SMEs monthly Forex bonanza of US$50,000 via EximBank

2025, 04/19

The Finance Ministry has launched an SME Forex Window via the Export Import Bank of Trinidad and Tobago (EximBank), which will increase the availability of forex to small and medium-sized businesses. Businesses will be able to access the foreign currency window by Tuesday (April 22).

“Eligible businesses could access up to US$50,000 per month to pay international business expenses, which is expected to improve forex access for many of our companies in the very near term…At this time, this new forex window will be available to clients of Republic Bank Limited and First Citizens Bank Limited.”

All relevant financial and company information must be uploaded on the EximBank website to qualify for access.
Once approved, the EximBank will issue a letter to RBL or FCB commercial branches for settlement and processing of payments directly to the international vendors.

The Forex Window was first announced by Prime Minister Stuart Young during an interview with former United National Congress MP Dinesh Rambally .

“Today (Thursday), the cabinet took a decision, and he (Finance Minister) will announce it tomorrow, but I can give a precursor that we are introducing through the EximBank for small and medium enterprises. We are introducing an allocation for a certain amount of foreign exchange up to US$50,000 for businesses that qualify, in addition to what commercial banks allocate and that would be allocated through the commercial banks.”

“Whereas before you were only able to get access to it when you needed to pay a bill for US$50,000, you may have only been able to get access to US50,000 at your bank. Now, through this initiative, the EximBank will provide an additional US$50,000.”

The Government will also aim to improve forex access to everyday citizens as well.

“You’re not going to be able to get tens of thousands, but you’re going to be able to get the thousands or hundreds that to go on vacation, send for your children and these types of things.”

The Prime Minister and Finance Minister Dhanpaul met representatives of the major commercial banks, the Central Bank and the Bankers’ Association of Trinidad and Tobago on March 25 to discuss the forex woes being experienced.

Young acknowledged that forex access has become more difficult due to the country’s reduced revenues.

GLOBAL Trinidad and Tobago

A bold new identity of the unified Trade and Investment Promotion Agency, GLOBAL Trinidad and Tobago, was officially launched on April 15. The agency, supported by a workforce of 114, is tasked with driving export growth, attracting high-quality foreign direct investment (FDI) and enhancing the country’s competitiveness on the global stage.

Chairman Franka Costelloe unveiled the new brand and presented the agency’s four-year strategic plan at the launch. Global Trinidad and Tobago meshes three former state agencies – InvesTT, exporTT and CreativeTT (which encompassed MusicTT, FilmTT and FashionTT) – under the Ministry of Trade and Industry. The merger, formalised in November 2024, aims to streamline service delivery and better support local businesses and international investors.

Trade Minister Paula Gopee-Scoon said the creation of Global Trinidad and Tobago reflects a strategic shift in the approach to trade and investment.

“This initiative is not just a structural change – it is a strategic decision, one driven by the need to optimise our resources and align our expertise under a single, focused agency to deliver more impactful results. The new structure will remove duplication, strengthen co-ordination and allow for a more integrated approach on how we promote TT as the destination for trade and investment.”

The consolidated agency will be more agile, efficient and better equipped to support local businesses seeking to expand internationally, while attracting new investments to key growth sectors.

“A single, cohesive agency needs clearer lines of accountability, faster decision-making and more efficient service delivery. This bold approach instils confidence in our collective ability to tackle challenges head-on by reinventing the way we work and how we future-proof the TT economy.”

Costelloe introduced the executive leadership team and outlined their focus on sectors with vast potential, like renewable energy, manufacturing, creative industries, agribusiness, commercial maritime, logistics and distribution and business process outsourcing.

CEO, Sekou Alleyne, described the launch as “a pivotal shift in how we attract investment and empower our businesses to compete globally.”

“We are here to drive meaningful economic outcomes – more jobs, more innovation and more opportunities for businesses across the country.”

Global Trinidad and Tobago will offer a suite of services to local and foreign investors and exporters, including policy advocacy, market intelligence, investor matchmaking, trade facilitation and financial support. It will offer special support to SMEs through initiatives like export training, trade missions and grant-funding programmes.

Gopee-Scoon also highlighted the broader context in which the agency was launched, pointing to other major initiatives, including the recent expansion of the TTBizLink web platform and the introduction of a special economic zone regime designed to increase investor confidence and facilitate ease of doing business.

“These are all ways by which we stand out and show that we are upfront in building a resilient and dynamic economy through trade facilitation and investment promotion,” she said, adding that Global Trinidad and Tobago is aligned with the government’s Vision 2030 strategy and its commitment to build a resilient and dynamic economy through trade facilitation and investment promotion.

The agency’s branding and visual identity were  unveiled at the event.

Gopee-Scoon praised the bold new logo as having “set the stage for establishing a national brand that will speak more powerfully to our identity and our global offer.

As we look ahead, we’re not just responding to global change –we’re helping to lead it. We are building a platform that will deliver economic value today and long-term prosperity for future generations.”

Global Trinidad and Tobago will operate with a mandate to achieve 20 per cent year-on-year growth. It will collaborate with local and international partners, including diplomatic missions, chambers of commerce and multinational institutions, to build strategic investment pipelines and strengthen market access for non-energy exports.

bpTT & Laing Group aid education, youth development

April 12

Representatives of bpTT and the Laing Group delivered donations and formalised relations at Mayaro-based Servol Junior Life Centre. Through this partnership, bpTT and Laing were able to provide the centre with three new air-conditioning units, sport equipment and uniforms, board games, learning tools and musical instruments including steelpans and drums.

Company teams formally met the executive team of Servol and interacted with trainees. Leading the bpTT-team was Ryan Chaitram, manager, communications and external affairs, who explained the initiative.

“We have a long-standing relationship with Servol and they were once based at the bpTT Mayaro Resource Centre.

When they reached out to us, we saw it as an ideal opportunity to partner with our service provider, Laing Group and maximise the impact of this initiative. The team at Laing quickly got on board and this visit represents the formal aspect of this partnership for progress.

The enthusiasm and gratitude of the trainees made a huge impact on us and validated the efforts to deliver and even surpass the requests of Servol. These young people showed us that they are eager and energised to use these tools to learn and grow.

This partnership is helping young people to unlock their full potential and we look forward to collaborating with other companies to deepen the impact of meaningful corporate social responsibility investments like this.”

Trainees were especially excited by the new steelpans and drums and wasted no time in demonstrating their talents to the visitors. One said:

“I love football, cricket and music, so I’m really excited about everything they gave to us. I play pan with the Panhandle Steel Orchestra, which bpTT assisted, so I’m not surprised by this gesture. These companies even made our classrooms more comfortable with a/c units, so that we can focus on learning and achieving success.

There are a lot of young people across the country that need this kind of help, so more companies need to follow their example.”

In existence for almost six decades, Servol has impacted critical areas of society through early childhood care and education (ECCE) centres, junior life programmes, adolescent development programmes, skills training and schools for children with special needs and a parent outreach programme. Servol has been so successful that their model has been adopted across the region and in Australia, Kenya and Israel.

Expressing gratitude on behalf of Servol was its executive director Allison Haynes.

“We often partner with corporations to make a positive impact on the most vulnerable persons in society. This initiative is especially meaningful because it will go a long way towards improving the ability of trainees to learn and develop their various skills.

