$6B energy contract error claim

2025, 07/11

Energy Minister Roodal Moonilal and former Energy minister Stuart Young argued over Moonilal’s accusations of an alleged “$6 billion error” in a pricing matrix under Young’s tenure.

Young said, “Minister Moonilal’s attempt to attribute blame to me and the previous Cabinet for what he has admitted is a pricing matrix error in a previous Cabinet note, reeks of desperation.

The pricing matrix would have been prepared by technical staff at the Ministry of Energy and vetted by the technical staff, including the Permanent Secretary. I do not know what are the specifics that he’s referring to but I am confident that it was not due to any ‘error’ on the part of the (former) Cabinet nor myself. “

After yesterday’s Cabinet meeting, Moonilal told reporters of the “$6 billion” issue he aired at a UNC meeting. Cabinet yesterday approved an Energy Ministry note concerning amendments to a production sharing contract for a block awarded to Woodside Energy. It is intended that Woodside and BP would have entered talks for development of this field.

Moonilal said on entering office, he found that former minister Young had taken a note to cabinet in January, which asked the cabinet to agree to that production sharing contract in particular.

“Cabinet agreed to this involving the ministry, Woodside and BP.”

Moonilal alleged, “It was discovered in April that the note taken to cabinet and approved contained a detrimental matrix involving costing and returns to the government and people by way of profit share and the table that was approved and recommended by Mr Young and approved by the then cabinet of then prime minister Keith Rowley … confirmed a note that reduced the government share of the profits of this particular profit sharing contract by between 20 to 30 per cent.”

“What it meant is T&T stood to lose revenue of $6.7 billion over the life of the proposed deep water development, due to the note by Mr Young, if we didn’t act today on it.”

The PNM cabinet that passed the note in January included current Opposition Leader Penny Beckles and other current PNM Parliamentarians. Moonilal said the “mistake” was picked up by Woodside and brought to Government’s attention and they moved quickly to discuss with the stakeholders and yesterday approved a new natural gas price class structure and matrix.

That gave the Government, at the lowest end, a 10 per cent increase and at the highest end, a 20 per cent increase in revenue for the project. Moonilal added,

“By passing one note today we earned TT$7 billion.”

He asked for a ministry investigation on how an error or miscalculation could occur.

“The preliminary explanation was that it was a mistake. I’ve asked for further examination in terms of the decision-making process and layers involved and also asked to be informed of the direct participation of the former minister in this,” Moonilal said, alleging it was an “extremely weird, disturbing and suspicious development.”

The Energy Ministry issued a statement welcoming, “The completion of Perenco’s acquisition of the Greater Angostura producing oil and gas assets and associated production facilities from Woodside Energy in T&T.”

Minister endorses Kamla as leader

Someone would have to be mentally deranged to consider contesting the post of UNC leader against incumbent Kamla Persad-Bissessar, says deputy leader Roodal Moonilal.

“… But there are people like that I know. You don’t go where eagles dare. I fully endorse the political leader Honourable Kamla Persad-Bissessar to return as the next political leader of the UNC. There’s absolutely no vacancy.”

His constituency also supports her for leader.

Moonilal said the full board of the National Gas Company will be announced next week and confirmed that Heritage Petroleum Company CEO Erik Keskula had resigned, as he had obtained another professional role elsewhere.

 

 

Mid-Year Budget Review –

• Tancoo highlights deficit of $9.6 Billion
• compensation he found to be “inadequate”.
• https://www.finance.gov.tt/wp-content/uploads/2025/06/MoF-Speaking-Notes-Mid-Year-Review-2025.pdf

18 June 2025

2025, 06/19
Finance Minister Dave Tancoo delivered his first Mid-year Budget Review in Parliament, revealing a projected $9.67 billion deficit for the 2025 fiscal year and a loss of $556.7 million in revenue. Government’s economic rebuilding plan encompasses foreign exchange solutions – including reporting obligations for high-volume importers and enabling exporters to retain some Forex earnings.

“We met T&T’s economy in the intensive care unit (ICU) … but we’ll fix it. We’re in crisis due to the PNM … today we’re here to pay bills caused by the PNM administration. In this mid-year package ‘clean-up’ bill, we’re forced to supplement a PNM budget. This isn’t our shortfall. It’s the latest chapter in their long history of serial underbudgeting.”

Tancoo piloted debate to approve amendments to the 2025 Budget of $59.741 billion.
Parliament’s Standing Finance Committee provided $3.14B in supplemental funding to the 2025 Budget for 28 ministries and divisions for Recurrent Expenditure ($2,865,046,761) and the Development Programme ($278, 937,000).

“These funds are necessary in large part to meet multiple instances of deliberate under-budgeting or meet obligations promised in the former Finance minister’s budget but for which no provision was actually made; or for new initiatives determined by the then-government where no provisions were met.

“Bottom line: The PNM chronically under-budgeted critical wages, rents, and essential services. We’re cleaning up the mess and closing the gaps they deliberately left in their budget. They spent without any clear idea of where the money is coming from. No proper planning or sustainable financing, just reckless expenditure masked as governance … a calculated scheme of financial deception year after year, passing deliberately underfunded budgets. “

On the deficit and projected fiscal performance, Tancoo said the 2025 Budget was predicated on an average oil price of US$77.80 per barrel and natural gas price of US$3.59 per mmbtu. The projected deficit was $5.517B.

“Our estimation for oil and gas prices to the end of the fiscal year is US$66 and US$5 per mmbtu. With this and other adjustments, we anticipate a decrease in total revenue of $556.7 million, with a resultant overall deficit of $9.67 billion – PNM’s legacy. Given the economy, we expect to fund the increased deficit principally via borrowings on the local capital market as well as by drawing down on existing multi-lateral facilities.

“We’ll also work assiduously to improve the revenue mobilisation capacity of the Inland Revenue Division and explore further expenditure consolidation and efficiency initiatives in the coming months.”

Tancoo said the plans are interim strategies aimed at restoring financial stability.
“It will be followed by more comprehensive and impactful reforms in the 2025/2026 Budget”

Forex shortage solutions
Accusing the PNM of contracting the economy by 20 per cent, Tancoo detailed negative economic factors with only seven and a half months left of Forex import cover.

To address persistent Forex shortages, Government will collaborate with the necessary stakeholders to establish a foreign exchange allocation committee to bring greater transparency, equity and strategy to the allocation of scarce Forex resources.

“We’ll be implementing reporting obligations for high-volume importers to ensure that foreign currency inflows and outflows are better monitored and aligned withs national strategic economic priorities. We’ll ensure enhanced investor confidence through the development of profit repatriation protocols, dividend safeguards and investment protection frameworks, drawing on best practices such as those in Barbados.”

“We’ll explore foreign currency tax exemptions and investment tax credits as tools to encourage retention and reinvestment of foreign exchange within the domestic economy. We’ll review T&T’s network of bilateral tax treaties and work with Caricom partners to advance regional tax harmonisation, promoting cross-border investment and reducing administrative burdens on regional businesses.”

Saying export-led growth is critical to building a resilient and diversified economy, Tancoo added, “To this end, we’ll examine introduction of an export allowance and export growth incentive, with a focus on high-potential non-Caricom markets and target priority sectors, including agro-processing, ICT services and niche markets.

“We’ll consider establishment of an export proceeds retention facility, enabling exporters to retain a portion of their foreign currency earnings, thereby ensuring more predictable access to foreign exchange for reinvestment and operational expansion and we’ll also expand our international trade representation.”

“There are multiple opportunities presented to us to develop ideas we’d begged the PNM for … now they have the gall to ask where we’re going to get the money from? We’ll put those plans into action, UNC’s minifestos give a clear idea where we’ll be taking T&T.”

Immediate priority plans to reorient the economy
Tancoo said, “Congruent to our strategic national development plan, we’re already implementing the following suite of policy measures and structural reforms:”

1. 1. 1. • Repeal of the T&T Revenue Authority and Property Tax laws.
      2. • Ensuring public safety and justice via committees to recommend legislation on ‘Stand-Your-Ground’ policy and home invasions.
      3. • Launch of the feasibility study on reopening the Petrotrin refinery.
      4. • Distribution of laptops to all incoming secondary school students from September 2025.
      5. • Refurbishment and completion of all long-abandoned schools; opening the UWI Penal Campus.
      6. • Establish catheterisation laboratories to address the rising incidences of cardiovascular disease.
      7. • Amending the Children’s Life Fund Act to allow coverage of children with life-limiting conditions.
      8. • Review/eliminate unnecessary state-funded goods and services, including security details and “abusive” property rentals.
      9. • Transfer pricing legislation ensuring profits earned in T&T are taxed fairly and in accordance with international standards.

