Jamaica: United Oil & Gas operations – Walton Morant Licence

28 January 2026

United Oil & Gas announced commencement of Stage 1 of its planned Surface Geochemical Exploration (‘SGE’) programme on the offshore Walton Morant Licence,Jamaica, with Multibeam Echosounder (‘MBES’) operations now underway.

Highlights

• Stage 1 MBES operations commenced on the Walton Morant Licence, offshore Jamaica
  High-resolution seabed imaging underway to refine targets for subsequent heat flow measurements (Stage 2) and piston coring (Stage 3)
• Staged SGE programme designed to deliver progressive updates as operations advance
  Initial geochemical results from the piston coring are expected to begin returning from approximately one month after completion of the offshore survey  pogramme designed to confirm the presence of a working offshore petroleum system and support ongoing farm-out discussions
• The R/V Gyre is conducting operations.

Stage 1 of the SGE programme comprises a high-resolution MBES survey, which will provide high-resolution seabed mapping and depth information across priority areas of the licence.

The Stage 2 heat flow measurements will proceed after completion of the MBES. Concurrently, the MBES data will be reviewed and used to refine and confirm the final locations for Stage 3 piston coring, ahead of core acquisition.

Upon completion and review of the Stage 1 MBES data acquisition, the Company expects to provide an update to the market summarising the key observations from the survey and outlining the commencement of Stage 2 and Stage 3 of the operations.

The offshore SGE operations are expected to be completed by mid-February, following which piston core samples recovered during Stage 3 will be shipped to TDI Brooks’ laboratory in the United States for detailed geochemical analysis.

The initial results are expected to begin returning from approximately one month post completion of the offshore survey.

The R/V Gyre is a multi-purpose geophysical survey vessel operated by TDI Brooks International. The vessel is equipped for high-resolution multibeam echosounder (MBES) surveys and offshore geoscientific data acquisition.

Surface Geochemical Exploration Programme

The SGE programme is designed to test for the presence of thermogenic hydrocarbons in seabed sediments at certain locations within the Walton Morant Licence area. The scope and design of the SGE programme have been informed by engagement with potential industry partners and feedback received during data room discussions, with the objective of further strengthening and validating the existing technical interpretation of the licence.

Positive results, where thermogenic hydrocarbons are identified in geochemical analysis of piston cores, would provide confirmation of the presence of a working petroleum system offshore and materially de-risk the prospectivity identified to date.

This would further support UOG’s technical evaluation and ongoing farm-out discussions. Brian Larkin, CEO of United Oil & Gas, commented:

‘The commencement of MBES operations on the Walton Morant Licence marks an important step forward in offshore Jamaica. This initial phase will refine seabed imaging and allow us to precisely target subsequent piston coring locations.

The data and samples gathered during this programme are intended to provide confirmation of a working petroleum system offshore and materially de-risk the prospectivity identified to date. This is a key part of our strategy to continue to technically de-risk this exciting exploration licence and progress the project toward a potential farm-out, and we look forward to updating the market after completion of Stage 1 and Stage 3, and as initial results begin to emerge.’

Source: United Oil & Gas

 

 

 

Jamaica: United Oil & Gas announces mobilisation of survey vessel

19 January 2026

AIM-listed United Oil & Gas, the oil and gas company with a high impact exploration asset in Jamaica and a development asset in the UK, announced that the R/V Gyre, operated by TDI Brooks International, mobilised from Trinidad on Saturday 17 January 2026 and is now en-route to Jamaica to undertake the planned offshore surface geochemical exploration survey on the Walton Morant Licence.

The vessel is expected to arrive in Kingston in approximately five to six days. Upon arrival, the R/V Gyre will undergo pre-survey inspection and acceptance procedures, following which it will be prepared to commence offshore operations on or around 27 January 2026.

Once the offshore survey programme commences, the vessel will initially complete the multibeam echo sounder (MBES) survey. This will be followed by heat flow measurements and seabed piston coring operations.

Following completion of the offshore operations, recovered core samples will be shipped to TDI Brooks’ laboratory in the USA for detailed geochemical analysis. Preliminary results are expected approximately one to two months after completion of the survey, with final analysis expected around mid-2026.

The offshore survey programme is designed to confirm the presence of thermogenic hydrocarbons and further de-risk the basin, providing key data to support future exploration activity on the Walton Morant Licence.

The Company expects to provide further updates as the survey progresses, including updates following commencement of offshore operations and following completion and review of the MBES survey, which will inform the final selection of piston coring locations.

 The image, left, illustrates an example of a potential piston coring target location (for illustrative purposes only and not to scale).

As shown, certain seabed features such as shallow depressions or pockmarks, some of which can extend to several hundred metres in diameter, can often be associated with hydrocarbons venting at the seafloor. These surface features may be linked to subsurface seismic features indicative of fluid migration, including vertical migration pathways (or fluid escape chimneys) and shallow amplitude anomalies which, in the image below, can be seen directly beneath the surface pockmarks, together with nearby seismic responses that may represent direct hydrocarbon indicators (DHIs) in the form of bright soft amplitude responses.

Seismic detail and seabed character at an example target location for piston coring.

By targeting such features, the piston coring programme is intended to test for the presence of a thermogenic hydrocarbon signature in recovered seabed sediment. A positive result would provide direct evidence of an active petroleum system and materially derisk the prospectivity of the Walton Morant Licence.

Brian Larkin, CEO of United Oil & Gas, commented:

‘This survey represents a key milestone in advancing our Jamaica exploration programme. With the R/V Gyre now en route, we are entering an important phase of data acquisition that is expected to significantly enhance our understanding of the basin. The results will play a central role in de-risking the licence and informing future strategic decisions as we continue to unlock the potential value of over 7.1 billion barrels of unrisked prospective resources in this highly prospective offshore area.’

Source: United Oil & Gas

 

 

 

Jamaica:

United Oil & Gas survey vessel update for offshore programme

14 January 2026

AIM-listed United Oil & Gas, with a high impact exploration asset in Jamaica and a development asset in the UK, provided operational update to shareholders. TDI-Brooks International advised the Company that their current work programme has been completed and the R/V Gyre is now undertaking pre-mobilisation preparations in Trinidad ahead of its upcoming work programme for United.

They are guiding that the vessel will commence mobilisation during the next week for United’s planned offshore piston coring and surface geochemical survey on the Walton Morant Licence, offshore Jamaica. The offshore survey programme will include multibeam echo sounder (MBES) mapping, heat-flow measurements and the collection of seabed piston cores, designed to confirm the presence of thermogenic hydrocarbons and further de-risk the basin.

United continues to coordinate closely with TDI-Brooks and the relevant Jamaican authorities in preparation for mobilisation. A further update will be provided to shareholders once mobilisation from Trinidad has occurred and the vessel is en-route to Jamaica.

Brian Larkin, CEO of United Oil & Gas, commented:

‘We are pleased that the R/V Gyre has completed its prior survey programme and is now preparing to mobilise for United. We continue to work closely with TDI-Brooks and the relevant authorities as we move toward mobilisation, and we look forward to providing a further update once the vessel departs Trinidad.