Our Deputy Director, Mr. Ramoutar, and I, were once Servol trainees. We are living proof that with the right attitude and hard work, you can achieve anything. This investment by bpTT and Laing will benefit these future leaders – we look forward to them using these tools to succeed and inspire future generations.”

The teams from bpTT and Laing later held a meeting to discuss future opportunities for collaboration. This latest initiative represents a continuation of bpTT’s efforts to partner with other companies in delivering developmental projects. It recently engaged with Hydro Tech Limited on projects that benefit an ECCE and primary school in Guayaguayare.

George Laing, executive director at Laing Group said, “I was born in Mayaro and my first steps in education were taken here, so this is an especially poignant experience for me. We take our corporate responsibility role very seriously and any investment in youth education is one that directly impacts the future, one child at a time.

Supplemental education providers like Servol are invaluable in terms of impacting the most vulnerable groups in society. That’s why we didn’t hesitate when bpTT approached with this opportunity to help these trainees through academic and extra-curricular interventions. By uniting our efforts and expertise, we were able to expand the impact of this educational investment.

We are also setting an example for other companies to invest in development of communities across our country.”

Ignite 3 – Concert

In an era where access to education remains a cornerstone of national development, few initiatives have managed to blend culture, philanthropy and corporate citizenship as seamlessly as the UWIDEF Benefit Concert series.

This year, The University of the West Indies Development and Endowment Fund’s (UWIDEF) third annual benefit concert, “Ignite 3” returns with a powerful message: that when music meets purpose, lives can be transformed.

Set to take place at Queen’s Hall, with the thunderous rhythms of the world renowned BP Renegades, “Ignite 3” is not just another event on Trinidad and Tobago’s entertainment calendar, it is a vibrant testament to what’s possible when public institutions, private enterprise and the community unite for a common cause. Behind the music lies a mission: to ensure no student at The University of the West Indies (UWI) St Augustine Campus is denied an education due to financial constraints.

A vision fuelled by access and equity

At the heart of Ignite 3 is UWIDEF, a charitable arm of the university driven by the belief that education is a human right, not a privilege. Through its diverse fundraising efforts including the much anticipated Garden Party, the competitive Golf Challenge and the innovation-focused IGNITE concert channels resources into student scholarships, bursaries, emergency assistance and campus development projects.

According to Professor of Practice Dr Sterling Frost, ORTT, chairman of UWIDEF and architect of the concert series, the idea behind Ignite was simple: make fundraising fun, dynamic and widely accessible.

“The Benefit Concert is an opportunity to celebrate our culture while investing in our future,” said Dr Frost. “It allows every attendee to become a donor, every corporate partner to become a change agent and every note of music to carry a message of hope”.

Ignite 3, in particular, promises a cultural showcase of national pride with the 13-time National Panorama Champions BP Renegades headlining the evening.

From surprise performances to infectious rhythms, the event will pulse with celebration and community spirit; all in service of student advancement.

But for such vision to become reality, it requires more than ambition. It requires support and that’s where corporate sponsors step into the spotlight.

Corporate Social Responsibility in Action: Xtra Foods Leading the Way

At the forefront of Ignite 3’s success is Xtra Foods Ltd., the concert’s primary sponsor and a shining example of what modern Corporate Social Responsibility (CSR) looks like in Trinidad and Tobago. Known to most for their affordable prices, wide selection and welcoming supermarkets, Xtra Foods is also deeply committed to social investment, particularly in the area of education and youth development.

“Our involvement with Ignite 3 is about more than sponsorship, it’s about creating opportunities” said the Executive Chairman of Xtra Foods Anon Naipaul. “We believe in building communities and education is one of the most sustainable ways to do that. When students thrive, societies flourish”.

Xtra Foods’ CSR work is far from superficial. In recent years, the company has expanded its outreach to include, scholarship programmes for underserved communities, food drives for at-risk families, support for youth mentoring and entrepreneurship initiatives, donations to educational institutions and learning centres and sponsorship of school nutrition and wellness campaigns. And now, with its investment in UWIDEF’s student-centred mission, Xtra Foods is demonstrating that corporate responsibility must be proactive, not performative.

When brands care, students win

According to Frost, “across the globe, CSR is evolving from an optional goodwill exercise to an essential pillar of corporate strategy. In Trinidad and Tobago, where economic pressures and resource gaps can make higher education inaccessible for many, the role of businesses in uplifting communities has never been more critical. This is especially true at The UWI St Augustine Campus, where hundreds of students each year rely on financial assistance to continue their studies. For some, a single scholarship is the difference between graduation and dropping out.

“Corporate sponsors like Xtra Foods and BP are not just allies of the university, they are key stakeholders in the region’s educational and economic development. Their investments ripple far beyond the university walls, influencing, family income mobility, youth empowerment, workforce readiness, social equity and national productivity. Frost says “it is this symbiotic relationship between private sector investment and public educational outcomes that represents the future of nation building”.

More Than Just a Concert

So, what sets Ignite 3 apart?

According to UWIDEF, the concert is designed to be inclusive, celebratory and community driven. Ignite 3 is accessible to the public, inviting people from all walks of life to support students while enjoying world class entertainment.

“This is a celebration of who we are—our creativity, our resilience and our potential,” said Frost. “It’s an invitation for everyone to be part of something bigger.”

That spirit of inclusivity also extends to the performers. The BP Renegades Steel Orchestra, who have flown the Trinidad and Tobago flag high around the world, represent excellence born of grassroots talent. Their participation embodies the very values UWIDEF seeks to promote — discipline, community and the power of mentorship.

With a lineup that promises surprises and energy, Ignite 3 will blend the best of local culture, Caribbean rhythms and youth centered purpose. It is, quite literally, a stage for change.

Building the Future Together

Dr Frost is clear: the future of higher education requires shared responsibility. Government funding, tuition fees and philanthropic donations must all work in concert to ensure the university can continue to serve the region. But the private sector has a unique power, resources, reach and reputation, that can catalyse long-term progress.

“Corporate sponsors like Xtra Foods and BP are essential to our success,” Frost said. “Their vision aligns with ours and their generosity allows us to expand our impact, year after year.” He added that the concert is not only about raising money, but also about raising awareness about the barriers many students face and the role that every citizen can play in breaking them down.

As the event draws near, UWIDEF is calling on the public to participate, not only as ticket holders, but as ambassadors for education.

“By attending, you’re contributing to someone’s future,” Frost emphasized. “You’re saying that talent deserves a chance, no matter the background. You’re showing that culture and community can drive real, meaningful change.”

The Call to Action

With tickets available at Queen’s Hall Box Office and The UWI St Augustine Student Services Division, Ignite 3 is poised to be more than a concert, it’s a movement. It is a moment of reflection and celebration; of gratitude and action. And with Xtra Foods setting a gold standard in corporate citizenship, the hope is that more companies will see the value, not just the visibility of CSR done right.

Let this be a rallying cry to businesses across the region: investing in education is not just good ethics, it’s smart economics. A skilled, educated workforce is the lifeblood of innovation, competitiveness and social progress. Whether through scholarships, mentorship or event sponsorship, every contribution matters.

And for those looking for a night of culture and purpose, Ignite 3 awaits. Bring your energy, bring your heart and join UWIDEF in igniting brighter futures, one student at a time.

T&T Chamber -Driving interconnectedness and advocacy

8 Apr 2025

Outgoing president of the T&T Chamber of Industry and Commerce Kiran Maharaj met Prime Minister Stuart Young at the Annual Business Meeting

Kiran Maharaj completed her two-year term as president of the Trinidad and Tobago Chamber of Industry and Commerce but will remain as the immediate past president temporarily to ensure a smooth transition and knowledge transfer to her successor, Sonji Pierre-Chase.

