UAE delegation

2026, 01/26

A delegation from the United Arab Emirates arrived on an official visit. During the visit led by Minister of State at the Ministry of Foreign Affairs of the UAE, Noura Al Kaabi, the delegation participated in meetings with government ministers. Vice President of Dalil Technologies Salam Q. Ali Hassan and Minister Dominic Smith focused on foreign direct investment and diplomatic engagement between Trinidad and Tobago and the United Arab Emirates.

Meetings were also held with Minister of Works and Infrastructure Jearlean John, Minister of Land and Legal Affairs Saddam Hosein, Minister of Public Utilities Barry Padarath and Foreign Minister Sean Sobers.

The delegation toured Invaders Bay, the Point Lisas Industrial Port Development Corporation, the Couva Children’s Hospital and Fort King George.

In November 2025, Minister Dominic Smith and Permanent Secretary Cory Belfon travelled to the United Arab Emirates, where a memorandum of understanding was signed. The agreement supports Trinidad and Tobago’s policy framework for digital transformation, focused on digital services, government systems and national digital development. Minister Dominic Smith said the engagement reflected Trinidad and Tobago’s interest in international partnerships related to technology, investment and public administration.

 

 

UAE meeting

2026, 01/24

The Government on January 24, 2026, met a senior delegation from the United Arab Emirates, led by Her Excellency Noura bint Mohammed Al Kaabi, Minister of State at the Ministry of Foreign Affairs, in efforts to strengthen economic cooperation.

The meeting was hosted by Minister of Works Jearlean John and included Minister of Land Saddam Hosein. The engagement followed recent ministerial outreach to the Middle East, where discussions focused on identifying new areas for collaboration and investment linked to national development priorities.

Minister John outlined key initiatives under the Revitalisation Blueprint, a multi-sector infrastructure programme that includes over 129 projects aimed at supporting economic diversification, improving national resilience, and creating employment. Trinidad and Tobago remains open for business, with strategic location, competitive advantages, and ongoing efforts to improve the ease of doing business that support international investment.

Al Kaabi welcomed the discussions and expressed interest in strengthening engagement, citing opportunities for partnerships and future investment. The delegation toured Invaders Bay Development Project, the Port of Point Lisas, operated by PLIPDECO, and the Couva Children’s Hospital, to assess areas with development potential.

The Government said continued international engagement and strategic partnerships remain central to efforts to support long-term development and expand economic opportunities.

 

 

High-level delegation from UAE due

22 January

Foreign Minister Sean Sobers announced that a “high-level delegation” from the United Arab Emirates (UAE) will visit from January 23 to 26. The ten-member delegation will be led by Minister of State in the Ministry of Foreign Affairs Noura bint Mohammed Al Kaabi.

“This visit is in keeping with the government’s outreach and Prime Minister Kamla Persad-Bissessar’s vision for TT to forge new relationships with countries throughout the world to advance foreign policy and economic interest,”.

Based upon the “clarion call” by the PM, the UAE and other Gulf nations reached out to TT last year. The UAE ambassador visited Caricom in 2025.

Sobers highlighted that the UAE is among the world’s ten largest oil producers and ranks among the top ten globally of proven oil and natural gas reserves.

“Its economy is among the top three performers in the Gulf region. The Investment Corporation of Dubai and the Abu Dhabi Investment Authority, the investment arms of their respective Emirates, are cumulatively responsible for US $1.5 trillion in assets, and therefore TT must continue to engage and continue to build its relationships with the UAE and the wider Gulf region.”

The delegation is expected to hold “extensive discussions” with Persad-Bissessar and ministers, including Works and Infrastructure, Land and Legal Affairs, Public Administration, and Culture and Community Development.

“The delegation will also visit several sites in north, south and central Trinidad, identified in the government’s revitalisation blueprint for foreign direct investment, including the port of Point Lisas, the Couva Children’s Hospital,” Sobers said.

On January 25, the delegation will visit Tobago as guests of the chief secretary of the Tobago House of Assembly and will visit sites identified for investment.