Source: United Oil & Gas

 

 

 

TDI-Brooks vessel for upcoming survey

January 14, 2026, by Melisa Cavcic

Ireland-headquartered oil and gas company United Oil & Gas disclosed a mobilization timeline for one of U.S.-headquartered TDI-Brooks’ specialist survey vessels, which will undertake a planned survey program off the coast of Jamaica .After Jamaica’s National Environment and Planning Agency (NEPA) gave the green light for surveys to be undertaken at United’s 100%-owned Walton Morant license, the firm received the Beach license, enabling it to carry out seabed sampling operations within the Walton Morant Basin offshore Jamaica.

As a result, the company booked TDI Brooks‘ Gyre survey vessel to perform a piston coring and surface geochemical survey at the license to collect 40-60 seabed cores across the basin, alongside bathymetric, multibeam and heat-flow surveys.

In the most recent update on its program, United Oil & Gas explained that TDI-Brooks confirmed the completion of the vessel’s previous work program, enabling the R/V Gyre to undergo pre-mobilization preparations in Trinidad ahead of its upcoming work assignment in Jamaica. Based on the current timeframe, the vessel will begin mobilization during the next week for United’s planned offshore piston coring and surface geochemical survey on the Walton Morant license, which will entail multibeam echo sounder (MBES) mapping, heat-flow measurements and the collection of seabed piston cores.

This program is designed to confirm the presence of thermogenic hydrocarbons and further de-risk the basin. The operator continues to coordinate closely with TDI-Brooks and the relevant Jamaican authorities in preparation for the vessel’s mobilization.

 

 

 

US tariffs threaten exporters of oil to Cuba

January 30th 2026 –

U.S. President Donald Trump signed an executive order that opens the door to imposing tariffs on imports from countries deemed to be supplying crude oil to Cuba, a move designed to raise the external cost of keeping Havana’s energy lifeline open and further constrain fuel flows . The order declares a national emergency on the grounds that Cuba’s policies constitute an “unusual and extraordinary threat” to U.S. national security and foreign policy.

It does not specify tariff levels. Instead, it sets a case-by-case process under which Trump would decide potential duties after receiving assessments from the Departments of Treasury and Commerce on countries involved in oil shipments.

“Cuba will not be able to survive,” Trump said after the order. Asked if he was trying to “choke off” the island, he called Cuba a “failed nation,” according to news outlets and wire services.

Amid deep strains in Cuba’s energy system, including fuel shortages, recurring blackouts and constraints on transport and production, Washington is effectively threatening secondary commercial penalties to discourage third-party suppliers — a coercive tool used in other contexts to reshape behavior without directly sanctioning the target country’s imports.

Cuban officials condemned the move as an escalation of economic pressure. State news agency Prensa Latina president Jorge Legañoa accused Washington of seeking “genocide,” warning that if oil supplies are disrupted the impact could extend across electricity generation, transport, industrial and agricultural output, healthcare services and water supply.

Mexico is at the center of the equations, one of Cuba’s key suppliers after Venezuelan flows dwindled. President Claudia Sheinbaum argued Mexico’s shipments include humanitarian assistance and Pemex contracts with Cuba and said the issue was not raised in her latest call with Trump. Pemex estimates of average exports to Cuba of about 17,200 barrels per day in the first nine months of 2025 are a small share of Mexico’s overall exports but a meaningful volume for communist Cuba.

The order joins a broader recalibration in U.S. regional energy policy. Washington announced partial easing of restrictions on Venezuela’s energy sector through a general licence allowing U.S. companies to operate under strict conditions: payments routed through a Washington-controlled bank account, contracts governed by U.S. law and bans on transactions linked to Russia, Iran, North Korea or Cuba.

Trump repeatedly argued that political change in Caracas will ultimately accelerate pressure on Havana. In Senate testimony, Secretary of State Marco Rubio said the U.S. is not pursuing regime change in Cuba “directly,” while acknowledging that Washington would welcome an end to autocratic rule — comments referenced by major wire services.

For regional governments and energy traders, the practical impact will hinge on enforcement choices and risk tolerance: whether suppliers continue shipments despite tariff threats and whether Cuba can secure alternative barrels in a market where logistics, financing and political exposure already limit options.

 

 

 

Trinidad inventor designs robot fuel cell

2026, 01/27,   Jonathan Bhagan

Can T&T position itself to become a supply chain provider to the robotics industry?

Engineer Christopher Boodoosingh of Trinidad thinks we can earn foreign exchange by building micro reformers to power robots and develop supply chains for a new industry that may be worth US$200 billion by 2035. Boodoosingh filed a patent application in October 2025 (USPTO No 63/894,439) that encompasses his “Ethanol Fuel Cell Hybrid Electric Engine” designed for robots.

Ethanol has 50 times the energy density of lithium batteries used in electric cars, and is not toxic to humans, making it a safe fuel to power robots in the household and workplace.

“If the last decade was defined by AI in the cloud, the next may be shaped by AI in motion, robots in warehouses, hospitals, farms, construction sites and disaster zones. Market forecasts vary widely, but the direction is consistent: robotics hardware is growing fast, with Barclays Research, for example, having floated an “optimistic scenario” in which humanoid robotics could become a $200bn market by 2035,” he said.

The energy demand of putting a robot in every home would require an overhaul of the electricity infrastructure unless a design like Boodoosingh’s is used.

The answer is to stop treating robots like oversized phones, and fuel robots like pets that consume ethanol. In current designs, the robot is an appliance: it runs on stored electrons.
In practical terms, the concept is not an internal combustion engine at all; it is a compact powertrain that stores energy in ethanol, converts it onboard into a hydrogen-rich gas using a reformer, and then uses a fuel cell to generate electricity, with a small battery to handle peaks and transient loads.

The Ethanol Fuel Cell Engine will shift the paradigm on how robots function, making them more like biological lifeforms, as they would now breathe in oxygen and exhaust carbon dioxide.”

Boodoosingh explained what a reformer was and what inspired him to use it in the design.
“I first came to understand reformers by looking at Point Lisas. A big part of Point Lisas’ economic value comes from reforming natural gas into hydrogen and synthesis gas, which are the building blocks for industries like steel, ammonia and methanol. In many ways, Trinidad’s economic engine already begins with the reformer.”

Boodoosingh discussed how T&T can be competitive in robotics technology where PRC and the USA dominate.

“We can be competitive by being the first to be compliant to supply industrial ethanol to robots. Another option would be to harness the same core technology of Pt Lisas into a compact module and manufacturing it here to sell into a new global market. No one manufactures them at scale yet. Trinidad has a legacy to this system that no one else can say.

The “Ethanol Fuel Cell Hybrid Electric Robot Engine” was designed and invented in Trinidad, just like the steelpan” he said. While the fuel cell will convert ethanol into carbon dioxide, the production of ethanol from sugar cane is a closed-loop system that takes carbon dioxide out of the atmosphere. His robot could run on white rum if necessary.

“The choice to use ethanol for robots over all the hydrocarbon options was due to its safety, exciting production capacity, and existing distribution channels. The system weight was also a factor in this design, kwh for kwh, the Ethanol Fuel Cell engine is significantly lighter than any current battery. Ethanol allows people to use standard clear spirits like white rums in an emergency situation.

This engine opens access for Caribbean alcohol companies like Angostura, Appleton, El Dorado, Mount Gay, Red Stripe and Carib to one day supply the robot energy market.”

He discussed access to the IP for a local manufacturer in the development of the micro reformers for the robotics supply chain in T&T.

“Sure, I think it’s a great idea for local manufacturers to develop the supply chain for the robotic industry, it is unlikely anyone in Trinidad will actually do it.”