Reflecting on her time as Chamber head, Maharaj said, ” The president helps by being the strategic thinker and works with the CEO to ensure there is implementation. I think that what I brought to the table was perhaps more interconnectedness and interrelatedness with tangible advocacy. There are a few things that were initiated during my tenure, such as the National Budget Recommendations Handbook, the MOU with the T&T Stock Exchange; the multimedia version of Contact Magazine; the expansion of SME activities; the Trade and Business Development Alliance and the new tiers of membership for non-national entities.”

She highlighted the Champions of Business, which evolved beyond being another award show. “It now better showcases the business community and the stories behind the people, inspiring others and demonstrating the shave to satisfy so many business sectors? Many times, it was to state both sides and why. I don’t believe in supporting an opinion without evidence and proper representational feedback. There are times when not saying anything is best because one position is not in the best interest.”

She witnessed the post-pandemic recovery environment, which sparked innovation, encouraged young entrepreneurs and led to more risk-takers.

“I am so happy to say I’ve seen a lot of innovation; young entrepreneurs; more risk-takers. The ecosystem developed where financial institutions are trying to better serve this new era of business minds. But we are still not doing enough.

“There is a gap in the skill sets needed in the workforce. We’ve started the digital transformation process, but we need to do it more quickly because AI (artificial intelligence) is already here, and it will impact a lot of what is around us. I’ve always felt that we are not in an era where the fast eat the slow. The potential to disrupt is also a good thing but we need to fix many simple processes and procedures that hinder our growth trajectory.”

She believes the agriculture and orange (creative) economy are untapped. She urged focus on food security with the help of public-private sector partnerships.

“I wish we could truly give meaningful incentives and create capacity building programmes in an intense way over the next three years to make our agricultural sector one of the wonders of T&T. If as a nation we were more self-dependent and if as a region we were focused on synergies for sustainability, we would be in a better place and we would be a more formidable region.”

The orange economy is full of opportunity, but it needs people who understand the business side so we can harness the potential of the creative sector.

“This service sector can also employ a lot of young people who are not academically inclined. Youth and sports programmes are also an intervention to crime. The local economy is in a delicate and fragile position right now. The strategies to push us forward will require a very focused and strategic approach where there is predictive modelling with responses for how each situation can play out. This is due to the regional threats of natural disasters, cyberattacks, another pandemic and geopolitical instability. While this type of planning is typical, it is more significant now as uncertainty is greater. The theory of ‘polycrisis’ is real.”

Maharaj urged the private sector to be more organised as a business service online (BSO) community.

“In my first year, I held a few meetings with some of the other localised BSOs, and we have the same challenges as a business community. We need to come together to advocate on the key issues. I am not talking about just ‘talking’. We need to do our homework, document why we are making certain suggestions, show the data and explain why the policy framework or the existing infrastructure is weak. Sometimes, the recommendations may mean a transformation (a life revamp of the public sector), but if the vision can be articulated for the positive consequences of the change, then we will have achieved the objective.”

“We need to insist on the adoption of some recommendations. When I look at the work of the former Economic Development Committee, I get depressed. There was so much work and so many meaningful recommendations which we still talk about today. We should not let it go to waste. All stakeholders need to get on board and stop procrastinating.”

Maharaj shared her thoughts on the crime situation and said there are a lot of solutions but believes Key Performance Indicators (KPIs) should be implemented.

“I think the police service should re-examine what their KPIs are. Also, better training for officers is necessary. How are officers recruited? Job creation and employment opportunities; vocational training and apprenticeship programmes to equip people with skills that can make them employable. I know the Government has distributed a lot of grants, but one-off grants cannot support the learning process. It’s worse when a young entrepreneur fails and sees failure as the end of their dream. There must be more advisory-type services and mentorship. Help them to succeed. Work with them. Get our NGO’s to help provide support also.”

Society needs to stop making children feel that academic success with math or science is the only way you are worthy.

“Not every child is academically inclined and we must do more to harness the talent and skills of young people who want to go into music or do woodwork or plant food. Invest in urban renewal projects that enhance the living conditions of disadvantaged areas, such as improved lighting, better roads, and community facilities, making these areas safer and more conducive to positive social behaviour. We are not a Patriotic nation, and we need to develop this. Crime cannot be solved overnight and it means a mental and social shift that will be generational.”

She added that the chamber began discussions about public sector reform, “I think an overhaul is what is needed as well as a renewable energy policy. I hope these will get attention in the coming year.”

She also hopes that addresses the ease of doing business.

“The truth is that it is easy to fix, but there has to be the will to get it done. Sometimes, the management of the entities don’t know what is happening on the ground, and I think the information gaps and lack of proper implementation cause frustration for everyone. I also hope we unlock the hidden potential of the sectors where I know we can flourish. There is so much opportunity. We need to fortify the national business landscape and champion sustainable economic development with a foundation of social cohesiveness. Business is not only about financial success; it’s also about the quality of life we ensure for people.”

Maharaj offered advice to the incoming president: “Use your in-between moments to think for yourself. The president of the T&T Chamber does not get remunerated, and it is a service to our country’s business community, so we all have our day-to-day jobs. Coupled with this will be meetings with members, government officials, stakeholders of all kinds, new policy documents to review, advocacy matters, etc. Taking moments of quiet time is key because you have to be comfortable with the opinion you put forward and the perspective of your membership. So, it can get overwhelming if you don’t stay calm. I know Sonji well, and I know she is calm by nature, so she will do exceedingly well.”

$142B debt

2025, 03/23

With Prime Minister Stuart Young’s April 28 poll announcement, T&T is in the thick of election fever. However, while the candidates compete to govern , the next leader and government will face a serious economic challenge in managing the country’s heavy debt.

According to Central Bank data, T&T’s adjusted general government debt stood at $142.1 billion as of December 2024. Adjusted general government debt is total government debt minus debt instruments used for monetary policy purposes. According to the Economic DataPack , the adjusted general government debt/GDP ratio was projected at 73.1 per cent for December 2024.

Adjusted general government debt is total government debt minus debt instruments used for monetary policy purposes.

In September 2015, when Dr Keith Rowley became Prime Minister, the adjusted general government debt was $26.5 billion less ($114 billion). This reflects a 23.2 per cent increase over the past nine-and-a-half years that the administration has been in office.

Central Government debt increased from $84.37 billion in 2015 to $115.44 billion in 2024, a 36.8 per cent rise in nine years and three months. Central government debt is the stock/outstanding amount of all debt liabilities owed by the Government of T&T that require payment(s) of interest and/or principal at a specific date(s) in the future.

It includes debt liabilities contracted with both domestic and external creditors. Unless otherwise stated, it includes debt issued for liquidity sterilisation purposes.

In June 2010, Kamla Persad-Bissessar’s first full month in office, the Central Government’s total debt outstanding was $47.99 billion. That figure increased by 75.8 per cent in September 2015 when the People’s Partnership left office after five years and three months. The debts mounted with each passing year despite most of the annual auditor general’s reports published during that time having conclusions that stated:

“The issue of public debt and sustainability has long been a concern for policymakers for both the fiscal and monetary authorities …”

Foreign debt also surged. As of December 2024, T&T owed $77.9 billion (TT) in local debts and $37.5 billion (TT) in external debts. That means 32.5 per cent of T&T’s total debt, as of December 2024, was foreign. Central Government external debt grew from $13.98 billion (TT) in 2015 to $37.53 billion (TT) by 2024—an increase of 168 per cent.