Future priorities :

1. 1. 1. • Global Forum compliance: to implement necessary international tax standards to remove T&T from the European Union list of non-cooperative jurisdictions for tax purposes.
      2. • Exchange of Information on Request and Combined Peer Review to assist delisting of T&T by the European Union and commitment to cooperation in global tax matters.
      3. • Business Levy reform.
      4. • Tax Incentives.
      5. • Permanent establishment -statutory definition in domestic tax law providing greater legal certainty for foreign investors and strengthening source-based taxation.
      6. • Qualified domestic minimum top-up tax will be considered for only very large multinational enterprise groups, with global revenues of at least Euro 750 million paying less than 15 per cent effective tax on their profits in T&T. Tax to bring them up to 15 per cent minimum.

STATE OF THE ECONOMY

1. 1. 1. • ↓Adjusted general Government debt increased by 92% since 2015. Reckless borrowing racked up debt to $145B billion.
      2. • ↓External debt has more than doubled from US$2 billion to US$5.48 billion over the same period
      3. • ↓Net foreign exchange holdings fell by 50 per cent from $10.5 US billion to $5.3 US billion. Today, T&T has a mere 7.5 months of import cover and Forex.
      4. • ↓Raiding the Heritage and Stabilisation Fund 11 times in nine and a half years to the tune of almost TT$20 billion
      5. • ↓Non-energy sector collapsed by 12 per cent
      6. • ↓Energy sector plummeted by over 33 per cent
      7. • ↓Agricultural output collapsed by 50 per cent
      8. • ↓48,000 fewer persons with jobs today compared to 2015

 

UNC inherits gargantuan PNM debt

June 19, 2025

UWI don Dr Vaalmikki Arjoon says the last regime under-budgeted for the current fiscal year, leaving the United National Congress (UNC) government to contend with substantial debt.

Following the mid-year budget review presented in the House of Representatives by Finance Minister Davendranath Tancoo, Arjoon observed:

“It appears that numerous arrears, ranging from payments to service providers and contractors for pre-election infrastructure works, suppliers’ bills, wage negotiation settlements, and debt obligations, among a host of others, were left behind by the previous administration. This points to clear under budgeting for the current fiscal year.”

Arjoon commended the Ministry of Finance for swiftly confronting as many of the outstanding liabilities as possible, to avoid a spillover into fiscal 2026.

“The Ministry of Finance has taken a prudent step to address as many of these liabilities as possible now, to prevent them from rolling over into fiscal 2026. This preserves budgetary space for critical development initiatives in the next year, rather than diverting future revenues to settle past-due arrears. This also signals to investors and rating agencies a commitment to fiscal discipline and stronger public financial management despite tight resources.”

Tancoo’s current position is a “delicate balancing act: managing large inherited arrears and liquidity pressures, while also suppressing a swollen fiscal deficit due to sub-par oil and gas production and pre-election spending”.

The newly projected deficit of $9.67 billion—comparable to last year’s—alongside a $46 billion overdraft in the consolidated fund and foreign exchange reserves of $5.2 billion (51% lower than a decade ago), underscores the precarious fiscal position and the urgent need for decisive revenue measures. He stressed the importance of modernising the Board of Inland Revenue (BIR) to plug gaps in tax collection and urged reprioritisation of spending to avoid further depletion of fiscal buffers.

The Government may turn to multilateral agencies such as the World Bank’s International Finance Corporation (IFC), CAF (Development Bank of Latin America) and the Inter-American Development Bank (IDB) for funding, reflecting the tight financial position and the urgent need for decisive revenue measures, plugging holes in tax-collection by modernising the BIR and spending reprioritisation to prevent further erosion of fiscal buffers.

Borrowing from the multilateral agencies ensures better transparency when they are used, while provided at a lower interest cost. Basing the budget on an oil price of US$66 per barrel is a “conservative and cautious” estimate that avoids over budgeting.

With regard to natural gas pricing, he said the US$5 assumption is appropriate, as T&T now uses a weighted average that includes benchmarks like JKM (Japan-Korea Marker), UK NBP (National Balancing Point) and not just Henry Hub.

“However, it is still too early to tell, but a prolonged Israel–Iran conflict could push oil and LNG prices in our favour, particularly if it disrupts shipments through the Strait of Hormuz, a critical transit corridor for large volumes of oil and gas. This can indeed help to lower the deficit, but higher oil prices also mean that we will be paying more to import refined oil.”

Arjoon welcomed strategies to enhance diversification and boost export performance, particularly through a proposed foreign currency tax exemption.

“If implemented in the coming fiscal year, this can serve as a tax incentive for those who earn foreign exchange through export income, on the condition that these earnings are brought back into the local system and not held in accounts abroad. This can encourage a greater push by companies to increase export performance and at the same time lower capital flight.”

Retaining export earnings locally would reduce pressure on the Central Bank to supply foreign exchange. This has to be done in tandem with strengthening customs, to mitigate export under-invoicing, as some exporters can understate the true value of their exports and keep forex earnings abroad but still take advantage of the tax incentives.

Proposed export allowance and export growth incentives could stimulate agro-processing exports within the region and open access to high-value markets such as the United States for small manufacturers. The allowances should help to offset high logistics, certification, and compliance costs, such as stringent quality controls, packaging standards, and cold-chain storage, thereby eliminating key entry barriers for exporters. As a result, agro-processors can compete more effectively abroad, increasing both export volumes and foreign-exchange earnings.

He highlighted potential benefits for manufacturers of cosmetics, specialty packaging and construction materials which will gain support they need to penetrate extra-regional markets, further diversifying T&T’s export base. Once enacted, these measures have strong potential to boost export earnings.

The export proceeds retention facility offers a critical liquidity cushion for exporters, allowing them to temporarily retain a portion of foreign currency earnings in dedicated accounts. This helps to better manage FOREX needs for retooling, importing inputs, or expanding production, without immediately converting all earnings to TTD. Combined, these export-oriented incentives signal a policy shift toward building a more sustainable, export-driven economy.

 

 

 

Global Biofuel Alliance

8 July 2025

Energy Minister Dr Roodal Moonilal said Trinidad and Tobago will join the Global Biofuels Alliance (GBA), a collaborative initiative spearheaded by India and launched during the 2023 G20 Summit in New Delhi.

The announcement was made on July 4 after a special joint assembly of the Electoral College, held on the occasion of Indian Prime Minister Narendra Modi’s visit to TT.

The ministry said the GBA’s primary objective is to promote the widespread adoption of biofuels globally, emphasising partnerships with private sector entities to enhance the biofuel capabilities of its member countries.

TT’s successful membership will grant access to vital resources, including technical support, policy guidance, market analysis and evaluation tools for biofuel feedstocks sourced from various biological materials. Mass tree planting for RE can create jobs.

This membership will also enable connections to specialized research, expert networks, and funding opportunities tailored to tackle the unique challenges encountered by Small Island Developing States (SIDS).

The GBA will build on TT’s existing co-operation as this country is part of the India-led International Solar Alliance (ISA).

This partnership has led to effective coordinated efforts with India, focusing on specific programs and initiatives designed to better align and consolidate demand for solar finance, technologies, innovation, research and development, and capacity building.

“The GBA will enable critical support to TT’s commitment to its Nationally Determined Contributions, aimed at reducing our current greenhouse gas emissions and also catalyse our decarbonisation agenda.

“In this regard, the GBA will play a key role in accelerating our current biofuel initiatives within the domestic energy sector, such as the pursuit of methanol blending in the transportation sector; waste vegetable oil re-use; and wood-based production of biofuels.”

Moonilal said this alliance was vitally significant. He repeated the government’s commitment to incorporating low-carbon energy sources into the national energy mix, aiming to position TT as a future hub for low-carbon fuels.

“Dr Moonilal emphasised the visionary approach of this government, noting that it has opened new avenues for diversification and growth within the energy sector.”

 

 

 

Confronting structural economic retreat

2025, 07/06  Raphael John-Lall

UWI Economics don, Professor Roger Hosein believes that the UNC Government’s first Mid-Year Budget Review is an attempt to stabilise the economy, using tools at its disposal to confront very serious challenges. for the petrostate, impoverished by the last regime.

Finance Minister Davendranath Tancoo presented his maiden Mid-Year Budget Review on June 18.
Parliament’s Standing Finance Committee supplemented the 2025 Budget of $59.7 billion with a further $3.14 billion for 28 ministries and state divisions.