However, he believes the real players could be the alcohol producers like Angostura, as they pivot production and compliance to lead the ethanol supply to the robotic energy market.

“If robots are to become infrastructure, their energy model becomes infrastructure too. And the countries that supply the critical components and energy early, credibly, and at scale stand to capture decades of economic value.”

To achieve economic growth, earn forex and create jobs, T&T needs to position itself to meet future demand. Even if a locally manufactured robotics supply chain isn’t feasible, sugar cane and ethanol production can create biofuels to meet the rising demand for ethanol worldwide.

 

 

Energy Chamber finalists for Innovation & Technology Challenge

26 January

Trinidad & Tobago Energy Chamber announced finalists of the Innovation & Technology Challenge 2026 which takes place at the Energy Conference on January 27.

The five finalists will present their innovations, after which conference delegates, comprising energy sector executives and industry experts, will vote on the most innovative project. In the past, finalists and winners have gone on to receive international awards and recognition for their projects.

In 2026, 12 applications were received and reviewed by an expert committee comprising Emerson John Charles, chair of the Innovation Association of TT; Julian Henry, Director of the Office of Institutional Advancement and Internationalisation at the UWI and Crispin Chatar, Consultant.

The top five applications were selected to move forward. Minister of Planning, Economic Affairs and Development , Dr Kennedy Swaratsingh will present the award to the winner of the Innovation Challenge at the conference.

In 2026, the following projects were selected (in no particular order):

• * Vetiver TT Ecological Engineering Solutions Ltd – High-performance, low-energy wastewater treatment system engineered for Caribbean industrial waste streams

This innovation combines horizontal subsurface-flow constructed wetlands with targeted microbial inoculants to create a high-performance, low-energy wastewater treatment system engineered for Caribbean industrial waste streams. The system is a new-to-region adaptation designed specifically for tropical leachate, high iron concentrations, heavy metals, hydrocarbons, and suspended solids commonly found in Trinidad’s landfills and industrial sites.

• * Blewcoast: BlewLedger – GHG Emissions Management Platform

BlewLedger is an audit-grade GHG emissions management platform tailored for the Caribbean, supporting accurate collection, analysis, and management of GHG emission data. It uniquely combines global scientific standards (IPCC/GHG Protocol) while addressing critical regional gaps ignored by generic global tools.

Supported by an integrated Sustainability Operating Management System (SOMS), it merges Scientific measurement, Accounting, and Assurance (SAS) into one turnkey framework. With customized performance tracking and robust analytics for products, projects, and entities, decision-making is driven by sustainability data with the same control and accuracy as financial data.

• * Sky Clarity Limited – Automated Machine Learning Predictive Maintenance Engine

PM Pilot is a proprietary predictive maintenance platform designed to eliminate unplanned downtime in the energy sector. The system transforms existing operational data into clear, plain-English insights that support faster, more confident decision-making at the plant and strategic level.

Unlike traditional predictive analytics tools that depend on constant connectivity or specialist data science teams, PM Pilot is designed to run locally at remote and offshore facilities, delivering near-instant recommendations where connectivity and response time matter most. Using a specialised correlation engine, the platform identifies hidden degradation trends, forecasts equipment health, and supports optimized operating strategies long before alarms or catastrophic failures occur.

* Caribbean Gas Chemical Limited – Operational Philosophy Innovations for Greenhouse Gas (GHG) Reduction.

This submission presents two integrated operational philosophy innovations that reduce greenhouse gas emissions and energy consumption at our methanol production facility.

The first innovation involves operating the plant with the natural-gas booster compressor fully bypassed. Through engineering analysis and operational redesign, we identified that stable and reliable production could be maintained without the compressor, resulting in an electricity reduction of approximately 20,000 MWh annually. This equates to an annual reduction of over 10,000 tCO2e (tonnes of Carbon Dioxide equivalent).

The second innovation optimizes steam-generation performance by operating with only one of the two auxiliary boilers under normal conditions. This new strategy minimizes fuel consumption (an annual reduction of over 4,000 kNm3 of Natural Gas), reduces steam venting, and improves overall thermal efficiency. This equates to an annual reduction of approximately 8,500 tCO2e.

• * Navin Seeterram & Associates: Smart Mountain – Utilising AI, blockchain and dMRV technology to develop decarbonisation and climate finance digital rails to commercialise capex-constrained projects.

Smart Mountain is a startup project developing a digital Monitoring, Reporting, and Verification (dMRV) platform that enables T&T’s ammonia, fertilizer, and petrochemical producers to meet EU/UK Carbon Border Adjustment Mechanism (CBAM) compliance requirements while unlocking carbon finance for CAPEX-constrained decarbonizing projects.

The platform integrates three capabilities: (1) automated, audit-ready quarterly CBAM reporting from plant data and satellite-enabled monitoring; (2) ROI modeling tools that simulate decarbonization investment payback under CBAM price volatility; and (3) a multi-stakeholder governance dashboard linking producers, regulators, and project developers.

 

 

 

Energy Chamber to review governance for ‘collaborative reset’

2026, 01/26

The T&T Energy Chamber opened its 2026 conference by pledging a “comprehensive review” of its operations after Prime Minister Kamal Persad-Bissessar and state enterprises withdrew their support from the flagship event. Chair Mala Baliraj tackled allegations that the organisation was an elitist club dominated by multinationals, after a scathing assessment by PM Persad-Bissessar, who labelled the Chamber “self-serving” and instructed state-owned Heritage Petroleum and the National Gas Company to boycott the summit.

The government recently terminated the Safe To Work (STOW) certification as a mandatory requirement for state projects. The Prime Minister accused the Chamber of weaponizing the safety programme to extract high fees from small local contractors, effectively barring them from the energy sector. Baliraj told delegates,

“We have listened to the message in the spirit of constructive feedback,. We acknowledge that some stakeholders believe the STOW programme has served as a barrier to the ability of small contractors to do business. We are committed to a collaborative approach to reposition this space.”

She countered that the 400-member organisation spans the entire economic spectrum, from global corporations to micro-enterprises. However, recognising that “perception is reality” in the eyes of the public and the state, Baliraj announced an immediate review of internal governance.

“We must ensure that the perception is not, in fact, due to reality,” she stated, promising to recommit to a “fair and balanced representation” that ensures smaller service companies have a tangible voice in the chamber’s strategic direction.

Despite the political rift, the conference highlighted a period of intense activity in the local energy landscape.
The Chamber pointed to several major milestones as evidence of the sector’s resilience:

● Deepwater Revival: The licensing of an ultra-deepwater exploration block to ExxonMobil has reignited global interest. The seismic vessel Amazon Warrior is reportedly preparing to begin a five-month 3D survey of the block this week.

● Renewable Milestones: The Brechin Castle Solar Farm, the largest in the English-speaking Caribbean, has officially begun feeding green electrons into the national grid.

● Gas Production: Progress remains steady on Shell’s Manatee project and bpTT’s Cypre development, both of which are critical to maintaining natural gas supply.

While the state absence is felt, the industry’s daily operating reality requires high-quality safety practices that “protect lives and ensure workers return home to their families.”

The conference continues through Wednesday, with the Energy Chamber expressing hope that a “collaborative reset” with the State could be achieved before the conclusion of the 2026 calendar.