In September, Persad-Bissessar led TT’s delegation to the UN General Assembly in New York. and met world leaders. She held bilateral talks with Sheikh Sabah Al-Khaled Al-Sabah, Crown Prince of Kuwait and Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister of the UAE. The meetings helped develop new relationships and pique interest in TT’s economic development.

In early November, the Public Administration Minister visited the UAE, specifically Dubai, for discussions with the government officials. Later that month, ministers Jearlean John, Saddam Hussein and Sobers visited the UAE. The delegation met senior UAE government officials, including Sheikh Abdullah bin Zayed Al Nain, Deputy PM and Minister of Foreign Affairs and members of the private sector.

Discussions covered initiatives including a diplomatic mission in the UAE, support for TT as a non-P5 member of the UN Security Council, cooperation in the oil and gas sector, development of land and utilisation strategies for investment.

Sobers highlighted discussions on development of the Port of Port of Spain, desalination plants, air connectivity, a medical tourism industry and technical support to improve the ease of doing business.

End of STOW

24 January

The Oilfield Workers Trade Union supports the government’s decision to remove STOW,  reiterating statements by the prime minister and describing the chamber as a self-serving and elitist organisation.

“They serve only in the interest of the multinationals and top local contractors who enjoy unbridled access to the people’s resources in the Energy Sector. Clearly, it is evident that the Prime Minister is listening to the cries of the small and medium contractors and the workers in the energy sector.

The stark reality is that under the previous administration, the Energy Chamber benefited significantly, financially, institutionally and otherwise, while very experienced and competent workers, small contractors and genuine health and safety oversight were sidelined.”

The union accused the chamber of using restrictive pricing in Safe To Work (STOW) certification to keep smaller contractors out of the sector

“Whilst the Energy Chamber were having a lavish feast over the last ten years, it was a race to the bottom with workers’ casualties, very low rates of pay for workers with no terms and conditions, poor working conditions, very low standards of work and real-time violation of health and safety measures in this highly dangerous and volatile sector.”

The union said there has been a contradiction between the certification and the loss of life in the sector.

“The fact is, under the last PNM administration, both Paria Fuel Trading Company and Heritage insisted on the highly touted STOW certification, and yet we had workplace fatalities where four divers died in Paria and one in Heritage offshore Trinmar, whose body is yet to be recovered.

“The fact is, health and safety cannot be reduced to a checklist, a badge, or a privately controlled certification scheme. What is definitely required is a unionised work environment,” the union said.

 

 

 

 

TTNGL $2.2b capital cut to revive dividends  after three-year drought

21 January

Trinidad and Tobago NGL Ltd (TTNGL) is seeking shareholder approval to reduce its stated capital by $2.2 billion, a move intended to clear a legal hurdle that has prevented the company from paying dividends for the past three years.

Pursuant to Section 48(1) of the Companies Act, the proposed measure is a special resolution requiring approval by not less than 75% of the votes cast by shareholders entitled to vote, either in person or by proxy.

The special resolution is listed under “special business” for TTNGL’s tenth annual meeting, scheduled for February 5.

“Over the past three years, TTNGL has been unable to pay dividends to its shareholders, due to the company’s inability to satisfy the solvency test prescribed under Section 54 of the Companies Act Chapter 81:01 of the laws of Trinidad and Tobago (the Companies Act). In particular, the net realised value of TTNGL’s assets has been less than the aggregate of its liabilities and stated capital of all classes of shares,” its letter to shareholders stated.

TTNGL failed that test after accounting write-downs significantly reduced the book value of its main investment, Phoenix Park Gas Processors Ltd (PPGPL).

“This position was brought about by the impact of impairment charges recorded in the company’s financial statements which have eroded/reduced the retained earnings, resulting in an estimated accumulated deficit of $1.8 billion as at December 31, 2025. These impairments reflect lower calculated valuations of TTNGL’s investment in its underlying asset, Phoenix Park Gas Processors Ltd (PPGPL), that were driven by materially lower long-term cash flows at PPGPL.”