Meanwhile, the Central Government’s total external debt outstanding in June 2010 was $9.19 billion (TT), while in September 2015, it was $13.98 billion (TT), an increase of 52.2 per cent.

The Growing Debt-to-GDP Ratio

Economist Dr Anthony Gonzales, former director of UWI’s International Relations Department, explained that while public debt alone is not necessarily alarming, it becomes an issue when considering the country’s gross domestic product (GDP) performance. When debt-to-GDP ratio is around 80 per cent, alarm bells can go off.

As of September 2024, the adjusted government debt-to-GDP ratio stood at 74.7 per cent, according to Central Bank data. The projected adjusted general government debt/GDP for December 2024 was 73.1 per cent. Republic Bank economist Garvin Joefield expects it to reach 76 per cent in 2025.

Dr Gonzales said, “Debt is an indication of how you are managing your country. In Trinidad and Tobago, our debt situation is getting worse, because the Government keeps borrowing. Years ago, our debt was about 30-40 per cent of GDP. Now, it’s about 80 per cent. The reason is that the Government has been borrowing systematically. It borrows US dollars to stack up the reserves, and use the money to finance the budget deficit. We have been running this deficit for the last 18 or 19 years. We keep running this deficit because it allows us to keep spending.

“The long-term impact is that, if you do that, you’ll have to keep borrowing. I don’t think you could raise taxes anymore, so you’ll have to keep borrowing. And it would mean that your debt would keep going up all the time, to the point that you would not be able to service it at a certain point. Your debt-to-GDP per cent ratio would start climbing up in the 90s and over 100.

Our debt servicing ratio is climbing… “a good amount of the money we are collecting as revenue is used to pay debt.” That money could be used to finance housing and infrastructure, etc, and we need to look at that.”

According to IMF data, T&T’s general government gross debt to GDP ratio increased by 199 per cent between 2010 and 2025 (moving from 20.9 per cent to 62.5 per cent).

Expenditure And Consequences

UWI don, Professor of Economics Roger Hosein who holds a PhD in Economics from Cambridge University, described the country’s debt as a genuine cause for concern, particularly given the slow economic growth of 1.5 to two per cent. He warned that

“for 2026, Trinidad and Tobago, according to IMF data, is earmarked to be one of the ten slowest-growing nations in the world.”

He said it was something that we need to put a lot of thought into. Because the repayments of debt decrease the amount of money that could go towards human capital formation, social capital formation and infrastructural development, policymakers will want to reduce the pace at which external debt and debt, on the whole, is increasing.

Interest payments on the debts have increased significantly since 2007. Prof Hosein said interest payments as a percentage of capital expenditure jumped from 33 per cent in 2007 to 165.7 at present.

“Between 2010 and 2024, the economy contracted 10.9 per cent, and between 2015 and 2024, it contracted 17.2 per cent. Those are sharp declines, and it therefore points in the direction that the expenditures are not being managed in a way that will generate ample economic growth.”

“In my interpretation and understanding of my numbers, that’s because too large a proportion of government expenditure goes to transfers and subsidies that do not help to widen capital space and don’t help to improve productive activity, and too little goes towards capital injections.”

Tackling The Crisis: Tough Decisions Ahead

Both Gonzales and Hosein said in the absence of new substantial streams of revenue and much higher oil and gas prices, the Government will have to trim expenditure. Dr Gonzales suggested that some hardship is inevitable, the country must live within its means, emphasising the need to boost foreign exchange revenues—a process that will take years.

“The new Finance Minister (Vishnu Dhanpaul) is saying he’s not taking any harsh measures. A lot of people are asking questions as to how you are now going to deal with this situation because there’s not much more revenue coming in.

There’s no more oil and gas because we are now at the bottom. How are you going to get the revenue to deal with all the things you intend to deal with here? Let’s face it. We have a pretty generous social welfare policy here. We pay for education. We pay for healthcare. We subsidise energy.

We subsidise a lot of housing. Look at the transfers and subsidies in the Government’s budget. It’s more than half. It’s about 52 per cent of government spending,

“Our foreign reserves have been declining … We still have a good amount, but it is declining very fast. If we continue declining like this, within a year or so, we will go through it.”

“The Central Bank has to keep putting in over US$1 billion and US$2 billion to keep the demand for foreign exchange. We have to decide very quickly what we are going to do. And to cut back that demand for foreign exchange, we have to cut back fiscal spending, and impose restrictions here and there. We still have a lot of luxury imports in this country.”

He recommended for the short- to-medium term:

1. 1. 1. Reducing fiscal spending
      2. Placing import restrictions on some goods
      3. Encouraging exports in manufacturing
      4. Expanding tourism services to about one million tourists coming into this country every year

Prof Hosein said the country’s revenue was a cause of concern and emphasised the urgent need for revenue diversification, warning that even with gas projects like Manatee and Dragon, foreign exchange earnings will not be “extremely buoyant.”

He believed that the coming on stream of the Trinidad and Tobago Revenue Authority would help.

“We need to reach a point where you save all the revenues from the energy sector. It makes very little economic sense to take an asset out of the ground, monetise it and spend it within one generation. In fact, in one fiscal year, which is what we do in Trinidad and Tobago.”

He urged policymakers to focus on:

1. 1. 1. Doubling remittance flows by 2030
      2. Doubling overnight tourism inflows by 2030
      3. Increasing non-energy exports, especially in manufacturing
      4. Leveraging partial scope trade agreements (eg, with Curacao)
      5. Tackling crime to improve economic stability

Next week, we take a closer look at the numbers: how much T&T earned, how much was spent, and the breakdown of domestic and external debt. We’ll explore the financial decisions that have shaped the nation’s economy.

Obituary

Mark Loquan 1962-2025

2025, 04/07

Former National Gas Company (NGC) president and Order of the Republic of Trinidad and Tobago (ORTT) recipient Mark Loquan has died. Loquan was recovering from brain cancer surgery.

Prime Minister Stuart Young said “I considered Mark a friend. He was a man that I respected and genuinely enjoyed working with. Mark and I worked very closely together on many, many, transactions in the gas sector from 2017 until he fell ill in February of 2024.

We brainstormed together and we fought many battles together to secure a better future for T&T. He was a talented and humble man. Someone genuinely concerned about our country and dedicated to doing his part to make it better.

Whether it was composing music for the pan, strategising the future of our gas industry or negotiating for better terms and conditions for Trinidad and Tobago Mark did it with a level of passion and excellence.

“I will miss him. Mark rest in eternal peace my friend.”

President Christine Kangaloo paid tribute to Loquan.

“A true patriot, his selfless dedication to the development of our nation’s energy sector and culture, particularly in the realm of steelpan, has left an indelible mark on our country.

“Rest in peace, Mark Loquan. Your work and spirit will forever resonate within the heart of our nation.”

In 2024 Loquan was honoured for his contributions in the sphere of national service (energy and steelpan innovation) as he accepted the ORTT, the country’s highest award, at President’s House, St Ann’s.

A chemical engineer, he served as the president of the National Gas Company of T&T for eight years.

He was a member of the Board of the The Energy Chamber of Trinidad & Tobago , which described him as “a distinguished leader of the national and global energy industry.”