 

 

 

Proman positions methanol to boost regional energy security

January 25, 2026

As geopolitical uncertainty, volatile fuel prices and global decarbonisation pressures reshape energy markets, Proman is positioning methanol as a key transition fuel to diversify its markets and support energy security across the region.

Ahead of its participation in the Energy Conference starting today, Proman Trinidad deputy managing director Giselle Thompson and David Knipe, managing director of Proman subsidiary Power32, outlined the group’s strategy, including pilot projects in methanol-powered transport and a growing push into methanol-to-power solutions for Caricom states reliant on imported diesel and heavy fuel oil.

Thompson said the company’s long-standing presence in T&T gives it a unique platform to help the region navigate rising energy costs and infrastructure challenges.

“We’ve been operating in T&T for more than 35 years, and we remain very proud to be the largest downstream energy investor, operator and producer in the country. But like all businesses today, we’re operating in a world with significant uncertainty, geopolitical instability, market disruption, and the global shift towards lower-carbon energy. In that uncertainty, we also see opportunity.”

As the world’s second-largest methanol producer and a major ammonia supplier, Proman has traditionally served global industrial markets. However, shifting trade dynamics, tighter emissions standards and the global push toward net-zero targets prompted the company to explore non-traditional uses for methanol.

“Historically, methanol went into solvents, adhesives and other industrial applications. What we’re seeing now is methanol’s versatility as a cleaner-burning, lower-emissions fuel. As the world looks for transition fuels, methanol creates an opportunity for us to pivot our business and explore new markets.”

One of Proman’s earliest steps into this space has been marine transport. The company now owns and operates six methanol-powered tankers already in service globally, supplying maritime customers seeking fuels with lower carbon intensity. The company is also moving onto land transport and Thompson said for the first time, Proman confirmed it is piloting methanol-powered trucking in T&T in partnership with DUMORE Enterprises.

“This week, we expect four 100% methanol-powered trucks to arrive in Trinidad. This is a pilot project testing everything from emissions and engine performance to maintenance and fuelling logistics. The intention is to understand feasibility and, hopefully, begin what could be a wider rollout of methanol-powered trucking over time.”

While timelines for the pilot are still being finalised, Thompson said the focus is on setting clear performance benchmarks before scaling.

“We’re at an early stage. But we’re hopeful this will be the beginning of many more methanol-powered trucks on our roads,” she said.

Methanol offers an interesting solution.

A major pillar of Proman’s strategy is methanol-to-power, driven through its subsidiary Power 32, which was formally established last year. Knipe said that the unit was created to develop new power installations or convert existing ones to run on methanol, particularly in regions facing high energy costs, grid constraints and strict emissions regulations.

“The world is electrifying, and it needs power that is affordable, secure and cleaner. Methanol offers a very interesting solution. It’s a liquid at room temperature, easy to store and transport, and when used in power generation it produces no soot, almost no sulphur oxides, very low nitrogen oxides, and reduced carbon emissions.”

Methanol-to-power is not intended to compete with natural gas grids where those exist.

“If you have access to gas or a robust electric grid, this isn’t what you’d choose. But if you’re operating islanded power systems, relying on imported diesel or heavy fuel oil, or facing long delays in grid expansion, methanol provides a solution you can deploy today.”

Knipe said for the region, the appeal lies in both fuel stability and pricing certainty.“Many islands have been badly exposed to global price shocks over the past five years. Diesel prices spiked, LNG prices went over US$50 per MMBtu after Russia’s invasion of Ukraine, and those shocks hit consumers, businesses and government budgets. What we can offer is competitively priced fuel with long-term stability, often at the low end of historical diesel prices, with inflation indexation rather than volatility.”

Proman believes this model could be particularly attractive as utilities face ageing infrastructure and the need for replacement investment. Thompson said Trinidad and Tobago is well positioned to capitalise on emerging opportunities in methanol.

“As those investments are happening anyway, the question becomes: can methanol step in as a cleaner, more stable alternative fuel. There’s a real opportunity here for T&T’s methanol industry to support regional energy security, much like Petrotrin once supported the region through fuel supply.”

While methanol-to-power is not positioned as a domestic solution for T&T, with natural gas reserves, Proman sees it as a major export opportunity.

“For T&T, this is about exports and market diversification. But for Barbados, Grenada, St Kitts and others, it could mean more stable electricity prices, fewer surprises when global markets are disrupted, and better fiscal planning for governments.”

Knipe added that Proman’s fully integrated model strengthens its offering.

“We produce the methanol, we ship it, we have our own engineering, procurement and construction capability and now we operate power assets. That allows us to offer end-to-end solutions and fixed-price structures that many independent power producers simply can’t.”

Beyond the region, the company is exploring methanol-powered solutions in Europe and Africa, including floating power generation and bridging power for data centres constrained by grid access. For Proman, the strategy reflects a broader philosophy. Knipe said,

“This is a solution with different applications in different regions. But the common theme is speed, stability and cleaner power. We’re not sitting still. There will always be uncertainty in global markets. Our approach has always been to innovate, pivot when needed, and work with government as a long-term partner. That’s what we’ve done for 35 years, and that’s what we intend to continue doing.”

 

 

Proman promotes Power32

2026, 01/25

As the global energy sector accelerates its shift away from high-carbon fuels, T&T’s largest methanol producer is repositioning one of its longest-standing products for a new role. Switzerland-headquartered Proman is advancing methanol as a lower-emission transition fuel that can be deployed beyond chemicals and manufacturing, with applications in transport and power generation that could materially reshape energy security across the region. Central to that strategy is Power32, a company Proman founded to develop and commercialise methanol-to-power solutions, targeting island states dependent on imported diesel and heavy fuel oil.

The approach combines fuel supply, logistics, engineering and long-term pricing structures, with T&T as the source of production. Deputy managing director of Proman Trinidad, Giselle Thompson, framed the opportunity within the realities of the energy transition. Methanol has traditionally been embedded in chemicals, solvents, paints and household items often invisibly. That familiarity now intersects with growing demand for fuels that can deliver lower emissions without sacrificing affordability or reliability.

“But as the world has moved more towards this energy transition, and everyone is looking for affordable, lower carbon, lower emission solutions or fuels, there lies an opportunity for methanol. Being quite a versatile chemical, it can provide lower carbon-intensive solutions for a multitude of things.”

Proman’s strategy is anchored in three specific fuel applications: marine transport, heavy-duty land transport and power generation.

The first tangible move came with the launch of six methanol-powered tankers, now operating internationally and transporting Proman’s products across global trade routes. The vessels represent the company’s initial step into developing methanol as a fuel rather than solely as a feedstock.

“That was our first step out of looking for new uses and new markets for methanol. …the marine industry is growing, with many more methanol-powered ships on order.”

Heavy transport is the second pillar. Proman is preparing to launch a pilot project with Dumore Enterprises using 100 per cent methanol-fuelled trucks on its local logistics routes. Four trucks are expected to be deployed in the first phase, with further expansion dependent on performance and operational data. The objective is to test and validate methanol as a cleaner fuel option for heavy haulage and industrial transport segments that are more difficult to decarbonise using batteries or electrification alone.

The third pillar, methanol to power, has the widest regional implications as a fuel for islands without gas. T&T’s domestic power system is built on natural gas, a resource most Caricom states lack. Across the region, electricity generation continues to rely on imported diesel and heavy fuel oil, exposing utilities and consumers to volatile international pricing and supply shocks.