TTNGL said that the lower valuation was primarily a result of reduced forecasted gas supply volumes to PPGPL for processing, the inclusion of a finite useful life for Trinidad operations to 2042 (due to decommissioning provisions), and lower forecast cash flows from PPGPL’s operations in North America.

Directors have carefully examined the available options to address the restrictions imposed by Section 54 of the Companies Act.

Reduction of the stated capital

“That the stated capital account for all classes of shares be reduced proportionally by $2.2 billion (as shown in table below) by deducting the amount from the stated capital account maintained by the company for its ordinary shares, to satisfy the solvency test as prescribed under Section 54 of the Companies Act, thereby enabling the company to declare and pay dividends pursuant to Section 48(1) of the Companies Act, which provides as follows:

‘Subject to subsection (3), a company may by special resolution reduce its stated capital for any purpose including, without limiting the generality of the foregoing, for the purpose of:

‘(a) extinguishing or reducing a liability in respect of an amount unpaid on any share;

‘(b) distributing to the holder of an issued share of any class or series of shares an amount not exceeding the state capital of the class or series; or

‘(c) declaring its stated capital to be reduced by an amount that is not represented by realisable assets’,” it stated.

TTNGL said following the share capital reduction, the voting rights for all classes of shares remain unchanged.

“In accordance with Section 48(3) of the Companies Act, the directors confirm that they are satisfied and have reasonable grounds to believe that, following the proposed reduction of the stated capital account:

(a) the company would, after that reduction, be able to pay its liabilities as they become due; and

(b) the realisable value of the company’s assets would not, after the reduction of the stated capital, be less than the aggregate of its liabilities.

In its recent financial statement, TTNGL stated that for the nine months ended September 30, 2025 PPGPL delivered profit after tax of $169.8 million.

For the comparative period last year, PPGPL recorded an after-tax profit of $214.9 million.

TTNGL chairman Gerald Ramdeen stated that the performance was underpinned by continued generation of solid margins in its core operations.

“However, the company continues to be adversely impacted by the operations of its foreign investments. The board of PPGPL is currently undertaking a careful examination of these operations.

As part of ongoing risk management, TTNGL continues to assess its investment in the PPGPL group, taking account of continuing uncertainty around regional gas developments. TTNGL will continue to monitor market conditions and the performance of PPGPL subsidiaries.

Should there be a sustained improvement in forecasted domestic gas supply or asset values, the company will consider further reversing impairment charges in accordance with applicable accounting standards.”

Consistent with its duties under the Companies Act and its focus on long-term value, TTNGL continues to actively evaluate options to responsibly restore distributions to shareholders.

 

 

 

TTNGL resumption of dividends with $2.2B capital reduction

2026, 01/16

Shareholders of publicly listed TTNGL were given hope of a turnaround in their fortunes yesterday, when the company announced a proposal to reduce its stated capital account by $2.2 billion.

Shareholders will be asked to approve a special resolution at its February 5 annual meeting that would reduce its total share capital from $2.772 billion to $572.12 million. In a letter to shareholders, TTNGL said the company was unable to pay dividends to its shareholders over the last three years, due to its inability to satisfy the solvency test prescribed in the Companies Act.

“This position was brought about by the impact of impairment charges recorded in the company’s financial statements which have eroded/reduced the retained earnings, resulting in an estimated accumulated deficit of $1.8 billion as at December 31, 2025.

These impairments reflect lower calculated valuations of TTNGL’s investment in its underlying asset, Phoenix Park Gas Processors Ltd, that were driven by materially lower long-term cash flows at PPGPL. The lower valuation was primarily a result of reduced forecast gas supply volumes to PPGPL for processing, the inclusion of a finite useful life for Trinidad operations to 2042 (due to decommissioning provisions), and lower forecast cash flows from PPGPL’s operations in North America.”