Loquan’s passing was a tremendous loss to the industry, the country, and the many lives he touched throughout his career in both energy and culture. “He was a good man who did great things.”

Loquan’s career spanned over three decades in the energy and petrochemical industry, marked by leadership roles in Trinidad and Tobago, the USA, Europe, Africa, and Australia, and culminating in his role as President of the National Gas Company of Trinidad & Tobago from 2016 until 2024.

Loquan’s “expertise and dedication to the energy sector were invaluable to both the companies he led and the industry as a whole.” Loquan “had a deep and abiding commitment to Trinidad & Tobago. His leadership of industry initiatives led to the creation of a strong industry-wide safety culture in Trinidad & Tobago and to significant new appreciation and commitment to decarbonisation and the creation of a more sustainable energy industry.”

Loquan “helped create a sense of common purpose across the energy value chain, from upstream operators through the petrochemical producers, and throughout the supply chain. He championed the development of skills, concerns for the environment, the export of energy services and the recognition of the importance of community engagement. His industry colleagues were always in awe of his ability to do all of this whilst also composing and producing music.

“When Mark announced that he was retiring from the industry to pursue his love of music and culture, his industry colleagues were looking forward to his continued contribution to national development. It is a profound tragedy that his dreams to concentrate on culture have been cruelly cut short by his illness.”

US Tariffs

3 April

On April 2 at the White House, US President Donald Trump announced new tariffs on goods from 180 countries.

TT business community voiced concern over the imposition of a 10 per cent tariff on imports to the US.

Several chambers said the tariff has the potential to damage the delicate trade relationship between the two countries. San Fernando Chamber president Kiran Singh, said concern was being expressed for some time that TT’s economy may be affected by Trump’s adjustments to the US trade regime.

“At first glance it would appear goods imported to the US from TT may become less competitive. The US consumer will have to pay more for our goods.”

TT Manufacturers Association (TTMA) had similar sentiments. The 10 per cent tariff could cause competitive shocks. But the wide range of countries subjected to the new US tariff makes it difficult to determine how the tariff will actually affect TT.

“It is hard to ascertain the full impact at this time until it is fully implemented and we get the data. However our distributors have to be cognisant of this fact. What we will see is increased prices on the shelves in the US, unless some of the manufacturers are able to absorb it.”

Tobago Business Chamber said while the tariff may not affect Tobago directly, it could have an impact on Tobago.

“However in the larger TT context it is going to be impactful. At the end of the day if this makes TT less competitive because our goods are going to be higher priced, then it is something that affects us all.”

The Energy Chamber was also worried about the tariff but is still assessing the real impact.

“The chamber is consulting with member companies who are major exporters to the US and with government officials and other stakeholders in order to fully understand any potential impacts of new tariffs and identify any actions we should take on behalf of our members.”

Singh expects government to engage the US on possible exemptions.

“We expect the minister of trade and the minister of foreign affairs will address the trade agreements and treaties with the US to ensure our preferential treatment as small island developing states is not eroded with the new tariff structure.”

On April 3, the prime minister said he asked Minister of Trade and Industry Paula Gopee-Scoon to engage the US embassy to speak on possible exemptions and other methods of mitigation. The tariff could have an effect on goods in the US, which could have a ripple effect on TT.

Former minister in the ministry of finance Mariano Browne said the petrochemical and manufacturing sectors are most at risk.

“We are the largest exporter of ammonia in the world but we are not the largest producer. Many countries produce their own ammonia. It is an input in many things, in particular fertiliser. This tariff will have an effect in terms of how the market is. America is also a large producer of ammonia. So does that mean they will use their locally produced ammonia and will they have it in enough supply? These are the issues we don’t know.”

UWI don, economist Vaalmikki Arjoon said it was unlikely the tariff, while making goods more expensive for US customers, would reduce the volume of imports to the US, particularly in energy products like ammonia.

“The US currently does not produce enough of these items to meet domestic demand, making continued imports from TT necessary. Furthermore, since this tariff applies to all US trading partners and ten per cent is the lowest rate, TT’s exports remain comparatively competitive in the US market, reducing the likelihood of any substantial drop in demand. Because TT’s own tariff rates were at the base level, TT’s goods may become even more competitive than products from other countries. (This could) potentially boost their demand for our exports and not just energy commodities.”

Higher US prices could require countries to use more forex to pay for imports from the US, which could have a trickle effect on TT’s economy given its already dire forex crunch. This could raise foreign exchange rates, even on the black markets.

“With the availability of forex from banks becoming more restrictive due to lower export earnings from the energy sector, higher import prices may also drive more black-market purchases to source the required US to meet these higher prices.”

Black market demand could increase black market rates which could be risky for TT’s economic well-being. “It will drive up the cost of doing business leading to inflationary pressures and undermine investor confidence. Plus, higher black-market rates, restricted availability of forex from banks and higher prices from US suppliers may deepen the financial burdens of our private sector, especially SMEs, causing them to downsize their operations, lower their product offerings, or even adjust their payrolls.”

Arjoon said this makes it critical for TT to increase its energy production as well as to expand export markets in the non-energy sector, to expand their export market share.

Tariff-ripple effect from higher prices

Apr 3, 2025

Economist Dr Indera Sagewan T&T exports to the US will be subjected to this tariff, making them more expensive to US importers and consumers, rendering local exports less competitive.

“… T&T isn’t being singled out for special negative treatment; the US is applying same or higher tariffs on imports from potentially all countries exporting into the US. This means a similar position for all these countries. What we need to be concerned about is the inflationary impact on the US market and the potential slowdown of that economy. If this happens, we can see reduced demand for our exports.”

Both domestic producers and consumers will be impacted.

“So far as we buy intermediate and finished goods from the US which may have entered the US market from another country subjected to a much higher tariff. This means increased inflationary pressure in our markets. Already, inflation has eroded the pockets of individuals and forced many small businesses to close down over the past few years.”

Sagewan noted that nothing in the short run can be done, but in the medium to long term, look for new markets to both buy and sell from and which offer more competitive prices.

“But there is more to come from the Trump administration, so the full impact is yet uncertain.”

Government vows to deal with Trump’s tariffs

3 Apr

Prime Minister Stuart Young and Foreign and Caricom Affairs Minister Dr Amery Browne said Government vows to negotiate responsibly with the US administration after it imposed a 10 per cent reciprocal tariff on TT manufactured goods exported to the US.

Trump announced a series of reciprocal tariffs on 60 countries, including TT, which he claims have put up trade barriers to the US and have engaged in currency manipulation – the act of a government or central bank deliberately influencing the exchange rate to gain an unfair advantage over another country. Trump said all countries will be subject to a sweeping ten per cent tariff on imports to the US.

The 10 per cent “discounted” tariff was imposed on TT goods in response to a 12 per cent tariff on all goods imported from the US. Tariffs are taxes charged on goods imported from other countries.

The baseline 10 per cent tariff will take effect on April 5.

Browne said the government has noted a number of countries will reciprocate in the near future.

“We are concerned that spiralling instability in global trade and economic policy will have significant negative repercussions, particularly for smaller nations.”

“Our country, and much of Caricom, fortunately, is in a relatively low tariff bracket and the government as always will be consulting and working with all key stakeholders as together we navigate the challenges of our times.

Young says the population can only trust the PNM to act responsibly to negotiate its best interest in light of new tariffs imposed by the US.