“The Government’s 2025 Mid-Year Budget Review seems to have been crafted as a necessary fiscal stabilisation exercise in the face of a very challenging economic inheritance. With a $3.14 billion increase in expenditure raising the fiscal deficit to $9.67 billion, the administration has chosen to prioritise near-term stability and administrative continuity.

Given the depth of structural imbalances and the fragility of foreign exchange dynamics, this conservative approach may reflect a deliberate attempt to avoid macroeconomic shocks while preparing for a more substantive intervention in the upcoming 2026 Budget,” Hosein said.

While the review does not present a full-fledged supply-side reform package, this may be by design.
Supply-side economics is a macroeconomic theory arguing that economic growth is best achieved by reducing barriers to production, mainly through tax cuts and deregulation.

“The immediate priority appears to be fiscal triage, closing financing gaps, restoring administrative order, and preserving policy headroom for more ambitious reforms later in the year. The document does reference critical goals such as export-led growth, foreign exchange stabilisation, and tax administration improvements, including the introduction of transfer pricing legislation and Inland Revenue restructuring.”

It is reasonable to interpret the additional expenditure at this juncture as a stabilising manoeuvre rather than a fully articulated growth strategy.

“Given the government’s short tenure and the fiscal constraints inherited, it is in my judgement a bit premature to expect a sweeping productivity overhaul in this mid-year review. This restraint may reflect prudence rather than inertia, signalling that more substantive reforms are being reserved for the upcoming full-year budget cycle, where institutional readiness and fiscal targeting can be better aligned.”

Over recent months the international agencies have downgraded their forecast for the T&T economy.

In the past six weeks, several major economic datasets in one form or another have been released either partly or wholly focusing on the economy.

The first was the International Monetary Fund’s (IMF) World Economic Outlook April (WEO) 2025 database, published on April 22. This dataset revised both historical and projected Gross Domestic Product (GDP) figures downward.

“It showed the economy performing worse than earlier projections from the April 2023 and 2024 editions of the WEO database.

Second was the Q4 2024 Labour Force Survey from the CSO, released on April 23. The release of Q4 2024 data to be compared with 2023, overall, the data confirmed high unemployment, low labour force participation, and weak job creation.

Third was the Annual Economic Survey 2024, published by the Central Statistical Office on May 2, 2025.”

The IMF’s April 2025 WEO database, released April 22, sharply revised T&T’s economic outlook downward.

“Earlier projections, especially the April 2023 edition, anticipated a solid recovery, with real GDP reaching 89.5 in 2025 (2014=100). This level of economic activity declined by April 2024, when projections were cut to 85.7 for 2025, signalling weaker-than-expected growth. The April 2025 database worsened the picture further, with the 2025 estimate downgraded again to 84.2.

The updated figures now show real GDP staying well below 2014 levels through 2027, effectively marking just over a lost decade of growth. These successive revisions reveal that previous fiscal assumptions were based on outdated optimism. The April 2025 WEO reshaped the economic baseline and highlighted deeper structural stagnation than previously acknowledged.”

The second major data release was the Labour Force Survey for Q4 2024 by the Central Statistical Office (CSO), released on April 23, 2025. The Survey showed that market conditions in T&T weakened between 2023 and 2024, according to CSO’s April 23, 2025 release.

The total labour force fell from 602,800 to 595,700, a drop of 7,100 persons. Employment declined from 578,800 to 566,200, reflecting a net job loss of 12,600. Unemployment rose by 5,500, from 24,000 to 29,500, pushing the unemployment rate up from 3.98 per cent to 4.95 per cent.”

Thirdly, publication of the Annual Economic Survey (AES) for 2024, was released on May 2, 2025.

“Between 2023 and 2024, the economy showed even further signs of decline despite reported GDP growth. Crude oil output fell by 5 per cent, natural gas by 1.6 per cent, and methanol by 6.7 per cent; the construction sector collapsed by 8.9 per cent, and manufacturing still operated at just 70.8 per cent capacity. Declines in water supply and ongoing underperformance in key export sectors exposed worsening structural fragilities.”

Between 2015 and 2024, the economy experienced a broad and deep decline across multiple macroeconomic indicators, signalling a structural economic retreat rather than a cyclical downturn. Real GDP fell from a base of 100 in 2014 to 82.5 in 2024, meaning the economy is now over 17 per cent smaller in real terms.

“The economy’s labour force participation rate declined sharply from 60.6 per cent in 2014 to 55.1 per cent in 2024, and the number of employed persons dropped by nearly 60,000. This contraction in productive capacity occurred alongside social deterioration, with annual homicides rising from 410 to 624, a 52 per cent increase.

The value of the TT dollar also fell significantly, with $100 in 2015 now holding just 80.6 per cent of its original purchasing power in 2024, while the Real Effective Exchange Rate has remained broadly flat, suggesting limited external adjustment.”

Fiscal and external indicators paint an “equally grim picture.”

“Net official reserves plunged from US$9.9 billion to US$5.6 billion, while external debt more than doubled from US$2.2 billion to US$5.6 billion. The non-energy fiscal deficit worsened drastically, moving from $12.5 billion to over $26.8 billion. Unfortunately, the food import bill remains high, and tourism arrivals have collapsed from 519,000 to 336,100, indicating lost earnings in the services sector.

“Capital expenditure has been slashed by nearly 42 per cent, curtailing the state’s development capacity. Reversing this collapse will demand not only new sources of export earnings but also institutional reform, private investment revival, stronger governance, and a focused national development strategy.”

 

 

Larry Howai appointed Central Bank Governor

2025, 06/25

Central Bank Governor Dr Alvin Hilaire has been fired.

This is confirmed by the Ministry of Finance. Two weeks ago, Prime Minister Kamla Persad-Bissessar said that Dr Hilaire was refusing to divulge information on the top users of foreign exchange . Hilaire was appointed Governor and Chairman of the Board of the Central Bank of Trinidad and Tobago (CBTT) in December 2015.

The Central Bank of Trinidad and Tobago is pleased to announce the appointment of Larry Howai, Esquire, as Governor, effective June 24, 2025.

Mr. Howai has been appointed by Her Excellency, President Christine Kangaloo, for a term of five years.On 25th June, 2025, the Hon. Davendranath Tancoo, MP, Minister of Finance, presented instruments of appointment to the new Governor of the Central Bank of Trinidad and Tobago (CBTT), Mr. Larry Howai.

This follows a request made to the President by Cabinet on Tuesday 24th June, 2025, to revoke the appointment of the Governor of the Central Bank of Trinidad and Tobago, Dr. Alvin Hilaire, with immediate effect. Further information will be provided by the Government in the coming days.

The Minister of Finance welcomes Mr. Howai, a man with proven financial experience and an outstanding track record, to his new role. He further extends immense gratitude to the new Central Bank Governor on his willingness to accept the position in service of the people of Trinidad and Tobago.

 

 

 

Central Bank confidentiality, duties and the public interest

July 5, 2025

Prof. Rose-Marie Belle Antoine – Author of Confidentiality in Offshore Financial Law, Oxford University Press, 2013.

Termination of the governor of the Central Bank raises important issues of the role and function of the Central Bank. Since the reasons for the termination have not yet been given, the particular dismissal cannot be assessed. However, we can discuss the likely issues surrounding it.

Section 12 of the CB Act lays out ten grounds for termination of the governor. These include being of unsound mind, bankruptcy, conviction, conflicts, prolonged absence, etc. Those pertinent to the current situation are (e) misconduct in relation to his duties, (fb) contravening the Code of Ethics and (g) failing to carry out statutory duties or functions. Some believe the Government decided to take the risk of losing and paying damages in potential litigation rather than retain the governor, like the previous government which lost its case in court. Whether or not this is the rationale, important socio-legal issues arise to be examined.

Available information suggests that it involves bank/financial confidentiality. This is a concept worthy of interrogation, but it is in truth one aspect of a broader issue, that is, the degree of independence and autonomy of the Central Bank.

Ordinarily, the Central Bank should enjoy independence in operationalising prudent fiscal measures and financial propriety. Undoubtedly, the Bank enjoys a large measure of autonomy in its operations. However, this is not absolute.

Let us examine some of what the Central Bank Act says in relation to the Government.