TTNGL directors said the reduction in the company’s share capital is in accordance with section 48(3) of the Companies Act. The directors are satisfied that, following the proposed reduction of the stated capital account:

1. 1. 1. • ↓TTNGL would be able to pay its liabilities as they become due; and
      2. • ↓The realisable value of the company’s assets would not, after the capital reduction, be less than the aggregate of its liabilities.

The reduction of TTNGL stated capital was interpreted as the company’s preparation to resume the payment of dividends, as it would now be able to pass the solvency test.

The last dividend received by TTNGL shareholders was on September 14, 2022 for $0.35. In 2022, the shareholders of the company received a total dividend of $0.85. The shareholders did not receive dividends in 2023, 2024 or 2025. From the end of 2022 to yesterday, the share price of TTNGL has tumbled by 87.3 per cent, dropping from $20.90 to $2.65.

The special resolution to reduce TTNGL stated capital requires the approval of not less than 75 per cent of the votes cast by shareholders in person or by proxy. TTNGL board comprises chairman Gerald Ramdeen and directors Judy Kalloo, Ashmeer Mohamed and Dr Rampersad Motilal.

Kalloo joins TTNGL board

13 January

CHAIRMAN of the National Insurance Board (NIB) and its subsidiary, the Trinidad and Tobago Mortgage Bank (TTMB) Judy Kalloo has been appointed to the board of Trinidad and Tobago NGL Ltd.

Kalloo’s appointment took effect on January 8, according to a notice to shareholders posted by the Trinidad and Tobago Stock Exchange .

The notice also stated that chairman of the National Gas Company of Trinidad and Tobago Gerald Ramdeen has been appointed chairman of TTNGL. Dominic Rampersad, who retired as president of Phoenix Park Gas Processors, has ceased to be a director of TTNGL.

A retired leader in the financial sector whose career spanned four decades across the region, Kalloo was appointed chairman of the NIB last August.

TTNGL was incorporated on September 13, 2013 by The National Gas Company of Trinidad and Tobago Limited (NGC) to enable the public to participate in an Initial Public Offering (IPO) to own an equity interest in Phoenix Park Gas Processors Limited (PPGPL).

Through an Initial Public Offering (IPO) in 2015 and an Additional Public Offering (APO) in 2017, the public (individuals and institutions of Trinidad and Tobago) holds a 75% equity interest in TTNGL, while NGC holds the remaining 25%.

While TTNGL became a corporate entity in 2013, its underlying investment, Phoenix Park Gas Processors Ltd (PPGPL), has over 30 years of operating history in the local natural gas-based energy sector.

Colin Ramesar is the acting president of Phoenix Park Gas Processors Limited, a Trinidad and Tobago company formed in May 1989, owned by NGC NGL Company 51%, Trinidad and Tobago NGL 39% and Pan West Engineers & Constructors LLC 10%.

 

 

 

 

Venezuela may be one source for re-starting refinery

2026, 01/19

The Energy Chamber says a revitalised Venezuela oil industry could potentially be one source for providing crude oil to the resurrected. refinery in Trinidad.

“If the refinery does restart, as everyone in the industry hopes, then the refinery operators will have to find new sources of crude to import. A revitalised Venezuela oil industry could potentially be one source,” the Chamber said.

Over the past few years there has been a great deal of discourse about the opportunities to import natural gas from Venezuela to Trinidad for processing into petrochemical or liquified natural gas (LNG) and re-exporting the final products to international markets.

This continues to be a major area of interest and especially with the Dragon gas field.
“While the current focus is on gas, there was a time when Trinidad and Tobago imported substantial volumes of crude oil from Venezuela primarily as feedstock for the now mothballed Point-a-Pierre refinery.”

The Energy Chamber said that in 2000, Trinidad and Tobago imported over 18 million barrels of crude from Venezuela, which at the time represented over half of the country’s imported crude.This is equivalent to just over 50,000 barrels per day roughly equal to the current domestic production .

“To some, it might be surprising that Trinidad and Tobago imported oil at all. However, this was mainly to supplement domestic production for the refinery as local output fell. Annually, the country imported around 30 million barrels (over 80,000 barrels per day) of crude from sources around the world, including Venezuela, other parts of Latin America, Canada, Russia and Africa.”