The US international trade administration in TT says customs duty is imposed on products coming into TT, based on the fair market value of imported goods at the time it lands in the country.

TT also has bilateral investment agreements with the US, Canada, China, Mexico, the UK and several countries in the EU. It also has a preferential tariff arrangement with the US under the Caribbean Basin Economic Recovery Act of 1984, which allows products from beneficiary countries such as TT to export to the US without having to pay duties.

Young noted the PNM’s track record in negotiating agreements with the US which will ensure the best interests of TT are protected. Bilateral discussions with US Secretary of State Marco Rubio in Jamaica on March 26, offered some hope that TT’s cross border energy agreements with Venezuela will be allowed to continue.

On March 27, Young said, “It was a good day for Trinidad and Tobago.”

“With the Dragon (gas project), we are continuing full speed ahead.”

He told media, Rubio made it clear the US will do nothing to harm TT’s economy and understood the importance of energy security for TT and Caricom. There was agreement between Rubio and himself to remain “engaged on energy and national security matters in the region.”

There was agreement for TT and the US to continue to collaborate on fighting transnational crime in the region, including combating the Venezuelan gang Tren de Aragua.

While there is no evidence this group is operating in TT, Young said it was wise to take a pre-emptive strike “and see what can be done to legally declare Tren de Aragua as a foreign terrorist organisation.”

TT made an application to acquire certain national security assets from the US which can assist in bolstering domestic and regional national security.

In a briefing on March 25 about Rubio’s travel itinerary to the region this week, US Special Envoy for Latin America Mauricio Claver-Carone said the US understood TT’s long-standing role as an energy leader in the region.

“Obviously it is going through its own development as it seeks to revitalise its natural gas opportunities and is going through that modernisation as some of the older fields and opportunities there dry up and they’re looking for the new ones.”

Claver-Carone said, “There, along with a lot of the challenges posed with Venezuela, we’re deeply committed to working with Trinidad to figuring out how to re-energize that – those natural gas opportunities and ensure that its economy continues to move forward despite the challenges presented with Venezuela and otherwise.”

He added this is a historic opportunity for energy security in the Caribbean.

On March 24 Trump announced the US will put a secondary tariff on Venezuela for many reasons, including allegedly sending high level criminals to the US such as members of the Tren de Aragua gang. Any country which purchases oil and gas from Venezuela will be forced to pay a 25 per cent tariff to the US on any trade they do with the US with effect from April 2.

$5M state relief for relatives of Paria divers & survivor

2025, 04/04

Over three years after 4 divers perished s in the Paria Diving Tragedy, the Government offered the lone survivor Christopher Boodram and families of each dead diver compensation of $1 million. Prime Minister Stuart Young announced the belated response to media but underscored that it was unrelated to this month’s General Election. The news surprised the affected families and Boodram, who were not notified of the decision prior to it being made public.

Young said these will be ex-gratia payments, which means there is no admission of liability, as he acknowledged the matter of assigning blame is still being settled between Paria Fuel Trading Company Ltd and Land and Marine Contracting Services Ltd (LMCS). The PM said he was simply fed up with the back and forth between the companies while the affected families suffered.

“I’ve had enough and as Prime Minister, last week, I’ve been keeping the Cabinet engaged on the conversation, keeping them abreast of the frustrating conversations I was having, because the Government had always wanted for these matters to be settled.”

Asked about those who find the timing suspicious for payout weeks before the General Election, given that the tragedy occurred in 2022, Young said, “I can’t change that perception of people and I could understand the cynicism by persons who hold that point of view. I know that the facts relate that I was extremely frustrated, personally, asking for this to be done even before we came into 2025. I went to Cabinet and said I am no longer prepared to have these companies and insurers frustrate the process, let us take a decision, I know the law, it is ex-gratia. So I can’t avoid the timing, I can’t avoid the conversations that people are entitled to have. It is not for the election but even me saying that will bring no solace and change nobody’s mind.”

On February 25, 2022, LMCS diver Kazim Ali Junior, Yusuf Henry, Rishi Nagassar, Fyzal Kurban and Christopher Boodram were sucked into a 36-inch pipeline from a hyperbaric chamber while working off Paria Fuel’s Pointe-a-Pierre facility. Investigators determined the incident resulted from “gross and consequently criminal” negligence.

Young said he expects the matter to be politicised but is satisfied Government took action, “albeit in my view a bit late.”

Asked if the families and Boodram were aware of the development and what their response to the offer was, Young said, “We literally just came out of Cabinet a few seconds ago so this is the first time everybody would be hearing that.”

On if he believed this was the right process, Young fired back, “I don’t know what is the proper process, according to your mind and how you see it, I understand how you would like to see it, I understand how you may want to spin it, these are the facts, this is what has happened.”

Explaining how Cabinet arrived at the $1 million figure, Young said, “As you know, there is a government policy, for example, with law enforcement officers killed in the line of active duty, $1 million, because there was conversation, should it be less? And ultimately, I persuaded my colleagues without much resistance, let’s go with the $1 million.”

The Prime Minister also said this does not stop the families from seeking further damages through the courts.

“This is for now, they will go through their legal process, if they don’t think it is enough, I am not stopping them, or the Government is not stopping them from pursuing action against LMCS and Paria.”

Young could not say when the payments would be made, as it would be up to the Minister of Finance.

Attorney Prakash Ramadhar, representing the Kurban and Henry families in the matter, said it was too little too late.

“A mere few weeks away from a general election, it is not a surprise that it has suddenly dawned upon this Government that they should do the right, honourable and decent thing and make an ex-gratia payment to the families of the deceased from the Paria incident. It is also very troubling that the figure of $1 million comes in light of the Attorney General attempting to sue the leader of the Opposition for $4 million, supposedly on the basis of defamatory statements. How do we come to a parity where the life of a citizen is not worth the possible defamation of a public official? Four million is what they are claiming for that, $1 million for the life that has been taken.”

Opposition Leader Kamla Persad-Bissessar called the development a “disgusting and insulting attempt to buy votes.”

“This is the lowest election stunt he has pulled yet and it reeks of desperation. Young’s remarks today churn the stomachs of all right-thinking citizens. His attempt to capitalise on the pain and suffering of these families, after three years of Government neglect, is a disgrace. This is the true character of a man who comes from a lineage of privilege—one who believes he can throw money at problems to make them disappear. He knows the people will never forget these divers and the cruelty of this People’s National Movement Government to them.”

This was echoed by outgoing Couva South MP Rudranath Indarsingh, who said Young cannot take any credit for the decision. “Their inaction led to the death of the divers. The families of the divers must not be prostituted in the context of a general election. I want to tell Prime Minister Young that, indeed, the families of the deceased divers and Christopher Boodram are not for sale.”

Another NIF loss

2 Apr 2025

After posting a $2 billion loss in 2023, the National Investment Fund Holding Co Ltd (NIF) recorded a loss of $814.5 million for the financial year ending December 31, 2024, after an increase in net income from $84.1 million in 2023 to $145.1 million in 2024. In its audited summary financial statements, NIF said its bonds have also experienced steady dividends.

“The NIF1 bond has been experiencing steady dividends due to its well-balanced portfolio, which when combined with NIF2 bond amounted to $411.8 million in 2024, an increase of $87.7 million or 27 per cent from the $324.1 million earned in the prior year.”

Republic Financial Holdings Ltd paid out overall dividends of $5.70 per share, an increase of 9.6 per cent over 2023 dividends of $5.20 per share.

