated with Bloomberg."
The site was taken down in the
afternoon, leaving a message that
read "This account has been
Twitter Inc, based in San Francisco,
did not comment. (AP)
Energy Minister Kevin Ramnarine yesterday signed
a $15.6 million contract with Norwegian company
Det Norse Veritas (DNV) to undertake a comprehen-
sive audit of all of the assets in the energy sector in
This means that all of the energy sector companies,
including bpTT, Repsol, BG, Atlantic, Petrotrin and
other major companies which operate in T&T will
have their company documents reviewed as well as
their facilities inspected by the DNV team.
Ramnarine said the companies have all bought into
the exercise which began yesterday and is expected
to last for some nine months.
Signatories to the contract included Ramnarine,
Bjorn Nilberg, deputy head of department Risk Advisory
Services Det Norse Veritas and Permanent Secretary
at the Ministry of Energy Selwyn Lashley.
Addressing the audience which included presidents
and chairmen of energy companies at the Petrotrin
Staff Club, Pointe a Pierre, yesterday, Ramnarine said
the exercise had its genesis in a commitment he gave
to the Parliament in 2014 following the oil spill in La
With poor infrastructure and lack of maintenance
being blamed for the many spills in the Gulf of Paria,
Ramnarine had promised then to undertake a national
facilities audit of all the energy assets in T&T in a bid
to minimise such future risks.
He said Cabinet mandated the audit which has
never been done in this country before. Ramnarine
said he could not find in his research, evidence of it
having been done in any other country.
"So it is historic."
He said he thought it important to have a compre-
hensive examination of all the assets that underpin
the country s energy sector when one considered its
"As Bjorn pointed out, when this sort of work was
done before, it was done on one asset or one ship or
on one off-shore platform.
"This is an opportunity to examine the entire national
value chain from downstream to midstream to refin-
He said the DNV, established in 1865, which merged
with GL (established in 1867) in 2013, is no stranger
to the energy sector and was selected after a rigorous
procurement exercise by the Central Tenders Board.
Ramnarine explained that primary objectives of
the audit will be to determine the current status of
the mechanical integrity of the existing facilities,
integrity management practices according to accept-
able industry standards, status and evaluation of
HSE management policies, procedures and practices
and recommendations to improve the assets integerity
and HSE practice.
The consultants will also prepare an action plan to
implement recommendations and will submit a final
report to the ministry within nine months.
He said once recommendations are made, the Min-
istry under the Petroleum Act can instruct its licensees
to adjust or correct their facilities. Failure to do so can
result in penalties, including the suspension of licences.
Ramnarine said this exercise will stimulate the
demand for a lot of construction-related services in
He said another benefit is that such an exercise will
extend the life of existing assets.
"That is going to help the economics of the industry
because it requires less money to keep a brown-field
asset running and to extend the life of a brown field
asset as opposed to building a new green-field asset."
He said it will also enhance the economics of a lot
of marginal and mature producing fields.
Fake story on buyout sends Twitter stock briefly higher
Norwegian company to
audit all T&T's energy assets
Energy Mnister Kevin Ramnarine and Bjorn Nilberg Deputy Head of Department Risk Advisory Services Det Norse Veritas following
the signing of the Facilities Audit Contract at Petrotrin's Staff Club in Pointe-a-Pierre yesterday. PHOTO: RISHI RAGOONATH
Outline of what audit is expected to undertake:
• Examination of all the industries on shore, off shore, oil and gas
assets, major pipelines, aggregated facilities, refinery petrochemical
plants, LNG plants, LPG plants and infrastructure.
These will include drilling equipment and facilities such as rigs
and barges, production platforms and well head clusters, pipeline
transportation both land and marine, compressor stations, slug
catchers, tank farms and gathering stations, refine products and
• Audits of the industries management capabilites will also be
looked at as well as systems and governing processes,
management of organisational design aspect of safety and HSE
practice in TT.
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