Of prime importance, as spelt out under Section 3(3), the Bank has a core public purpose, which is to promote “monetary credit and exchange conditions” that are “most favourable to the development of the economy”. Several sections grant authority to the Government, through the minister, to give approvals and to make decisions about this core purpose. For example, Sections 26 and 27 give the minister authority to make decisions about the denominations, form and redemption of notes and coins. S.34 gives the Minister the authority to increase authorised capital. Section 8(2A) even provides for “public service directors” who are ­officers of the ministries.

Importantly, the act contains provisions which clearly dictate that monetary policy and, by extension, economic policy are the preserve of the minister/government and not the sole discretion of the governor. Section 49 mandates that the “Bank shall keep the Minister informed of the monetary and banking policy pursued…”

Tellingly, S.50 specifies that the minister has the authority to issue “written directives of a general nature…to give effect to the monetary and fiscal policies of the Government”, albeit with consultation. This is wide-ranging authority which goes to the heart of the role and function of the Bank, ­inherently facilitative.

Consequently, can a governor refuse to disclose information to the government, or act contrary to government policy? Bank/financial confidentiality is a well-established legal concept. However, two points are noteworthy: (1) the parameters of confidentiality have been eroded in recent years due to concerns about money laundering, tax evasion, financial impropriety, etc. Indeed, in some cases routine disclosure by banks is taking place and it can no longer be considered a sacrosanct principle. Think ­FATCA, FATF, etc. All of this occurs in the name of the public interest to eradicate financial wrong-doing; (2) Bank confidentiality should be viewed differently when examined in the context of a national bank set up for public interest purposes (like a Central Bank) and with clear reference to relationships between it and the government.

Despite the several erosions of bank/financial confidentiality generally, there is no specific legislative provision that speaks to exemptions in the act. I suggest that any disclosure, or refusal to disclose, will therefore have to be measured against statutory imperatives such as misconduct, functions, contravening policy, etc, within the context of a more relaxed attitude to financial confidentiality in the public’s interest—­all of which could lead to ­termination.

Undoubtedly, the act spells out the standard duty to bank “secrecy”, S.56(1) states:

“Except in so far as may be necessary for the due performance of its objects, and subject to section 8 of the Financial Institutions Act, every director,… employee of the Bank shall preserve…secrecy with regard to all matters relating to the affairs of the Bank, any financial institution…”

Notably, the FIA does permit disclosure to prevent financial impropriety and importantly, under S.8 (6). when in “the best interests of—the financial system”.

In my view, while not spelt out, there is a presumption that S.56(1) does not intend to speak to disclosures to the relevant government authority. I suggest that in practice this is how it has been interpreted in the past. Perhaps the time has come to specify this in legislation.

Jamaica, For example, has done so under S.34D of the Bank of Jamaica Act. The duty of bank secrecy there is specifically exempt in relation to disclosures to the minister, and other functionaries.

It would be highly unusual to deny the relevant minister such information unless, of course, disclosure is sought for an irrational purpose or perverse reason, as opposed to the act’s objects. Is it? There is no doubt that the matter of forex is an issue of vital public importance—not only how much is being distributed, but whether it is distributed ­equitably.

Private citizens have suffered because of inadequate forex and enterprises have gone out of business, thereby undermining the economy. In my view, such an issue relates easily to the core purpose and functions of the Bank. This, and the information surrounding it, would also be part of a broad consideration of legitimate national policy. To assess the implementation of policy the government must be entitled to adequate information.

Are persons who now allegedly enjoy preferential treatment for forex entitled to privacy? The response is different for persons who place their money in a private bank (itself no longer so safeguarded). It would be difficult to establish that such persons have a “legitimate expectation to privacy”, the judicial test, when public purpose is referenced.

This is similar to privacy arguments for lawyers who enjoyed huge payments of taxpayers’ money, occurring under several governments. Of course, a distinction could be made between a duty to disclose financial information to the minister, as opposed to the public. Incidentally, whether or not the Bank itself distributes forex is a non-argument, since it also has, or should have, the authority to demand information from private banks.

Similarly, if a minister/government determines that there has been a violation of policy and deviation from the Bank’s core purpose, shouldn’t that government be able to rectify it? How else is the public’s interest to be served? Consequently, is it logical or reasonable to expect confidentiality to preclude such disclosure?

It would be strange if a State institution could be so at odds with the stated policy objectives of the government, the representatives of the people. These are key issues of governance and accountability which cannot be divorced from the questions at hand. Consequently, bank secrecy cannot be approached within a narrow construction.

Refusals to disclose important information to the relevant minister may also constitute misconduct or failure to carry out statutory duties and functions, terminable offences. Who is to determine inappropriate behaviour? The several references to ministerial oversight in the act speak to an assumption that this is indeed the role of the government, at least initially, although rarely clear-cut.

There are also, of course, questions surrounding the alleged refusal to permit the Auditor General to examine the Central Bank’s account. Suffice it to say that the act contains provisions under Section 52 giving the minister the authority “at any time” to “require the Auditor General to examine and report on the accounts of the Bank”, providing “all necessary and appropriate facilities for such examination”.

This is the second time in a row that a governor has been fired. This does not inspire confidence either in the Central Bank or the economy. If these questions about roles, functions and duties are unclear in our statutes, then the time has come for more clarity, for the public’s good.

 

 

 

 

PM Modi, PM KAMLA, ink key bilateral pacts

July 05, 2025

https://ddnews.gov.in/en/pm-modi-holds-delegation-level-talks-with-trinidad-tobago-pm-kamla-persad-bissessar-inks-key-bilateral-pacts/

Indian Prime Minister Narendra Modi met Prime Minister Kamla Persad-Bissessar in Port of Spain, where the two leaders held wide-ranging delegation-level talks aimed at boosting cooperation in areas from agriculture and healthcare to digital payments and cultural exchanges. At the historic Red House, PM Modi congratulated his counterpart on assuming office for the second time following her recent electoral victory and thanked her for the warm welcome accorded to him and his delegation.

They discussed potential cooperation in agriculture, healthcare and pharmaceuticals, digital transformation, the Unified Payments Interface (UPI), capacity building, culture, sports and people-to-people ties. Development cooperation remains a vital aspect of the India–Trinidad & Tobago partnership. Prime Minister Persad-Bissessar remarked that Prime Minister Modi’s visit would reinvigorate their long-standing relationship.

Regional and global issues also featured , with both leaders calling for enhanced cooperation on shared challenges of climate change, disaster management and cybersecurity. PM Modi appreciated Trinidad & Tobago’s strong support for India following the Pahalgam terror attack and the leaders reaffirmed their joint commitment to combat terrorism in all its forms. They agreed to cooperate to promote greater solidarity among emerging countries and to strengthen the India–CARICOM partnership.

Six Memoranda of Understanding (MoUs) were signed covering pharmacopoeia cooperation, Quick Impact Projects, cultural exchanges, sport, diplomatic training and the establishment of ICCR Chairs for Hindi and Indian Studies in UWI Trinidad. To further deepen ties with its diaspora, India announced the extension of Overseas Citizen of India (OCI) card eligibility to the sixth generation of people of Indian origin living in Trinidad & Tobago.

PM Modi extended an invitation to Prime Minister Persad-Bissessar to visit India, which she accepted.

https://www.pib.gov.in/PressReleasePage.aspx?PRID=2142390

 

 

 

Prime Minister’s Office

Joint Statement on the Official Visit of Prime Minister to The Republic of Trinidad and Tobago

05 JUL 2025 PIB Delhi

The Honourable Prime Minister of the Republic of India, Shri Narendra Modi, paid an Official Visit to the Republic of Trinidad and Tobago from 3 to 4 July 2025 at the invitation of the Honourable Kamla Persad-Bissessar, Prime Minister of the Republic of Trinidad and Tobago.

This landmark visit – the first bilateral visit by an Indian Prime Minister in 26 years, was imbued with profound significance, as it coincided with the 180th anniversary of the arrival of Indian immigrants to Trinidad and Tobago in 1845. It reaffirmed the deep-rooted civilizational ties, vibrant people-to-people linkages, and shared democratic values that form the bedrock of the longstanding friendship between the two nations.

Prime Minister Narendra Modi congratulated Prime Minister Kamla Persad-Bissessar on her recent electoral victory and commended her sterling contributions in the strengthening of the bilateral ties between India and Trinidad and Tobago.

In recognition of Prime Minister Narendra Modi’s exceptional leadership both within India and on the global stage, he was conferred the Order of the Republic of Trinidad and Tobago – the country’s highest national civilian honour.

