Tuesday 20 November, 2018

T&T signs historic gas deal with Venezuela

Prime Minister Dr Keith Rowley and Venezuela President Nicolas Maduro have signed a historic gas deal which will allow this country access to gas reserves from Venezuela’s Dragon Fields.

The Prime Minister, along with a delegation made a one-day visit to Venezuela for the agreement’s signing on Monday. The Memorandum of Understanding was signed before ministerial and energy teams from both countries.

Rowley believes the deal, intended to “look after the country in the medium and long term” could not have come at a better time.

“This is a long way from where we had been before, just hoping and thinking that this could happen. We have now opened the door for it to happen in the form of this project. And the documentation covers all kinds of protocols including protection of the environment, the liabilities and expectations involved in the contract, dispute resolutions, and so on.”

“It’s a proper contract where the governments of both countries take responsibility for ensuring that this commercial venture comes to pass in the quickest way.”

Upon his return from Caracas on Monday, the Prime Minister discussed some aspects of the historic deal.

“This is a plan going forward…it begins a very important process for Trinidad and Tobago. The parties…the government of the Bolivarian Republic of Venezuela and the Government of Trinidad and Tobago…agree to take reasonable steps to facilitate the development of construction, operation and maintenance of one or more pipelines from the Marisol Sucre region in the Bolivarian Republic of Venezuela to the Republic of Trinidad and Tobago, including a pipeline from the Dragon field to the Hibiscus platform, known in the agreement as ‘the pipeline’.”   

Rowley also stated that he was thanked by President Maduro for entering into the agreement as finalising it will open doors towards the staircases of international markets and he looks forward to T&T climbing those stairs side by side with Venezuela.