PSAEL, originally named Palo Seco Estates Limited was incorporated in October 1956. The company had various name changes over the years and in 1985 the name was changed to Palo Seco Agricultural Enterprises Limited.
From inception to the mid-nineties the main focus of the company was agriculture. In July 1994, the Ministry of Finance directed PSAEL to manage and divest the agricultural and residential landholdings of Trinidad and Tobago Oil Company Limited (TRINTOC) and Trinidad and Tobago Petroleum Company Limited (TRINTOPEC).
In 1993, the oil related assets of TRINTOC and TRINTOPEC were merged and vested into the Petroleum Company of Trinidad and Tobago (PETROTRIN). The merger led to PSAEL’s core function becoming the provision of project management services to PETROTRIN.
In January 1996, PSAEL was reconstituted and staff from PETROTRIN was seconded to PSAEL to manage PETROTRIN’s residual assets. Consequently, in June 2000 PSAEL formalized a Management Contract with TRINTOC, TRINTOPEC and PETROTRIN for the provision of estate maintenance and estate management services by PSAEL for a management fee.
By 2004, due to significant losses in agricultural operations, PSAEL made a shift out of agriculture and focused solely on project management services to both the government and PETROTRIN. In May 2006, PSAEL was designated a Special Purpose State Enterprise with our key functions being:
- Provision of project management services
- Securing contractors for the projects being managed
- Overseeing project execution and completion
- Certifying expenditure on PSAEL projects
Today, PSAEL is a Special Purpose State Enterprise with its core function being the provision of project management services on behalf of the Ministry of Works and Infrastructure.
The Company also co-ordinates community infrastructure development projects throughout South Trinidad within various Municipal Corporations, namely:
- Penal/Debe Regional Corporation
- Point Fortin Borough Corporation
- Princes Town Regional Corporation
- Rio Claro/Mayaro Regional Corporation
- San Fernando City Corporation
- Siparia Regional Corporation
PSAEL continues to provide estate maintenance and land management services for PETROTRIN and its predecessor companies, TRINTOC and TRINTOPEC.