The Prime Ministers held comprehensive discussions on a wide range of bilateral, regional and global issues of mutual interest. Both leaders expressed satisfaction at the depth and breadth of the relationship and reaffirmed their resolve to build a broad-based, inclusive and forward-looking partnership in health, ICT, culture, sports, trade, economic development, agriculture, justice, legal affairs, education and skill development.

They acknowledged the common threat posed by terrorism to peace and security. They reiterated their strong condemnation of and resolute opposition to terrorism. They declared that there could be no justification for terrorism, including cross-border terrorism.

They welcomed the signing of important agreements and Memoranda of Understanding (MoUs) in key sectors, including pharmaceuticals, development cooperation, academia, cultural exchange, diplomatic training and sports. The leaders recalled the outcomes of the 2nd India–CARICOM Summit in November 2024 and committed to accelerating the implementation of initiatives announced there.

They expressed strong interest in expanding cooperation in the digital domain. Prime Minister Modi congratulated Trinidad and Tobago on becoming the first Caribbean country to adopt Unified Payments Interface (UPI), India’s flagship digital payment platform. They agreed to explore further collaboration in the implementation of India Stack solutions, including DigiLocker, e-Sign, and the Government e-Marketplace (GeM). Trinidad and Tobago requested support from India in digitization and upgradation of the system for state land registration. The leaders underlined that digital governance and public service delivery can act as enablers of inclusive development, innovation and national competitiveness. Prime Minister Modi lauded Prime Minister Persad-Bissessar’s ambitious vision of digitizing education and announced a gift of 2000 laptops to support Trinidad and Tobago’s flagship educational programme. Prime Minister Modi encouraged students to explore higher educational opportunities in India under various scholarship programmes offered by the Government of India.

The leaders identified agriculture and food security as another priority. During a symbolic ceremony, Prime Minister Modi presented the first batch of a gift of agro-machinery worth USD 1 million for food processing and storage to National Agricultural Marketing and Development Corporation, NAMDEVCO, which was appreciated. Prime Minister Modi offered s assistance in f natural farming, seaweed-based fertilizers and millet cultivation.

Prime Minister Modi commended the Government for recognizing Indian Pharmacopoeia which will ensure closer collaboration in the pharmaceutical sector and improved access to quality and affordable generic medicines from India as well as provision of medical treatment in India. In the coming months, a prosthetic limb fitment camp for 800 individuals will be organized in Trinidad and Tobago. Prime Minister Kamla Persad-Bissessar thanked Prime Minister Modi for healthcare assistance which will take healthcare cooperation beyond medicines and equipment. She expressed gratitude for the donation of twenty Haemodialysis Units and two Sea ambulances India for provision of better-quality healthcare.

Trinidad and Tobago underscored the value of development cooperation while welcoming the signing of the MoU on Quick Impact Projects, which will enable implementation of community development projects in a timely and effective manner with India’s assistance.

Prime Minister Persad-Bissessar commended India’s leading role in saving precious human lives during the COVID-19 pandemic. She valued India’s quick response and valued supply of vaccines and medical equipment to Trinidad and Tobago. She especially appreciated India’s support under the US$ 1 million ‘HALT (High and Low Technology) in the COVID-19 project’, with supply of mobile healthcare robots, telemedicine kits and hand hygiene stations.

Prime Minister Modi welcomed Trinidad and Tobago’s decision to join the Coalition for Disaster Resilient Infrastructure (CDRI) and the Global Biofuel Alliance, reflecting their shared commitment to climate action, resilience building and sustainable development. The leaders agreed to explore further collaboration in early warning systems developed by India for disaster risk reduction. The Government of Trinidad and Tobago appreciated India’s offer of a grant to provide a rooftop photovoltaic (PV) system for the headquarters of the Ministry of Foreign and Caricom Affairs. Prime Minister Persad-Bissessar appreciated Prime Minister Modi’s visionary ‘Mission LiFE’ initiative, which promotes a lifestyle of mindful consumption and sustainable living. She acknowledged its relevance in mobilizing global citizens towards climate-conscious behavior.

Capacity building was recognized as an important pillar of India’s partnership . Trinidad and Tobago appreciated the offering of 85 ITEC slots annually by India in a wide range of areas for capacity building of their youth. India expressed willingness to send experts and trainers to Trinidad and Tobago for large scale training of their officials.

Prime Minister Modi expressed willingness to support Trinidad and Tobago in building capacities of officials and personnel in the field of forensic science and the justice system, including sending them to India for training as well as sending trainers and experts from India to Trinidad and Tobago.

Both leaders underscored the need for greater bilateral trade and investment exchanges by encouraging direct channels between their business support organizations . They celebrated the strong sporting ties , especially the shared passion for cricket. They welcomed the signing of an MoU on Sports Cooperation to foster training, talent exchange, infrastructure development and joint capacity building. Prime Minister Modi also reiterated his offer to train aspiring young women cricketers from Trinidad and Tobago in India.

In a culturally significant gesture, Prime Minister Modi announced training for a cohort of Pundits from Trinidad and Tobago in India. These Pundits would also participate in the ‘Geeta Mahotsav’ in India. Prime Minister Kamla Persad-Bissessar expressed her appreciation for this gesture and enthusiastically supported the Indian proposal for jointly celebrating Geeta Mahotsav in Trinidad and Tobago coinciding with the celebrations in India.

On cultural cooperation, both leaders noted the progressive role of the bilateral ‘Programme of Cultural Exchanges’ through which the Mahatma Gandhi Institute for Cultural Cooperation was established in 1997. An MoU was signed to renew this programme for the period 2025-28. Under the renewed MOU, Trinidad and Tobago will send artistes on Percussion (Steel Pan) and other forms of cultural expressions to India to enhance cultural ties. Prime Minister Modi thanked the Government of Trinidad and Tobago for the promotion of Yoga and Hindi language . He offered to send Yoga trainers from India and support inclusion of Yoga in the national school curriculum of Trinidad and Tobago.

Both Prime Ministers recalled that 30 May 2025 marked the 180th anniversary of the arrival in 1845 of the first Indian workers in Trinidad and Tobago. They recognized the importance of Nelson Island as a location for Cultural Tourism and the need for Digitisation of Indian Arrival and other Records at the National Archives. Prime Minister Modi also announced a decision of the Government of India to issue Overseas Citizenship of India (OCI) cards up to the sixth generation of the Indian diaspora of Trinidad and Tobago.

Both Prime Ministers welcomed the revival of Academic Chairs in Hindi and Indian studies at the University of the West Indies, which will deepen academic and cultural linkages between India and Trinidad and Tobago and promote dissemination of the ancient wisdom and heritage of Ayurveda.
Both leaders underscored the need to revive the India-Trinidad and Tobago Parliamentary Friendship Group; training of Trinidad and Tobago Parliamentarians in India; and regular exchange of visits by Parliamentary delegations.

They exchanged views on regional and international developments and reiterated their shared commitment to peace, climate justice, inclusive development and amplifying the voice of the Global South. They expressed appreciation for the valued mutual support extended in the multilateral forums.

The leaders reaffirmed the need for comprehensive reforms in the United Nations, including expansion of the United Nations Security Council, to better reflect current global realities. While recognizing rising geopolitical tensions and global conflicts, both leaders called for dialogue and diplomacy as the way forward. Trinidad and Tobago reaffirmed its full support to India for permanent membership of an expanded United Nations Security Council. It was agreed that India would support Trinidad and Tobago’s candidature for a non-permanent seat on the United Nations Security Council for the period 2027-28; while Trinidad and Tobago would support India’s candidature for the period 2028-29.

Prime Minister Modi expressed his heartfelt appreciation to the Government and people of Trinidad and Tobago for the extraordinary hospitality accorded to him. He extended an invitation to Prime Minister Kamla Persad-Bissessar to visit India at a mutually convenient time. PM Kamla Persad-Bissessar also invited PM Modi to visit Trinidad and Tobago again at a mutually convenient time. The leaders agreed that the outcome of the highly successful Official Visit of The Prime Minister of the Republic of India, Shri Narendra Modi to Trinidad and Tobago paves the way for a new era of elevated bilateral relations between both nations and reaffirmed their shared commitment to a strong, inclusive, and forward-looking India–Trinidad and Tobago partnership.

 

 

Business with the Land of Philosophy

10 July 2025

Following Indian custom, Narendra Modi came bearing golden gifts of 2,000 laptops for high schools, 20 dialysis machines, 2 sea ambulances and prosthetics. He planted a neem tree at the Red House and donated Solar roofing to the Ministry of Foreign and Caricom Affairs. He granted special “overseas citizen” status to sixth-generation members of the Indian diaspora.