“Many places in the world don’t have gas and have to rely on costly heavy fuel oils or diesel to fuel power generation. For our neighbours, energy security has always been an issue because they are exposed to international price volatility.”

Geopolitical uncertainty over the past years intensified that exposure, driving sharp swings in oil-linked fuel prices and increasing import costs for small island economies. Much of the region’s power generation infrastructure is approaching end-of-life, forcing governments and utilities to consider new investments.

“Methanol provides quite a unique solution. Many of the islands also have ambitions to lower their carbon footprint, and methanol from Trinidad allows us to support energy security while aligning with those ambitions.”

The strategy dovetails with the government’s stated objective of restoring T&T’s role as the energy hub of the region. Thompson raised the prospect of methanol supplying a regional role once filled by concessional oil arrangements but structured through commercial supply, trade agreements and lower-emission outcomes.

“Could this be the next Petro-Caribe where methanol provides affordable, stable pricing coming from within the Caribbean, while benefiting from Caricom trade agreements and delivering lower emissions?”

Power32 was established to translate that concept into market-ready projects. Managing director David Knipe traced the company’s origins to Proman’s internal business development work exploring alternative markets for methanol.

“Power32 grew out of Proman’s business development activities. The company and its legal entities were founded in February last year, but the thinking behind it goes back several years.”

Knipe joined at inception to lead the transition from concept to execution. The company benefits from deep integration within the Proman group, providing access to production facilities, shipping capacity and engineering expertise.

“We have the upstream production, the shipping organisation with Valenz to move product to market and an Engineering, Procurement, and Construction (EPC) capability that has been involved in over 10 gigawatts of power installations. That combination allows us to bring complete solutions to clients.”

Power32’s initial focus is Caricom , where electricity systems remain heavily dependent on imported liquid fuels. The solution is not designed for countries with abundant renewables or indigenous gas but for markets facing high fuel bills, ageing assets and limited pricing certainty.

Pricing certainty and conversion options
A central element of Power32’s proposition is long-term price stability. Methanol supply agreements can be structured with fixed or inflation-linked pricing over extended periods, reducing exposure to oil-indexed volatility.

“We can offer pricing structures out to 10 or 15 years. That level of certainty is not available with diesel or LNG, which are indexed to oil markets .”

Capital costs vary by island, depending on storage, handling and port infrastructure but recent bids indicate methanol can be competitive with historical diesel pricing. In one case, Knipe cited the long-term methanol price as being aligned with the lower end of diesel prices recorded over the past five years.

Deployment timelines also favour conversion projects. Many Caribbean utilities operate existing engines, often Wärtsilä units that can potentially be converted to run on methanol.

“Conversions offer a faster route to market,. You avoid installing entirely new assets, which can reduce timelines to one or two years, compared with two to three years for new generation.”

Gas pricing, exports and foreign exchange
The strategy unfolds alongside ongoing negotiations between Proman and the National Gas Company over new gas supply contracts. Thompson acknowledged that gas pricing influences methanol competitiveness in export markets but emphasised the importance of maintaining a viable value chain. Confident that production can continue while new market opportunities are developed, she said,

“The discussions are about ensuring everyone in the value chain earns a return while keeping the business economically viable.”
Beyond energy security, the initiative carries implications for foreign exchange inflows. Knipe noted that revenue timelines depend on project type, with conversions offering earlier export potential than greenfield installations.
Market diversification is also a driving factor. Trade measures, tariffs, CBAM and anti-dumping duties increased costs and complexity in traditional markets, particularly in Europe and parts of North America. Thompson said,
“If we can sell into Caricom markets and benefit from trade agreements, that improves netback prices for the country. The same tonne of methanol earns more because shipping costs are lower and tariffs don’t apply.”
While methanol exports to the USA declined, Government engagement helped roll back some tariffs on other products, including fertilisers, easing pressure on parts of the energy value chain.
For Proman and Power32, methanol’s evolution from an industrial input to a transition fuel represents both a commercial pivot and a strategic move. The bet is that cleaner combustion, regional supply, long-term pricing and integrated delivery can position T&T once again as a critical energy supplier this time in a lower-carbon Caribbean future.
Solar power, ethanol, geothermal power from volcanoes are available to various islands and can be developed alongside methanol.

 

 

 

 

T&T business model

2026, 01/25 –   Mariano Browne, Chief Executive Officer of the UWI Arthur Lok Jack Global School of Business

Understanding shifting global power dynamics and economic influences requires clarity and context. Caricom consists of 15 member states and 5 associate members. The World Population Review (WPR) states the population is approximately 18 million people (Trinidad and Tobago: 1.5 million), though figures can vary slightly by source and year, ranging from around 16 million to over 18 million across different reports.

The UN has 193 members and the WPR estimates the world population at 8.29 billion. The USA has a population of approximately 330 million, the largest economy and the most powerful military.

Currently, it has a significant impact on world events.. . Based on purchasing power parity, the IMF estimates that by 2028, China will be the largest economy, followed by the US, India and Japan in that order. By then, four out of the top six countries in the world will be in Asia (China, Japan, India, Indonesia).

The effect is a redistribution of economic and political influence, which is changing international dynamics and has led to a multipolar world. The focus is shifting to the Indo-Pacific region, driven by economic growth, technological advances and demographic changes. The region is home to 75 per cent of the world’s population. These dynamics explain Barack Obama’s 2011 “pivot to Asia” speech.

In his second term, US President Donald Trump is attempting to reverse this dynamic by aggressively asserting US power to destroy what is euphemistically called the “rules-based order”, upending trade treaties by imposing punishing tariffs on allies and foes, either to redirect trade or as a coercive instrument of foreign policy. He exited the Paris Climate Agreement, WHO &, 66 international organisations, reasserted the Monroe Doctrine, threatened neighbours, abducted Venezuela’s leader and is pursuing acquisition of Greenland.

In the US, President Trump ignored laws and norms designed to maintain the balance of power in government. He slashed the federal workforce, cut funding to universities and international programmes, fired technocrats meant to be independent and undermined the independence of the Federal Reserve and the Department of Justice.

In Davos, Canada’s Prime Minister interpreted President Trump’s behaviour as a sign that rules-based multilateralism is truly over and articulated a role for middle powers. The European Central Bank President Christine Lagarde said, “… we are seeing the curtain come up on a new world order.”

The centre-right Economist Magazine noted that his Davos speech “betrayed an ominous contempt for Europe.” If President Trump views “middle powers” contemptuously, how does he view small, vulnerable states like T&T? We do not yet understand how this new world order will evolve but President Trump thinks he has all the cards.

This partly explains why T&T shifted a foreign policy position of non-alignment to cheerleading. Investors and businessmen do not want to lose money and will find pragmatic ways to survive and adapt in the face of adversity. Bad times do not last forever.

How and in which sectors should one invest, given the high uncertainty and volatility? The results of PWC Global CEO Survey of 95 countries covering 4,500 CEOs show that only 30 per cent were very confident of their company’s growth prospects. The figure rises to 50 per cent when the outlook is projected forward to three years. This is broadly consistent with the cautious outlook described in the Business Outlook Survey by the TT Chamber of Commerce and the ALJGSB business school.

Nevertheless, the IMF world economic outlook projects growth of 3.3 per cent in 2026. Several challenges and underlying fragilities affect the T&T economy. The first is a foreign-exchange challenge, a symptom of deeper issues. The competitive advantage which T&T once had in the natural gas business has all but disappeared. Gas is no longer cheap and plentiful.