Crude oil imported from Venezuela did not all go to the refinery for processing and some imports were stored and then re-exported.

“There was also Venezuelan crude that was processed at Point-a-Pierre to create lube oils for export.”

In the early 2000s PDVSA, the state oil company of Venezuela, were members of the Energy Chamber, then the South Trinidad Chamber, regularly attending and speaking at the Trinidad and Tobago Energy Conference.

“Over time, however, this relationship slipped, as did the imports of crude from Venezuela. The imports eventually stopped in 2009, after which other sources were sought.

During the peak years, Venezuelan oil played a critical role in supporting refinery operations, supplying the volumes needed to sustain output. The refinery has a capacity of approximately 175,000 barrels of oil per day.

Domestic production from Trinidad and Tobago alone could not meet this demand; therefore, imports were necessary to keep the refinery operational. In 2018, when the refinery closed, domestic production was 63,000 barrels per day. Production continues to slip and domestic production now stands at approximately 53,000 barrels per day.”

Following US intervention, President Donald Trump indicated that Washington will run Venezuela for the foreseeable future. The US Energy Information Administration (EIA) estimates Venezuela holds a massive 303 billion barrels of crude, about a fifth of the world’s global reserves.

Trinidad and Tobago government is exploring the possibility of regional and international partners being involved in restarting its state-owned oil refinery shut down in 2018, when the cost of upgrading the refinery would have created an unsustainable debt burden estimated at TT$12 billion (One TT dollar=US$0.16 cents).

Energy Minister Dr Roodal Moonilal said the administration has given serious consideration to the “Interim Report of the Refinery Restart Committee” led by former energy minister Kevin Ramnarine, last month.

Last December, Prime Minister Persad-Bissessar said the government would restart the state-owned Petrotrin oil refinery and that the findings of the committee “are clear, restarting the Guaracara Refinery is technically, commercially and financially viable even after seven years of closure and neglect.”

 

 

 

 

T&T, Proman and Clico Energy

2026, 01/22

Attorney General John Jeremie, SC, laid the Colman Commission of Enquiry report into the failure of Clico and other companies of the CL Financial group in Parliament.

Effectively making that document public for the first time , he told Parliament and the country, that he proposed to end civil proceedings in litigation involving the demise of the CL Financial

“in a cost-effective manner, having regard to the fact that the State has commenced some of these proceedings and might be required to meet some reasonable costs to exit proceedings.”

Asked whether litigation brought by the State to overturn the sale of Clico Energy to the Switzerland company, Proman, was one of the matters that Mr Jeremie proposed to end, a Government official said that it was his understanding that the matter “had been compromised on terms beneficial to the State.”

Compromise, in this context, means “settle a dispute by mutual concession.” The resulting story was published under the headline “Govt reaches settlement with Proman over Clico Energy.”

On Monday, the Office of the Attorney General published a news release with the headline ‘CL Financial agrees to sale of disputed shares to Proman Holdings Barbados.’

Before the collapse of the CL Financial empire, Clico Energy was 51 per cent owned by CL Financial and 49 per cent owned by Proman.

Clico Energy owned shares in two ammonia companies on the Point Lisas Industrial Estate, Caribbean Nitrogen Company and Nitrogen 2000, a 48.75 per cent stake in Southern Corporation Company, a methanol marketer and a 67.50 per cent shareholding in Industrial Plant Services Ltd.

On January 30, 2009, then minister of finance, Karen Nunez-Tesheira, accompanied by then Central Bank Governor Ewart Williams, announced that the Government and the Central Bank were stepping in to bailout the group.

The then CL Financial chairman, the late Lawrence Duprey, and Andre Monteil, accepted the terms of a Memorandum of Understanding that outlined the bailout process.
On February 3, 2009, days after the signing of the MoU, Mr Duprey sold the 51 per cent shareholding to Proman for US$46.5 million.