He crowned these with signing deals for cooperation on matters, including biofuels, money transfers, stack tools, national security, forensics, disaster preparedness and pharmaceutical manufacturing.

Transcending traditional notions of foreign aid, The Indian leader wished to send a message – India means business. The government and private sector must accept this invitation from a visiting Wise Man of the East, offering treats in the Christmas tradition.

The administration’s engagement with Mr Modi follows bilateral meetings under the last regime, on April 19, 2018, on the sidelines of the CHOGM summit in London, on September 25, 2019 at the inaugural Caricom-India summit in New York and on November 20, 2024, at the second such summit in Guyana. The Indian High Commission said the leaders discussed ways to strengthen bilateral relations in digital transformation, health, defence and maritime security, transportation and cultural exchanges.

Embracing India has strengthened and emerged as a non-partisan matter. Major parties see obvious benefits. The barrier of divisive politics and disruptions caused by election cycles, do not stand in the way of business interests deepening trade. This is a rare window of opportunity. During global shocks and the arbitrary abandonment of traditional alliances, co-operation must be more than a fad. Air connection with Nigeria, new trade deals with Belize and Chile, the engagement of the TTMA and the TT Chamber of Commerce with Guyana and St Kitts and Nevis cannot be a mere token gesture. Convulsions require safer harbours to weather coming storms.

The government must back up signing deals with tangible steps to improve the ease of doing business and to allow the flow of foreign investment. Trade with India, the world’s fastest-growing economy, was estimated at $1.2 billion in 2024.

In the budget due in the coming months, Minister of Finance Davendranath Tancoo must state what steps will be taken to make that figure grow after the last regime left many penurious and penniless. ·

 

 

PM touts renewed T&T/India partnership

July 4, 2025

Prime Minister Kamla Persad-Bissessar revealed that bilateral trade between Trinidad and Tobago and India reached a record TT$1.2 billion (US$368.96 million) in the last fiscal year.

She announced that Government aims to expand exports to tap into India’s market of 1.4 billion consumers and will pursue a Partial Scope Trade Agreement—the first from a Caricom country—while laying the foundation for a new Bilateral Investment Treaty.

In Parliament where she paid tribute to India’s Prime Minister Narendra Modi and thanked him for his generosity and pioneering leadership. Modi became the first Indian Prime Minister to address a joint assembly of the Parliament.

In a Gujarati sari in honour of Modi’s home state Gujarat, Persad-Bissessar emphasised the unique power of India, the world’s most populous nation and a top-four economy and of Trinidad and Tobago, the largest economy in Caricom and a gateway to Latin America.

“Both are vibrant, diverse democracies committed to inclusion, education, and progress. Our theme—‘Two Nations with Historical Bonds and a Shared Future’—is therefore a call to purposeful action.”

Energy remains central to both economies, and discussions are underway with Indian companies to participate in energy-related projects. T&T is proud to join India-led initiatives, such as the Global Biofuels Alliance, and she thanked Modi for presenting a solar rooftop system to Trinidad.

Highlighting India’s status as the “world’s pharmacy”, she noted that Serum Institute and Cipla save lives globally. The Government is partnering with Indian pharmaceutical leaders to establish local drug manufacturing facilities, biotech parks and telemedicine networks—initiatives to enhance health resilience and create high-quality jobs.

India pledged support for a Jaipur Foot camp, dialysis units, and sea ambulances—“initiatives that will directly benefit our communities.”

Trinidad and Tobago is honoured to adopt India’s UPI system and collaborate on India Stack tools, such as Aadhaar and DigiLocker, to modernise public services.

“Together, we aim to position T&T as a digital hub for the Americas and empower a new generation of tech-savvy citizens.”

India continues to support national security efforts through training under the ITEC Programme and assistance in establishing a Regional Forensic Science Centre. She welcomed India’s offer of the SACHET disaster alert system to strengthen national emergency response.

Persad-Bissessar opened her address by noting that the Speaker’s chair was a gift from India in 1968. She said as the country welcomed Modi, the chair stands “as a silent witness to how far we have journeyed together, and how much further we can go.”

“This year, 2025, marks 180 years since the first Indian indentured labourers arrived on Nelson Island. They crossed the dark waters of the Kala Pani with little or nothing, but they had courage and resilience.”

“Theirs is but one thread in our national tapestry—woven alongside the sons and daughters of other nations whose children were brought to our shores. Together, they built Trinidad and Tobago. Nowhere is that shared legacy more vividly reflected than in this House—our Parliament—the living symbol of our diverse, democratic journey.”

Persad-Bissessar noted that Modi was conferred the highest award— ORTT—as she hailed him as a globally respected visionary who redefined and repositioned India as a prominent and dominant global power.

“The citizens of Trinidad and Tobago also express our heartfelt gratitude for India’s compassionate humanitarian gift of vaccines and medical supplies during the Covid-19 pandemic,” she said, noting that when some countries hoarded vaccines and medical supplies, Modi ensured that the smallest and most vulnerable countries received aid.

The Prime Minister said Modi’s visit was more than a diplomatic milestone—it marks the dawn of a renewed partnership grounded in shared history and forward-looking purpose.

“From canefields to digital frontiers, India and Trinidad and Tobago now walk as strategic partners,” she said.

Following the parliamentary speeches, Modi walked across to the Opposition bench and greeted every member. He then greeted members of the Government benches, following which he and Persad-Bissessar held bilateral talks. At a short ceremony at the Rotunda of the Red House the MoUs were announced and gifts exchanged.

 

 

State of emergency declared amid national security threat

2025, 07/18

As Comet Kamla streaks ahead showering a string of meteoric stratagems to cut red tape after a totemic victory, having outgunned rivals, her tenacious team sticks to their guns, blazing a trail along a sweet spot on the brink of history. Predictably, opposition vampires smear the valiant heroes with blame for decades of dereliction and waste of resources, leading to international contempt from allies and benefactors.

Now stymied, progress is hindered as police expose risk to life from prisoners, amid egregious crime.

The Government declared a State of Emergency following confirmation of a coordinated and dangerous criminal network operating from within the prison system, following a formal recommendation from Commissioner of Police Allister Guevarro.

He cited credible intelligence that incarcerated individuals are leveraging internal and external connections to orchestrate attacks on senior police officers, judicial figures, personnel in the Office of the Director of Public Prosecutions and prison officers.

Officials say the structured campaign involves multiple criminal elements working in concert, with a level of planning and execution surpassing the capability of conventional law enforcement responses. A key enabler of the threat has been the illegal trafficking of mobile phones into prisons by compromised insiders, allowing encrypted communications between inmates and external operatives.

Funding for these operations has reportedly come from a range of violent and organised crimes, including high-value robberies, armed home invasions, kidnapping, extortion and the exploitation of state-funded programmes and contracts.

Given the severity of the threat, the State of Emergency will empower law enforcement agencies to immediately contain the situation, boost inter-agency coordination and access the necessary resources and authority to disrupt and neutralise the criminal network. However, no curfew has been imposed at this time.

A specialised Threat Response Group comprising various arms of the protective services has been established with a specific mandate to dismantle the network. An emergency briefing was held on the night of July 17 with the Prime Minister and Attorney General, leading to the swift execution of containment measures, including the strategic relocation of high-risk inmates to disrupt command structures.

Law enforcement has already begun targeted overt and covert operations which will continue until the threat is neutralised. The Trinidad and Tobago Police Service assured the public that it remains committed to protecting democratic institutions and the safety of all citizens.

Authorities are urging the public to remain calm, cooperate with law enforcement, and report any suspicious activity but the petrified populace was left impecunious, needy, indigent and skint by the ousted regime.

 

 

Energy consumption unsustainable

The NP gas station is the only CNG filling station in south Trinidad. –

An entrenched culture of excessive energy consumption – fuelled by artificially low electricity prices and decades of policy inertia – remains one of the biggest obstacles to achieving meaningful energy efficiency. That was the frank assessment of energy policy and industry leaders at the Caribbean Sustainable Energy Conference on June 3 .

The session, dedicated to strategies for reducing consumption and improving efficiency, emphasised that while bright spots exist, the country remains far behind regional peers and global benchmarks.

Dr Mohammad Rafik Nagdee, executive director of the Caribbean Centre for Renewable Energy and Energy Efficiency (CCREEE), outlined the fundamental issue.