In Trinidad, 21 petrochemical plants and 4 LNG plants lack enough gas to be fully operational and profitable at current gas production volumes. Hard decisions must be made about the available gas supply, how gas contracts will be allocated and at what price. Even if the Manatee and Dragon gas fields were commissioned tomorrow, they would help T&T’s economic outlook in the medium term but would not solve its long-term competitive position.

Natural gas fields cannot be replenished. That is why exploration activity must be continuous, and new wells must be developed at an economic price.

The private sector cannot change external tariffs or international market volatility. It must therefore adapt to both domestic and international conditions. NGC decision to increase prices to local manufacturers by an immediate 60 per cent is ill-conceived. The manufacturing sector is too small to compete with global competitors except in niche markets.

Since most raw materials are imported, businesses must focus on higher-value-added products to achieve higher contribution margins. That change will require different skill sets and capacities, needing time and effort to develop.

Other key issues include the State’s efficient provision of public goods -roads, healthcare, legal system, security and an enabling environment. This requires a stable fiscal position and a reasonable debt-to-GDP ratio. To achieve this, national productivity must be improved. Therefore, all future wage negotiations should be based on productivity improvements.

Failure to maintain a stable fiscal situation exposes the country to great risk.

 

 

 

Risks prompt rethink among firms

January 27, 2026

Businesses are being forced to rethink their risk exposure as rising tensions between the USA and Venezuela begin to disrupt shipping, finance and energy planning across the region.

At a virtual meeting titled “The impact of tensions between the US and Venezuela on the business sector”, chief executive officer of Caribbean Corporate Governance Institute Kamla Rampersad de Silva said, “Issues like this are no longer abstract. They are urgent. The shockwave from this event has turned theoretical risk into an immediate operational and strategic challenge for businesses across our region.”

The forum aimed to move boards “from worry to action”, urging directors to assess whether their governance frameworks were fit for purpose under sustained geopolitical uncertainty.

“Our challenge is to move from boardroom anxiety into structured business analysis, and to give practical guidance on what companies should be doing in the next 30, 60 and 90 days.”

UWI Arthur Lok Jack Global School of Business chief executive officer Mariano Browne warned that the region was entering a period of sustained uncertainty, with immediate implications for shipping, insurance and financing. He identified four major areas of exposure:

1. 1. 1. trade and shipping,
      2. finance and insurance,
      3. tourism and travel and
      4. the energy sector,

with T&T and Guyana facing particular risks due to their proximity and energy ties.

In the short term, boards have to engage in emergency thinking. The situation in Venezuela is not settled and the uncertainty affects all. Any instability in the region affects the entire sub-continent. Multinational banks and insurers look at the region as one risk space, not individual countries.

He warned that insurance premiums and shipping costs are likely to rise as long as the situation remains unresolved. There is nothing theoretical about this. If insurers see heightened risk, costs go up, and that feeds directly into prices for businesses and consumers.

Browne highlighted the direct implications for T&T’s energy sector, noting that Venezuela’s cancellation of existing energy contracts could have broader fiscal consequences. That has implications not just for individual projects, but for public finances and government revenue.

President of the Jamaica Chamber of Commerce Emile Leiba said Jamaica was approaching the evolving US–Venezuela situation with caution, particularly given its heavy dependence on tourism and the sector’s sensitivity to regional perception.

“From the Jamaican private sector’s point of view, the prevailing position now is caution. Tourism is already dealing with negative perception following Hurricane Melissa, with parts of Jamaica being viewed as a disaster zone, even though that is not the reality for the entire country.”

Those concerns were being compounded by how the Caribbean was often viewed by Jamaica’s largest source market: The US market tends to see the region as monolithic. There is a sense that if there is disturbance anywhere in the Caribbean, airspace issues, instability, then the Caribbean as a whole becomes something to avoid.

Jamaica remains in a period of recovery, with rebuilding efforts still under way across both the public and private sectors.

“We are very much in a state of flux. A significant number of our major hotels will not be fully operational for the next nine months and tourism is a critical income earner with wide linkages to employment and supplier industries.”

While Jamaica does not produce oil, Leiba said energy prices remained a key concern for businesses.

“We are an importer of oil, not a producer. The cost of oil represents a significant portion of our overall energy cost, which is already among the highest in the region, and that has real business implications.”

Although Jamaica previously had supply arrangements with Venezuela, uncertainty remained over whether any meaningful benefit would emerge in the near term. At this point, it is difficult to see this as a net positive. There is a regional and international perception of instability, and for a service-based economy marketed on sun, sea and sand, that perception is not ideal.

Chairman of the Guyana Private Sector Commission Gerry Gouveia said Guyana’s experience and economic trajectory gave it a different perspective on the unfolding situation.

“Our position is shaped by the fact that Guyana has historically been isolated from Venezuela in economic terms. Over the last five to ten years, our growth has taken place outside of any logistics or supply chain network involving Venezuela.”

Venezuela has long posed security and territorial challenges for Guyana, making economic separation a necessity rather than a choice.

“Venezuela has traditionally been an aggressor towards Guyana. So, from a business standpoint, our interaction has been limited, and our development has been built independently,” Gouveia said.

The Private Sector Commission, which represents thousands of businesses across all sectors, viewed recent developments as potentially stabilising for the region.

“While the methodology may be questionable, the outcome is favourable. We are hearing from the Venezuelan diaspora that this is the best thing that has happened for Venezuela in a long time.”

Guyana is positioning itself to leverage its recent economic transformation—from a US$3 billion to a US$30 billion economy—as a model for engagement.

“We know what it takes to restart and rebuild an economy. Our non-oil GDP growth has outpaced oil growth, which tells us our diversification strategy is working.”

However, Guyana is already experiencing supply-chain and labour constraints that could intensify in the short term.

“We are anticipating a dilution of shipping and logistics capacity, as providers split services between Guyana and Venezuela. That means disruptions over the next 30, 60 and 90 days.”

Guyana could face labour shortages as Venezuelan nationals return home.

“As Venezuela begins to rebuild, we expect some remigration. That could worsen the labour and skills shortages we already face.”

Despite those risks, Guyana remained focused on disciplined expansion. Venezuela represents an opportunity, but every engagement must be approached as a pioneer operation. Risk management and compliance will be non-negotiable.

For Reshma Advani-Rojas, managing director of Advanced Commercial Equipment, the impact is already measurable.

“When people say geopolitical uncertainty, my mind doesn’t go to the theatre of it. It goes to the plumbing. Shipping schedules, fuel costs, access to US dollars—these are operational frictions I can measure in dollars, in days and in delays.”

Caribbean businesses were often resilient at “coping” but coping should not be confused with preparedness.

“Coping is a reaction. Resilience is a design system. If your strategy relies on last-minute heroics, then your governance is not fit for purpose.”

Advani-Rojas said her company convened an emergency board meeting to map its exposure across supply chains, banking relationships and insurance corridors.

“If we can’t clearly say where we are exposed—fuel, forex, or country concentration—then we are not resilient. The pipe doesn’t have to break for you to lose the flow. One new regulatory hurdle is enough.”

She acknowledged that redundancy and diversification come at a cost, but said the trade-off is survival.

“We are trading a little margin today for the certainty of existing tomorrow. Second doors look like inefficiency in a normal year, but the day a corridor becomes a headline, that redundancy becomes the best money you ever spent.”

