met many challenges: Kevin Ramnarine

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Investments in energy at highest since downturn

Minister Ramnarine:

By in parliament - Ria Taitt Political Editor

Energy-sector-related investment has recovered from a downturn in the period preceding 2011 to reach the highest levels ever recorded in the last three years, Energy Minister Kevin Ramnarine stated yesterday.
In a statement to Parliament, Ramna­rine said drilling had increased fourfold since 2009, companies were investing again and companies were speaking with confidence about the future of their business in this country.
“As we move forward into the future, we will continue to ensure that Trinidad and Tobago remains the most attractive destination for energy-related investment in the Americas,” he said.
Ramnarine’s statement focused on foreign-direct investment in the energy sector for the period 2007 to 2013 and what is forecasted to the year 2016, in terms of investment.
Looking ahead, Ramnarine poin­ted to the develop­ment of the Mitsubishi Massy Methanol to Di-methyl ether project, which was now “in an
advanced stage”.
“The project represents a US$850 milli­on investment, which is made all the more rele­vant since 2014 is Japan-Caricom friendship year,” he said.
Ramnarine said in addition to Mitsubishi, the Ministry of Energy and National Energy were also progressing the project development agreement for the Gasfin project, which is a mid-scale LNG project and was also progressing the Massy-Metaldom metals processing complex. All three projects are carded for Union Industrial Estate in La Brea.
“In the last three years, a lot has been achieved and we have met the challenges of exo­genous forces such as the shale revolution.
In the words of BP CEO Bob Dudley, Trinidad and Tobago has survived ‘the shale gale’. We have also had to come to terms with the new operations para­digm of companies that place safety ahead of production targets,” he said.
Ramnarine said the increase in investment levels in the energy sector was a function of increased investor confidence that was not only manifesting itself in the energy sector but was also manifesting itself throughout the economy.
“I commend my Ca­binet colleagues, led by the Honourable Prime Minister, for their efforts in boosting investor confidence in the past four years,” he said.
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