“Because the energy affordability is so significant, it is so low. We’re not saying raise prices, but this is where energy efficiency really matters,” he said, noting a habit of leaving multiple air-conditioning units on at home throughout the day even when they are not needed. There is little incentive to conserve, with consequences for regional decarbonisation ambitions. TT’s highly subsidised domestic power rates, among the lowest in the hemisphere, discourages conservation and efficiency upgrades.”

Ten out of 17 Caricom states adopted minimum energy efficiency regulations, yet TT lags behind on several indicators. He flagged tourism as an overlooked opportunity for demand management, advocating artificial intelligence to optimise hotel energy consumption. Simple behavioural changes – such as moderating air-conditioning use – could significantly ease the energy burden and assist in meeting Paris Agreement commitments.

Eugene Tiah, president of the Caribbean Energy Chamber, delivered a stark technical assessment of TT’s power system, detailing inefficiencies from generation to end-user.

“Nearly all our electricity is generated from natural gas, and despite years of discussion around energy efficiency, gas consumption for power generation has steadily increased.”

He attributed a temporary dip in 2020 to the pandemic but noted that overall demand continues to rise, particularly in the residential sector.

Between 2010 and 2024, industrial consumption as a share of total demand fell from nearly 60 per cent to around 40 per cent due to the closure of large facilities like the steel plant, while residential consumption surged.

“And that has been growing particularly (because of) air-conditioning loads.”

On the supply side, Tiah highlighted the inefficiency of the generation fleet. Trinidad Generation Unlimited’s (TGU) combined-cycle plant operates at an efficient heat rate of around 8,800 BTU per kilowatt-hour. In contrast, other plants in the national mix have heat rates as high as 17,000, more than double the gas input for the same output. He said if we could bring all generation to TGU’s efficiency level….

….“we could certainly reduce the amount of energy that it takes to produce a kilowatt hour of power.”

Transmission and distribution losses also remain a concern. Tiah noted that while benchmark countries like the United States achieved five per cent system losses, TT’s losses remain higher; precise national figures are difficult to obtain owing to fragmented reporting. Jamaica experiences far greater losses, mostly attributed to theft.

A business case for efficiency

Beyond environmental arguments, speakers stressed the economic rationale for improving efficiency.

Tiah presented a business model showing that a ten per cent reduction in national electricity demand would free up natural gas currently priced to T&TEC at US$1.70 per MMBtu. If that gas were instead sold to petrochemical producers at a higher price, the country could capture up to US$85 million in net economic gains, assuming favourable commodity market conditions.

“There is some economics in terms of driving more efficiency. So if you’re not getting on board because you’re concerned about the environment, surely pure economics should be a driver for you to want to do something.”

Both speakers pointed to existing tools and strategies. Nagdee spoke about policy reform, stronger regulation and public education campaigns. He also urged TT to align with regional data-sharing initiatives and complete overdue energy reporting updates.

Tiah advocated for accelerating the formal establishment of energy service companies (ESCOs) to implement performance-based efficiency projects, after certification criteria for ESCOs had already been drafted. He flagged the need for standardised performance contracts and tailored financing products from local banks.

“If you don’t get onto this playing field … very likely we’ll just be continuing to have these conversations. We would all be complicit if we see this as someone else’s problem. This is our problem. This is our issue. We have to own it.”

The conference’s clear consensus: TT’s energy consumption patterns are unsustainable. But with straightforward policy adjustments, behavioural interventions, and system upgrades, significant efficiency gains are within reach. The choice now is whether the country will act decisively, or continue – in Nagdee’s words – to be “the elephant in the room.”

 

 

Divest State enterprises – a law unto themselves

 4 June

Government comprises ministries, regulators and agencies but one of the most important actors is the state enterprise sector. Mostly incorporated under the Companies Act, state enterprises over decades assumed increasing importance.

The State Enterprises Investment Programme for the years 2022-2025, show the estimated total cost distribution totalled $36.3 billion, $39.5 billion, $33.2 billion and $30.1 billion. Huge portions of the budget pass through them. Yet, there has been no commensurate increase in transparency and answerability. In fact, the very notion of a chain of command between the central executive and these hybrid legal beasts is often subject to heated dispute. There is much uncertainty over who exactly calls the shots, how those shots are to be called and when. That must change.

The state enterprise sector comprises 47 corporations, of which 37 are wholly-owned, 6 are majority-owned and 4 in which the government has a minority shareholding. The impasse between the new Kamla Persad-Bissessar administration and some of these entities is the latest symptom of a bigger accountability problem. As UNC goes in to bat, on May 29, Ms Persad-Bissessar lamented, at a media briefing, that unspecified board members refused to step down, saying, “the principle is that when the government changes, you go.”

She urged officials to do the right thing but some decided doing the right thing means not leaving. A good example has been unfolding at Plipdeco, where, on June 2, an executive was fired after he raised concerns about alleged political interference at an enterprise still ruled by a board left in place by the previous government. Similar spats have been playing out elsewhere since the April 28 general election.

Plipdeco – which oversees the country’s second major port – was incorporated in 1996 and is a public company, 51 per cent owned by the government and 49 per cent by private shareholders. Posing a serious challenge to uniform practices and protocols of governance is this variety of legal arrangements. Being a publicly traded company, for instance, raises completely different expectations than being a statutory authority.

The current impasse proves the need for the state to make a rational choice: either it lets the private sector run things in a mass divestment drive, or it passes legislation to exert better and clearer levers of control. In 2023, state enterprises generated at least $35 billion in foreign exchange, $2.6 billion in corporation tax and $1.4 billion in dividends. They are far too important to be left to go rogue after each election.

The government has issued a warning but it may soon have to act in the interests of the treasury, after the last regime left the petrostate out of pocket, destitute, impoverished and broke.

 

 

 

Mixed blessing of higher oil prices

2025, 06/14

Israel’s attacks on Iranian nuclear facilities led to a surge of over seven per cent in the international price of crude oil. However, this may not significantly impact the local industry.

Minister of Energy Dr Roodal Moonilal told Media that while the incident increased prices, T&T may not benefit due to low production levels.One of the main areas of policy focus for the Government is lifting oil production.

“There is a lot of potential, but we need the investments to happen, and this is something we are actively discussing with the oil producing companies including Heritage Petroleum,” Moonilal said.

The flip side to this, is that since the last government shut down the refinery, T&T is now importing fuel including gasoline and diesel.

“This means Paria will have to pay more for the fuel it imports,” the minister said, adding that the ministry would monitor the situation as it unfolds in the oil markets.

The need for a further push from Heritage was echoed by former energy minister Kevin Ramnarine.

“It is not going to be anything to shout about because our production of oil, as has been pointed out by commentators, is at a low last seen in the 1930s…It (Heritage) has the greatest potential to realise that increase in production. But , we’ve heard many promises from Heritage Petroleum executives in the past about increasing oil production and we have not seen that materialise. So I think that central to the mission of increasing oil production in Trinidad and Tobago is how Heritage Petroleum gets its act together in the years to come.”

 

 

 

NiQuan fire due to poor safety culture, weak oversight

2025, 06/18

A Ministry of Energy investigation into the deadly June 15, 2023 fire at the NiQuan gas-to-liquids plant found “inadequate leadership and supervision,” poor risk controls, and a breakdown in both safety systems and emergency response. The incident resulted in the death of pipe fitter Allanlane Ramkissoon. Investigators described the facility as “still struggling with basic safety governance.”

The report, laid in Parliament by Energy Minister Dr Roodal Moonilal, recommended urgent reforms to training, emergency preparedness, contractor oversight and plant safety systems. It sought a full review of the plant’s Management of Change process and elimination of vague internal terms such as “sky valve” and “ladder valve.”

Moonilal told the House the report was released to bring transparency to the matter and to give Ramkissoon’s family and the public a full account of what occurred.

“This report is here… so that not only the Ramkissoon family but Trinidad and Tobago can look at what went on that night at the NiQuan plant,” he said.

He accused the former regime of spending tens of thousands of dollars in legal fees to block disclosure of the report. “They never gave a hamper, a dollar, an iota of assistance to the family,.”

The report detailed multiple failings that contributed to the accident, including a lack of training, incomplete procedures and critical safety checks that were missed. Ramkissoon was removing a nitrogen hose while awaiting a steam hose when a fire erupted near the condenser attached to the facility’s fractionation column.

He had not been instructed to close the valve before detaching the hose, and abnormal wax tank conditions may have caused hydrocarbon vapours to backflow and ignite.