 

 

 

 

UWI climbs in global university rankings

2026, 01/23

• The University of the West Indies rose in the Times Higher Education World University Rankings 2026, placing it among the top 3.6 per cent of higher education institutions worldwide. The UWI Regional Headquarters said that of more than 33,000 universities and higher degree-granting institutions globally, only 2,191 from 115 countries qualified for ranking in the 2025 year-end assessment.

The Times Higher Education rankings measure performance across:

1. 1. 1. teaching,
      2. research,
      3. knowledge transfer and
      4. international outlook.

The UWI continues to improve its relative position as the number of ranked universities increases each year. Vice-Chancellor Professor Sir Hilary Beckles said the institution’s progress reflects adherence to its long-term strategy.

“We continue to adhere steadfastly to our strategic plan, which has proven to be an expert guide that keeps us focused on building out our intellectual productivity, scholastic brand and global partnership profile. The results merely indicate the output of our considerable collective input.”

Improvements in research quality over the past year led to increased recognition and impact of academic publications and presentations. The UWI also recorded gains in its international outlook, measured through scholarly impact, global partnerships and participation in elite intellectual networks. Work in climate, public health, arts and culture, economic development and social justice contributed to its improved standing.

“I am very proud of this inter-generational achievement, as we look to The UWI’s centenary in 2048.”

 

 

 

Visa Restrictions and the Cost of Caribbean Disunity

January 18, 2026 Sir Ronald Sanders

When powerful states act, small states are tempted to personalize the action. When small states fragment, powerful states do not need to explain themselves.

That is the lesson CARICOM should draw from the recent U.S. decision to impose partial visa restrictions and to pause the issuance of certain immigrant visas – “green cards” – to nationals of several countries, including Antigua and Barbuda and Dominica.

Across the region, a misleading narrative took hold. Opposition parties and political actors rushed to portray the U.S. action as a sanction against governments in power, each tailoring the claim to domestic political advantage.

Some governments stayed silent. One appeared to exult, pleased that neighbours had been named while it had not. That reaction revealed more about Caribbean weakness than American intent.

The truth, supported by U.S. statements and data, is that this is not a diplomatic punishment directed at Caribbean governments. It is a domestic U.S. policy decision, driven by internal political and financial considerations that extend far beyond the Caribbean.

A domestic policy, not a Caribbean rebuke

The U.S. review rests on two stated concerns.

First, public expenditure. U.S. authorities pointed to data showing that a significant proportion of immigrant households eventually draw on public assistance. President Donald Trump has been explicit that immigrants must be financially self-sufficient and must not become a burden on American taxpayers. One may debate the policy, but it is neither novel nor unlawful within U.S. immigration practice.

Second, demographic and political distortion. Overstayers who remain in the USA illegally are nevertheless counted in population totals that shape congressional representation and federal funding. In a polarized America, this is not a technical matter; it goes to political power and legitimacy. These concerns explain why the pause applies to immigrant visas, not to tourist, student, or business travel.

They also explain why the list of affected countries is global, spanning Africa, Asia, Latin America, Eastern Europe, and much of the West Indies. This is domestic policymaking; not diplomatic retaliation.

The numbers underline the point. U.S. data show that across CARICOM the percentage of immigrant households receiving public assistance is fairly high:

1. Antigua and Barbuda at 41.9 per cent;
2. Dominica at 45.1 per cent;
3. Saint Lucia and Guyana at 41.7 per cent;
4. Belize at 41.8 per cent;
5. Grenada at 40.7 per cent;
6. Saint Kitts and Nevis at 39.1 per cent;
7. Saint Vincent and the Grenadines at 38.1 per cent;
8. Trinidad and Tobago at 37.1 per cent;
9. Jamaica at 36.7 per cent;
10. The Bahamas at 34.0 per cent; and
11. Barbados at 33.9 per cent.
12. Haiti sits higher still at 52.3 per cent.

These figures are not judgments on governments; they are actuarial inputs into U.S. domestic assessments of “public charge” risk.

Why B1–B2 visas are also affected
Another issue that must be addressed honestly: the restriction on new B1–B2 visitor visas for Antigua and Barbuda and Dominica. This measure is tied primarily to concerns about visa overstaying, unlawful residence and the use of public services – particularly healthcare – without payment.

These concerns intersect with Citizenship by Investment programmes, not because such programmes are illegitimate, but because U.S. law-enforcement agencies believe identity verification must be strengthened. President Trump stated this plainly in his Proclamation, noting that CBI programmes have historically been susceptible to risks, including the concealment of identity or assets to evade travel or financial restrictions.

Enhanced biometric systems are intended to address those risks.   It is also widely understood that nationals of several other CARICOM countries – though not formally listed – are already experiencing heightened scrutiny and informal visa refusals. pending agreement on improved biometric arrangements. This is not selective punishment; it is a demand for deeper verification.

Sovereignty cuts both ways
Another truth must be stated plainly. The USA has the sovereign right to regulate entry to its territory, to pause visa categories, and to deport persons who are unlawfully present and dependent on the public purse. Every CARICOM state exercises the same authority.

We deny entry. We deport overstayers. We enforce immigration laws when national interest requires it. To deny the U.S. this right would be hypocritical and diplomatically unsound. The issue is not authority; it is how consequences are managed, especially for lawful travellers who comply with the law.

Where the Caribbean failed itself
If U.S. action is understandable – even if debatable – Caribbean response is weak. There was no coordinated CARICOM position, no early joint clarification, no collective insistence on fact over fiction. Instead, there was silence, finger-pointing, and political theatre. Governments calculated how to protect themselves individually rather than how to protect the region collectively.

That fragmentation had predictable results. When U.S. State Department later published its broader list, it became clear that 11 of the 14 independent CARICOM states were affected. Fragmentation did not buy protection; it merely delayed recognition.

This is CARICOM contradiction laid bare. We consult, but do not conclude. We proclaim unity, but practise unilateralism when pressure comes. Self-censorship – anticipating what a powerful partner expects and adjusting behaviour accordingly – replaced collective resolve. Fragmentation does not preserve sovereignty. It surrenders it, piece by piece.

A better path
What is needed now is neither outrage nor inter-Caribbean recrimination. CARICOM governments should consult to agree on a common framework for engagement with the USA– one that distinguishes illegal overstayers from lawful travellers; separates individual “public charge” assessments from national reputation; and addresses biometric and identity-verification concerns through collective, technically sound solutions.

Any cooperation offered should be transparent, voluntary and capped. If not, each country will continue to do what they are doing now – every man for himself. When small states quarrel among themselves over another country’s domestic policy, they do not influence outcomes; they merely endure them. Sovereignty for small states is not defended by silence, or by opportunism, or by celebrating a neighbour’s discomfort. It is defended by coherence, discipline and the courage to speak with one voice when facts matter most.

 

 

 

IMF Executive Board Concludes 2025 Article IV Consultation with Grenada

https://www.imf.org/en/news/articles/2026/01/20/pr-26011-grenada-imf-executive-board-concludes-2025-article-iv-consultation?cid=em-COM-%5b01-2026%5d-weekly-%5bENG%5d&utm_source=transactional&utm_medium=email&utm_campaign=%5b01-2026%5d-

January 21, 2026 – Washington, DC:

The Executive Board of the International Monetary Fund (IMF) concluded the Article IV Consultation with Grenada[1], and considered and endorsed the staff appraisal without a meeting.[2]

Grenada’s economy has proven resilient in the aftermath of Hurricane Beryl, despite elevated global uncertainties. Growth in 2025 is estimated to have accelerated to 4.4 percent, driven by strong investment and construction activity.

