STATE ENTERPRISES’ INVESTMENT PROGRAMME 2014
26
SUSTAINING GROWTH, SECURING PROSPERITY
Lake Asphalt of Trinidad and Tobago (1978)
Limited (LATT) was incorporated on
April 27,
1978 as a wholly owned subsidiary of Trinidad and
Tobago Oil Company Limited (TRINTOC) but was
later made a wholly owned State Enterprise. The
company is involved in the extraction, refining,
processing and marketing of dried asphalt,
cement and asphalt based derivatives and is
responsible for managing the Pitch Lake.
LATT has initiated measures to implement the
following projects in fiscal 2014:
•
Construction of a New Administration
Building
– LATT’s offices are all scattered
throughout the estate and the company is
subjected to separate costs with respect to
utilities and maintenance, loss of synergies,
improper
supervision
and
insufficient
accommodation.
Construction
of
an
administration building will improve efficiency
and productivity. The proposed structure will
occupy 30,000 to 35,000 square feet. The
estimated cost of this project is $50.0 million
LAKE ASPHALT OF TRINIDAD AND TOBAGO (1978) LIMITED (LATT)
and will be funded from retained earnings.
Expressions Of Interest for pre-construction
services were advertised.
•
Acquisition of Software and Computers
– In order to improve the efficiency and
productivity, LATT proposes to acquire
software and computers in fiscal 2014 at an
estimated cost of $3.6 million.
•
Upgrade to existing facilities
– LATT
proposes to upgrade its existing facilities at
an estimated cost of $8.0 million.
•
Construction of a New Plant
– In an effort
to expand its operations, LATT initiated
measures to construct a new plant. The
estimated cost of this plant is $50.0 million.
LATT proposes to finance this project utilising
debt financing.
ECONOMIC INFRASTRUCTURE