Trinidad Generation Unlimited’s dividends rose from $0.36 per share to $0.49 per share.

Angostura Holdings Ltd paid dividends of $0.38 per share, an 8.5 per cent increase compared to $0.35 per share in 2023.

One Caribbean Media Ltd paid out $0.21 per share compared to $0.20 received during 2023 while the West Indian Tobacco Company Ltd distributed $0.87 per share in 2024 compared to $0.78 in 2023.

“We ended 2024 with an overall portfolio of $7.7 billion. Thus, while the dividend performance has been significant, the portfolio has been impacted by a general decline in stock market prices such that the NIF1 portfolio valued in 2018 at $8.0 billion is currently $6.90 billion with a coverage ratio of 1.8:1.”

In the chairman’s reports, Jennifer Lutchman said, “On behalf of our directors, management and staff, I wish to sincerely thank our bondholders for their continuing confidence in the company.”

NIF was established in 2018 to monetise certain Clico assets as well as a wholly owned state enterprise.

Its portfolio is valued at $7.941 billion comprising Angostura Holdings Ltd, One Caribbean Media Ltd, Republic Financial Holdings Ltd, West Indian Tobacco Company Ltd and Trinidad Generation Unlimited.

TTNGL reduced loss

2025, 04/01

Trinidad and Tobago NGL Limited reported a net loss after tax of $119.4 million for the financial year ended 31 December 2024, an improvement from the TT$547.7 million loss in 2023.

In his chairman’s statement in the company’s summary financial statements, NGL chairman Dr Joseph Ishmael Khan

said,“This result includes an unrealised impairment of $184.3 million (2023: $573.6 million), derived from TTNGL’s 2024 impairment assessment. The impairment reflects prudent risk management and is based on a conservative outlook incorporating: Lower long-term gas supply volumes. Reduced NGL content in the forecast gas stream, and lower anticipated NGL prices over the medium term.”

TTNGL’s share of profit from its investment in Phoenix Park Gas Processors Limited (“PPGPL”) rose to $66.6 million in 2024, from $28.1 million in 2023-an increase of 137 per cent.

Khan said, “This reflects a solid growth in PPGPL’s performance and supports the company’s broader efforts to stabilise earnings and long-term shareholder value.”

TTNGL’s financial results were released mere days after credit rating agency CariCRIS reaffirmed the ratings currently assigned to the US $400 million debt issue of National Gas Company of Trinidad and Tobago Limited.

TTNGL is a subsidiary of NGC.

CariCRIS kept the ratings at CariAA (Foreign and Local Currency) on the regional rating scale, and ttAA (Foreign and Local Currency) on the Trinidad and Tobago (T&T) national rating scale. These ratings indicate that the level of creditworthiness of this obligation, adjudged in relation to other obligations in the Caribbean and within T&T, is high.

CariCRIS last week stated it has also assigned a stable outlook on the ratings. The agency said the stable outlook is premised on the high likelihood that revenues and profits will remain healthy over the next 12-15 months, following a rebound in financial performance reported for the 9-month period to September 2024.

CariCRIS said, “This is underpinned by the expectation of higher energy prices and NGC’s ongoing drive to further diversify its upstream operations while bolstering its position in the midstream and downstream sectors.

CariCRIS however stated it was cognisant of volatility in global energy supply alongside lingering geo-political tensions which can lead to fluctuations in the Company’s financial performance.

The agency however stressed that NGC is expected to maintain strong debt protection metrics going forward and service commitments in a timely manner.

Oando woes risk refinery deal

2025, 03/30

Government’s preferred bidder for the lease of the Pointe-a-Pierre refinery has been struggling financially.

According to unaudited statements and separate financial statements ending December 31, 2024, Nigerian energy company Oando PLC is in accounting insolvency.

The financial statements showed the company’s total liabilities were 7.8 trillion Nigerian Nairas (TT$34.4 billion), while total assets were 7.5 trillion Nigerian Nairas (TT$33 billion). Oando has borrowings of 2.8 trillion Nigerian Nairas (TT$12 billion).

According to financial experts, accounting insolvency, also known as balance sheet insolvency, occurs when a business is considered insolvent on the books, meaning it owes more than it owns and cannot meet its financial obligations when they come due.

It means while operations may be ongoing, financial pressure is increasing. While the business can stay afloat in the short term by lowering prices, divesting assets, selling unpaid receivables, or through capital injection from its owners, the measures are considered unsustainable in the long term.

Restarting the refinery is expected to cost at least $1 billion (TT).
Over the last decade, Oando reported significant losses in several annual financial statements.

1. 1. 1. 2015, a N34.9 billion loss (TT$154 million)
      2. 2016, a N25.8 billion loss (TT$114 million)
      3. 2018, a N28.8 billion loss (TT$127 million)
      4. 2019, a N207.1 billion loss (TT$912 million)
      5. 2020, a N132 billion loss (TT$582 million)
      6. 2022, a N78.7 billion loss (TT$347 million)

However, Oando rebounded in 2023 and 2024, with a N60 billion (TT$26 million) profit and N65.5 billion (TT$29 million), respectively.

Although these gains mark a positive shift, Oando, still faces substantial liabilities. Should accounting insolvency persist, creditors and lenders could force the company to declare bankruptcy or sell its assets.

When asked if the Government sought independent verification of bidders’ finances, Prime Minister Stuart Young, who is the Energy Minister, said :

“The Cabinet evaluation committee went through a rigorous process which included the use of independent international advisers and recommended Oando, which was accepted by Cabinet. TPHL (Trinidad Petroleum Holdings Limited) as owner of the refinery decided to proceed with Oando. TPHL is negotiating with Oando and that process will determine proposed terms and conditions.”

So far, the Government has not disclosed whether Oando’s accounting insolvency was flagged in this evaluation process, nor has it clarified how it factored into the final decision. Although Oando has experience in the refinery sector, it had no prior experience operating a major refinery.

Financial concerns about Oando were also raised in a 2023 independent financial audit by BDO Global, one of the world’s leading firms.

“There is significant uncertainty that the group and company may be able to continue as a going concern and, therefore, may be able to realise its assets and discharge its liability in the normal course of business.”

According to BDO Global’s 2023 report, “The reversal of this trend is dependent on the successful outcomes of its planned actions to refinance its debts in order to manage the fund’s gap of N3 trillion (TT$1.3 billion) and N1.4 trillion (TT$614 million).

“As stated in the note, if the planned actions are successful, it will only address 53.6 per cent of the group’s projected funding gap shortfall through equity raises until such a time that profit and healthy cash flows from profitable operations will be achieved.

“The group and company have going concern indicators which include reporting consistent total comprehensive losses in the last three years, negative working capital, inability to settle loan facilities.”

Sources close to the bidding process are puzzled as to how and why Oando was chosen as the Government’s preferred bidder a month ago by Cabinet. The CRO Consortium, Oando’s main competitor, has not disclosed its financials publicly.

However, sources close to the process claim its finances are in order. Unlike Oando, no regulatory infractions or financial misconduct have been publicly documented for CRO’s partners.

The CRO Consortium comprises the local company DR Commodities, the international oil and gas company Ocala (of Venezuelan origin), and the Indian engineering company Chemie-Tech.

No further information was available on CRO Consortium’s plans and track record.

Oando and the CRO Consortium are the top contenders in the Government’s third bidding round for the refinery, with INCA Energy LLC also in the mix.