Inflation has continued to moderate, reflecting easing global food and fuel prices. The fiscal position remains comfortable notwithstanding a temporary suspension of fiscal rules and an estimated 2025 primary deficit of 3.2 percent of GDP.

Effectiveness of Grenada’s post-disaster financing framework and prudent savings of recent citizenship-by-investment (CBI) revenues have provided space for continued investment in key development priorities. The financial sector remains stable, with a modest post-hurricane impact.

Over the medium term, GDP growth is projected to gradually moderate to a more modest estimated potential rate of 2.7 percent by 2029 even as large public investment projects sustain high construction activity. Anticipated return to the 1.5 percent of GDP central government primary balance floor from 2027 would support keeping public debt on a sustainable trajectory, with the 60 percent of GDP target projected to be achieved by 2033.

Key downside risks stem from Grenada’s high susceptibility to shocks associated with its tourism and import dependency as well as vulnerability to natural disasters. Faster-than-projected tourism resort developments represent the main upside risk.

Executive Board Assessment

In concluding the 2025 Article IV consultation with Grenada, Executive Directors endorsed staff’s appraisal, as follows:

Grenada’s economy continues to navigate elevated global uncertainties effectively in the aftermath of Hurricane Beryl. Economic activity remains robust, with strong investment and construction more than offsetting a moderation in tourism inflows.

Major public infrastructure projects will sustain buoyant construction over the medium-term, extending the gradual moderation in overall growth toward its long-term potential. Current low inflation is expected to gradually normalize by 2028.

Grenada’s external position in 2024 is assessed as weaker than the level implied by medium-term fundamentals and desirable policies and the large current account deficit will remain elevated over the medium-term until construction import pressures subside. Notwithstanding near-term fiscal deficits amid reconstruction and other priority spending, the underlying fiscal position remains sound.

Downside risks to the outlook persist amid heightened global economic and geopolitical uncertainties. These stem from Grenada’s high vulnerability to natural disasters and reliance on tourism and imports, even as moderate shocks to key tourism source countries or global commodity and shipping prices are assessed to have only modest impact.

Risks could be amplified by disruptions to CBI and FDI inflows, materialization of risks in the domestic non-bank financial system or delays, or cost overruns in large investment projects. Faster-than-expected expansion in tourism capacity represents a key upside risk. A robust disaster resilience framework and government deposits provide important buffers against shocks.

The temporary suspension of the primary balance rule provided fiscal space for post-disaster reconstruction without disrupting other priority spending. Returning to the fiscal rules in 2027 is important to safeguard fiscal discipline and keep debt on a sustainable path. Continued expenditure prudence alongside revenue-enhancing measures would help preserve budget space for development priority investments.

The perimeter of the primary balance rule could be better aligned with the general government debt anchor. Capturing government off-budget and public on-lending-financed investments would help ensure the rule effectively restrains debt-creating spending. In the interim, such investments should be included in central government budget planning and adhere to equivalent reporting and auditing standards. Recent progress in strengthening SOE and statutory body oversight should continue with a view to eventually integrating these into the Medium-Term Fiscal Framework.

While the ambitious public investment projects address important development needs, the associated fiscal risks require careful management. This includes continuing recent strengthening of project management to minimize delays or cost overruns, and a careful assessment of future operating and maintenance costs to avoid unfunded liabilities. Plans to catalyze private investment, including around Project Polaris, underscore the need to operationalize the PPP framework. Strengthening management of CBI resources, continuing improvements to MTFF projections and clearing the backlog of audited government statements remain also important.

Accelerating system-wide credit growth and non-bank vulnerabilities call for careful monitoring. Higher bank lending reflects a still-nascent reversal from long-subdued credit conditions, supported by ample liquidity and relatively strong asset quality in the region.

While credit unions show some encouraging asset quality improvements, ensuring loan loss provisions are sufficient and stepping up forbearance monitoring remain critical to safeguard against risks. Enhancing monitoring of reinsurance conditions and local market pricing in the general insurance sector remains important. The authorities are encouraged to maintain recent momentum in strengthening the AML/CFT framework.

The limited potential growth impact from Grenada’s FDI-driven tourism expansion highlights the need to strengthen the domestic foundations of growth. This includes more closely coordinated efforts to facilitate local investment and business development, enhancing locally offered tourism services and intersectoral linkages, reducing goods trade frictions, and strengthening the economy’s human capital and productivity underpinnings. Infrastructure project decisions should continue to pay close attention to disaster resilience in alignment with the updated National Adaptation plan.

Improving quality of economic data and institutional capacity is critical to support informed policymaking. Data deficiencies contribute to uncertainty in policy analysis and economic forecasts. These include common gaps in the region in balance of payments coverage, monitoring of large investment projects, outdated CPI weights, and missing GDP expenditure data. Capacity constraints from persistent staffing shortages and turnover warrant prioritized attention in alignment with the ongoing public sector functional review and staff regularization process.

 

 

IMF Jamaica:

Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Jamaica

January 20, 2026

Summary

• Hurricane Melissa struck Jamaica shortly after the country successfully
  completed its Precautionary and Liquidity Line and the Arrangement under the
  Resilience and Sustainability Facility with the Fund.
• Jamaica’s strong track record of economic reforms has created critical buffers that are proving invaluable in addressing the economic fallout and reconstruction needs.
• Nevertheless, the widespread devastation caused by the hurricane, rising fiscal pressures, and a sharp decline in tourism receipts have generated a sizable balance-of-payments need in the short term.

The authorities are, therefore, requesting emergency financial support under the Rapid Financing Instrument’s large natural disaster window of 80 percent of quota (SDR 306.32 million or about US$415 million).

Subject:
Disaster aid, Environment, Fiscal policy, Fiscal stance, Foreign aid, Natural disasters, Public debt, Revenue administration

Keywords:
Disaster aid, Fiscal stance, Natural disasters

DOI: https://doi.org/10.5089/9798229034357.002

Country Report No. 2026/008 ISBN:9798229034357 ISSN: 1934-7685

USA January 17, 2026

Secretary of State Marco Rubio spoke with Prime Minister Holness to discuss ongoing U.S. assistance in the aftermath of Hurricane Melissa and shared regional priorities.

Secretary Rubio reaffirmed U.S. support for Jamaica’s recovery and reconstruction. Secretary Rubio thanked Prime Minister Holness for his leadership as a strong and reliable regional security partner. He congratulated Prime Minister Holness on Jamaica’s significant reduction in the number of crimes in 2025 and underscored shared concerns about drug and firearms trafficking, narco-terrorists, and transnational crime and the importance of continued security cooperation.

 

 

IMF Haiti:

Second Review Under the Staff-Monitored Program and Request for Extension-Press Release; and Staff Report

December 16, 2025

Summary
Haiti continues to face exceptional challenges amid a deteriorating security environment and institutional fragility. Gang violence has intensified, undermining state authority and disrupting economic activity. Uncertainty persists over the political transition and the feasibility of holding general elections in 2026.

The United Nations Security Council’s authorization to deploy a new Gang Suppression Force and the establishment of a United Nations Support Office for Haiti mark a potential turning point for the country, though security gains will take time to materialize and will require international support.