That was the company’s response to concerns raised about the long-term future of Lake Asphalt, and whether there were plans by the Government to privatise the entity.
Lake Asphalt issued a news release in the daily newspapers, stating the existing plant would be refurbished into a modern-type facility that is in line with world-class standards which would significantly improve output and efficiency.
The product is used as a modifier in bitumen used in paving roads.
Lake Asphalt stated the company had recently signed a Memorandum of Understanding (MOU) with Beijing Oriental Yuhong Waterproof Technology Company Ltd for the setting up of a waterproof membranes facility in Trinidad utilising raw asphalt from the lake.
“The MOU would facilitate discussions with Beijing Oriental Yuhong to explore the possibility of establishing a joint-venture arrangement with Lake Asphalt for the location of the plant in La Brea,” the release stated.
The proposed project is currently at the feasibility-study stage and, as such, no firm commitments or contracts have been executed, the company stated.
Lake Asphalt noted the establishment of the new facility would create hundreds of jobs for residents of La Brea. The company stated that the existing asphalt plant used for refining the raw asphalt was decades old, “very inefficient and prone to breakdowns”.
The company added the proposed plans to upgrade the plant would not result in the laying-off of workers, but promote development opportunities through training and upgrading of skills.
By Carolyn Kissoon firstname.lastname@example.org
Source- Trinidad Express