According to former finance minister Colm Imbert, previous bidders failed to prove their financial capacity to restart operations.

Among them were:

1. 1. 1. Patriotic Services Company Ltd (a joint venture of the Oilfield Workers Trade Union).
      2. Naveen Jindal (Indian billionaire who withdrew after facing criticism over corruption allegations).
      3. DR Commodities (a subsidiary of local engineering firm D Rampersad, engaged in oil and gas investments).
      4. Ocala (this Miami-based firm, led by Venezuelan engineer Luis Ramirez, (has experience in refinery operations and maintenance).
      5. Chemie-Tech (an Indian engineering firm specialising in bulk storage and petrochemical plants, with US$2 billion in revenue).

The bidding scoring matrix

According to the bidding scoring matrix , the assessment was conducted as follows.

1. 1. 1. “(a) Offeror or its financial affiliates have a proven track record of providing financing to cover the funding for its restart plan, inclusive of an asset integrity assessment (10 % of scoring)
      2. (b) The Offeror has provided a plan to fund the Working Capital required for their restart plan (10% of scoring)
      3. (c) Offeror has provided a realistic long-term financing plan for funding full operations of the refinery (10% of scoring).”

As seen in the scoring matrix, “The Offeror and its affiliates/partners have demonstrable experience and capability in operating and maintaining refineries (demonstrated through Leadership & Management Team org chart and supporting resumes with references)

1. 1. 1. (a) Less than 10 years = 0
      2. (b) 10 – 12 years = ~7% (of score) (20/3)
      3. (c) 13-15 year = ~14% (of score) (20/2)
      4. (d) >15 = 20% (of score).”

Oando’s CEO speaks on Pointe-a-Pierre refinery, finances

“Oando is one of Africa’s largest integrated energy solutions providers and is Nigeria’s largest indigenous oilfield service provider. It is listed on the Nigerian and South African stock exchanges and is led by CEO Wale Tinubi. It has a market capitalisation of around US$1.3 billion. Commenting on the impending acquisition of the Pointe-a-Pierre refinery, Tinubi told the Nigerian Independent last week that it was a testament to Oando’s escalating presence on the global energy stage.”

“We are honoured by the confidence the Trinidadian Government has placed in us with this award. This strategic investment aligns with our operational footprint, leveraging our vast technical expertise and global partnerships to finance projects. We recognise the significance of this opportunity and look forward to working with all stakeholders to deliver maximum value for all parties involved.”

The story said, “With a processing capacity of 175,000 barrels per day and a Nelson Complexity Index of 8.0, it is adept at refining regional crude oils to supply both domestic and regional markets with petroleum products.”

Oando’s recent “impressive” financial results, he said, “reflect its strategic initiatives and robust growth trajectory.”

“These impressive financial results are partly attributed to Oando’s strategic acquisition and integration of the Nigerian Agip Oil Company Limited (NAOC Ltd). This acquisition significantly enhanced Oando’s production capacity, achieving peak operated production of 103,206 boepd and net entitlements of 45,000 boep.

“2024 was a year of transformation for Oando, the key highlight being our successful acquisition and subsequent integration of NAOC Ltd, which significantly enhanced our production capacity. In 2024, Oando invested $18.1 million in capital expenditures for the development of oil and gas assets, alongside exploration and evaluation activities. This strategic capital allocation aligns with the company’s cost optimisation and efficiency goals.”

He outlined Oando’s priorities ahead of 2025, saying the company aims to drive cost optimisation, enhance operational efficiency, and leverage technology to boost productivity.

On Wednesday, Afreximbank told a daily newspaper that it was willing to finance Oando’s lease of the Guaracara Refinery.

However, the terms of this financing, including whether the loan is contingent on operational success, have not been disclosed.

Oando’s troubles
2024 – Oando purchases Agip Nigeria Oil from Italian firm Eni for US$783 million. It was purchased through a US$650 million loan from Afreximbank. The purchase was viewed as controversial because the Niger Delta Region, where Agip operates, has suffered from serious environmental degradation, affecting livelihoods and the health of thousands of residents.

2021 – Oando reaches a settlement with the Nigerian Securities and Exchange Commission (NSEC) following an investigation by the commission. Oando pays an undisclosed amount and does not have to accept or deny liability. The settlement resolved allegations of misstated financial statements and insider trading.

2019 – Investigations by the NSEC found that there were infractions of securities and other laws committed by Oando. The commission

Act on forex shortages, business leaders tell Dhanpaul

2025, 03/18

New Minister of Finance, Vishnu Dhanpaul attended swearing-in ceremony of the new Cabinet at President’s House in St Ann’s

T&T’s business leaders are largely optimistic and eager to work with new Minister of Finance, Vishnu Dhanpaul, and are calling on him to address the thorny issue of foreign exchange availability.

Dhanpaul was sworn in as the minister on Monday, replacing Colm Imbert who, after almost ten years as Finance Minister, was reassigned to the Ministry of Public Utilities.

The T&T Chamber of Industry and Commerce said in a release it “is encouraged by the appointment of Mr. Vishnu Dhanpaul as Minister of Finance. His extensive experience in economic policy and public sector transformation will be critical to addressing fiscal challenges, restoring business confidence, and accelerating economic recovery. We look forward to working collaboratively to advance policies that support entrepreneurship, strengthen the ease of doing business, and bolster Trinidad and Tobago’s global competitiveness.”

Chaguanas Chamber of Industry and Commerce president, Baldath Maharaj, similarly felt that Dhanpaul’s experience in the Ministry would be an asset. Dhanpaul had previously been a permanent secretary in the Ministry.

“His wealth of experience in financial management and economic policies come at a crucial time when businesses are facing mounting financial pressures. The Chamber is eager to work with Minister Dhanpaul to press the reset button on key financial issues particularly the timely receipt of VAT and other tax refunds as well as the persistent foreign exchange shortages that continue to hinder business operations and economic growth. Addressing these matters with urgency is essential to restoring stability and investor confidence.”

However, Maharaj felt Dhanpaul had work to do with regard to future financial planning, particularly given the uncertainty facing energy sector projects in the wake of United State President Donald Trump’s re-election.

“T&T economy remains heavily reliant on the energy sector and without a clear strategy to hedge against potential shortfalls, Businesses and the wider economy could face significant challenges. The chamber urges the Minister to lead efforts in diversifying revenue streams and strengthening financial resilience in the face of this uncertainty.”

Maharaj also urged Dhanpaul to aid SMEs in terms of access to foreign exchange, a point of view that the Greater San Fernando Chamber of Commerce (GSFCC) president Kiran Singh agreed on.

“What we would expect the new Minister would address, of course, the number one burning concern for the business community is forex. And we really expect that he would address that issue as soon as he possibly can. We don’t expect he will take long to get into his new role as the Minister of Finance having been in the Ministry for so many years,” said Singh, who noted that Minister Imbert had been working with the EximBank to address this issue.

“The SME sector is always at a disadvantage and we expect that the new Minister of Finance will assist and have this process more open and expanded to benefit the SME sector as we face the challenging economic times right now,” he said.

Guardian Group CEO Ian Chinapoo as well as Massy Holdings CEO Robert Riley both said at IDB Invest signing ceremony with Massy Group to ‘Advance Sustainable Development in the Caribbean and Beyond’ that they were looking forward to working with Dhanpaul, as they both said his extensive experience in finance is an asset.