Three of the operators on duty at the time were trainees. Documentation had listed the task as high-risk and requiring a harness, but there was no record of Ramkissoon being outfitted with one. The fire alarm was not triggered, the emergency contact number was not in service and night-shift workers had never been included in drills. It took nearly an hour for an ambulance to arrive.

Root causes were listed as “lack of knowledge,” “inadequate engineering,” and “inadequate standards.”

Former Energy Minister and former Prime Minister Stuart Young objected to the laying of the report without input from NiQuan.

“Did independent senior counsel advise the Ministry… that the publication of the draft Ministry report, which has today been laid without the consent and comments of NiQuan, would equate to a breach of NiQuan’s constitutionally enshrined right?”

Moonilal replied that he had sought and received advice from the Attorney General and acted accordingly.

·

Piparo Mud Volcano

2025, 07/13

Focused on using research for the upliftment of its community, The University of the West Indies Trinidad , the premier tertiary institution in the region believes science should be accessible to the public. In this media series, UWI Scientists Speak —three recipients of the highest honour, the Order of the Republic of Trinidad and Tobago, in 2023, and one in 2024—will showcase their research.

Oshaine Blake, Professor of Geomechanics and Geophysics at UWI, St Augustine (UWI STA) presents a ground-breaking PhD research project on mud volcanoes conducted by Ms Kerneese Ramjarrie . Blake built three world-class research facilities at St Augustine Campus.

Piparo Mud Volcano is as multifaceted as the island-a sacred site where nature’s power and spirituality intertwine, a fascinating tourist attraction and a souce of mud for Carnival. Beneath this cultural symbolism, however, the Mud Volcano is a formidable natural hazard, a powerful force that demands attention. A violent eruption in 1997 demonstrated its power, ravaging everything within a one-mile radius, displacing 31 families, claiming livestock, and leaving key infrastructure in ruins.

Unlike Antillean volcanoes that expel lava from the mantle, mud volcanoes act as natural vents, emitting fluidised mud and gas to the Earth’s surface or seafloor, driven by overpressurised subsurface conditions. They occur gradually or in sudden bursts, as observed during periods of heightened activity at the Piparo Mud Volcano in 2019 and 2024.

These recent events underscore the urgent need for monitoring and improving our understanding of the mud volcano’s structure.

A variety of monitoring techniques across the entire Piparo Mud Volcano study area, include ongoing GPS monitoring to assess ground deformation and movement, drone surveys with 3D LiDAR to monitor surface changes over time, gamma radiation monitoring to measure natural radioactivity levels, and Electrical Resistivity Tomography (ERT) to monitor subsurface structures and fluid distribution.

Monitoring wells were installed and equipped with advanced gauges and loggers to track surface temperatures, fluid dynamics and pore pressure variations. Core samples were obtained for testing to reveal the composition and structure of the Piparo Mud Volcano.

These combined methods provide a comprehensive understanding of both surface and subsurface processes, offering valuable insights into the Mud Volcano’s behaviour.

ERT stands out as a powerful monitoring tool to explore beneath the Earth’s surface—like an X-ray of the ground—allowing us to see the subsurface structures below without digging. Line 9, one of 34 ERT survey lines across the Mud Volcano, it intersected distinct rock units, which included a pressurised mud fluid reservoir in addition to clayey siltstones and silty claystones.

This is an incredible discovery that we werey able to image and track over time, observing its movement, size, shape and extent of its reach beneath the surface of the Mud Volcano.

Data from the monitoring wells provided further details of the potentially increasing hazards of a mud eruption. Temperature and pressure measurements were obtained from the 30-metre-deep monitoring well BH3, within the pressurised mud fluid reservoir, part of a network of nine strategically placed monitoring wells within the survey area.

The data reveals a direct relationship between pressure and temperature, with pressure consistently increasing within the system over the period during which measurements were taken. The point at which an eruption can happen is not currently known, but by tracking pressure fluctuations, we can determine the threshold needed to trigger an eruption. This data can lay the foundation for developing an early warning system.

This ground-breaking research is the first worldwide to directly measure pressure within an active pressurised mud fluid reservoir, offering unprecedented insight into the internal eruption dynamics. These findings deepen understanding of eruption dynamics and highlight the urgency of expanding this research.

Despite the potential effectiveness of this technique, its long-term success and scalability require further in-depth investigation. To extend this pioneering research to all 32 mud volcanoes in Trinidad, financial support is crucial. Without resources, the opportunity to mitigate eruption risks could be lost, leaving communities vulnerable.

Funding can enhance our ability to monitor, predict, and mitigate eruption risks. These findings will feed into risk assessment and delineation of hazard zonation maps for at-risk communities.

 

 

 

Air Quality

June 4, 2025

A staggering 600 premature deaths of persons ages 30 years and over could be averted annually in Trinidad and Tobago if there is stronger alignment to World Health Organisation (WHO) air quality guidelines, according to a 2022 scientific assessment report by the Pan-American Health Organisation/World Health Organisation (PAHO/WHO) and the Climate and Clean Air Coalition (CCAC).

Derived using nationally available mortality data from 2019 and the WHO’s AirQ+ tool, these findings underscore the urgent public health imperative to reduce air pollutants and mitigate the impact of short-lived climate pollutants on the well-being of the population.

As Trinidad and Tobago grapples with the escalating impacts of climate change, air quality has become both a symbol and symptom of broader environmental stress. Indeed, clean air is both a climate imperative and a human right.

Despite its size, Trinidad and Tobago is one of the region’s highest per capita greenhouse gas emitters, due to its fossil-fuel-based economy. The consequences include deteriorating air quality, rising public health risks and strain on ecosystems.

Urban centres face compounding impacts from vehicular emissions, industrial pollutants and the urban heat-island effect, all of which degrade air quality.

This produces an elevated risk of respiratory illness, cardiovascular disease and premature death—especially among children, the elderly and those with pre-existing health conditions. In cities like Port of Spain and San Fernando, where emissions converge, vulnerable groups face elevated exposure.

Air quality is therefore a matter of environmental justice. The road ahead is steep, but there are tangible opportunities for improvement. Trinidad and Tobago’s strong collaboration with the United Nations system of agencies, funds and programmes is already strengthening national policies, innovating progress in the clean energy transition and building national capacity to mobilise local solutions.

Working with the United Nations Development Programme (UNDP) and international partners, the government has mobilised over US$21 million in grant funding for climate mitigation, renewable energy, biodiversity conservation and disaster risk reduction.

Projects range from solar installations to district cooling, reflecting a national shift toward sustainability. Simultaneously, another UN agency, PAHO/WHO, created a cross-sectoral network to integrate policy reform and capacity-building.

In partnership with the Ministry of Planning, Economic Affairs and Development, through the Environmental Management Authority (EMA), PAHO/WHO made recommendations for updates on national air pollution rules, laying the groundwork for stronger enforcement.

Through the Healthy Cities initiative, the Ministry of Health (MOH), EMA and PAHO/WHO engaged mayors and regional leaders in developing municipal climate strategies, while PAHO/WHO workshops trained public health inspectors from the MOH.

The UNDP’s Energy Efficiency in Refrigeration and Air Conditioning (RAC) Sector project, which replaces high-global-warming-potential refrigerants with cleaner alternatives, reduces both emissions and energy use, easing pressure on the national grid. Its complementary Digital Tools in Cooling project pilots smart technologies to monitor public sector air-conditioning systems, cutting emissions and energy waste—critical in tropical climates.

Transport reform is also under way, with feasibility studies and policies advancing electric mobility. Cleaner transit options are essential in urban hubs like Port of Spain, Chaguanas and Scarborough.

A potentially transformative effort is the upcoming UNDP Integrated Net-Zero Nature-Positive Cities project. This four-year programme will re-imagine urban spaces through green corridors, low-emission transport and nature-positive infrastructure—improving air quality and overall well-being.

These efforts are about more than meeting climate targets—they are about protecting people. While foundations are strong, success depends on political will and public engagement. Cleaner air is not just a technical issue—it’s a societal one. That’s why citizens must be equipped to act: to minimise engine idling, support renewable energy and advocate for green urban planning.

Public health starts with public knowledge. Public education campaigns like those in the UNDP GCCA+ Renewable Energy project are essential to shifting behaviour. But knowledge must be matched with access. Incentives for clean technology, better public transport and transparent data are critical. PAHO/WHO’s support for real-time air quality dashboards via the MOH and EMA furthers this goal, empowering citizens with actionable information.

A national surveillance system linking air and health data—disaggregated by region, age and exposure—would strengthen policy making and empower communities to demand cleaner environments.