It is useful to quote extracts of the Office of the Attorney General’s news release now, as it places the issues in context:

1. “Upon entering into office, this government met various legal matters that threatened the economic well-being of this country. One of those matters was the Privy Council Appeal of Proman Holdings Barbados against CL Financial (CLF) and its related companies.
2. “These proceedings concerned the validity and effect of a Purchase and Sale Agreement dated 3 February 2009 through which CLF, purportedly acting through Mr Duprey, who was then a director and chairman of both CLF and Clico, sought to transfer a 51 per cent shareholding in Clico Energy Co. Ltd (now Process Energy Trinidad Ltd) to Proman for the sum of US$46,500,001.
3. “The transaction was challenged in the High Court with Justice Devindra Rampersad, in September 2021, ordering Proman to return the 51 per cent of Clico Energy to CLF, and to provide an account of dividends and/or distributions owed, which were ultimately valued at US$185,916,295.05 plus interest at the time.
4. “This decision was challenged and upheld in the Court of Appeal, where the proceedings were described as “high stakes, full-blown, adversarial litigation involving well-renowned Titans of Trade and Industry”. Proman went on to pursue an appeal before the Privy Council.
5. “Immediately upon entering into office, the Government, being the majority shareholder and largest creditor of CL Financial, sought the advice of eminent Kings Counsel in London with respect to the prospects of success and the likelihood of the JCPC upholding the decision of the Court of Appeal. The Government, having received advice, decided to continue negotiations which commenced but were never successfully concluded under the last administration.
6. “After giving careful thought to all the interests involved, the prospects of success and the very real possibility of certain of the findings of the Court of Appeal being overturned, CL Financial, with the express agreement of the Liquidator and the sanction of the Court, agreed to the sale of the disputed shares to Proman Holdings Barbados to compromise the proceedings before the Privy Council. The completion of this transaction allowed the Government to recover significant funds while avoiding the litigation risk which would have resulted from the further pursuit of this matter before the Apex Court.”

Justice Rampersad voided the February 3, 2009, purchase and sale agreement (PSA) and ordered:

1. • The restoration of 51 per cent shareholding in Clico Energy (which was renamed Process Energy Trinidad Ltd) to CL Financial;
2. • An account and payment to CL Financial of all dividends and distributions made after the PSA. According to a 2022 judgment in the Court of Appeal by Justice Malcolm Holdip, the distributions and dividends generated by Clico Energy between February 2009 and September 2021, amounted to US$185,916,295.05 plus interest at 2.5 per cent per annum;
3. • The return of the US$46.5 million consideration for the sale of Clico Energy to Proman; and
4. • The payment of the costs of the action by Proman and Duprey to CL Financial.

Justice Rampersad suggested that the money that Proman owed CL Financial (US$185.91 million) could be set off against the money CL Financial owed Proman (US$46.5 million).

The result of the setting off, or netting off of those two numbers is US$139.41 million. The Court of Appeal did not interfere with Justice Rampersad’s order in that regard.

Justice Rampersad also directed, and the Court of Appeal concurred, that an interest rate of 2.5 per cent per annum should be added to the set-off figure of US$139.41 million. If that is done, and the length of time of the interest is extended from September 2021 to December 2025 (the presumed date of the settlement agreement), then the compounded interest over 16 years would be US$90.074 million.

So if the set-off amount of US$139.41 million is added to the compounded interest of US$90.07 million, then the amount of money Proman owes CL Financial grows to US$229.48 million.

The news release from Office of the Attorney General stated that CL Financial, which is under liquidation, AGREED TO THE SALE OF THE DISPUTED SHARES TO PROMAN HOLDINGS BARBADOS.

That means that in addition to the US$229.48 million, which is the set-off amount plus the compounded interest of 2.5 per cent over 16 years, the value of the 51 per cent stake in Proman Holdings Barbados has to be added.

Google’s AI was asked the following question on Wednesday: If a company generates $185.91 million in dividends over 12 years, and pays out 40 per cent of its profits in dividends, what would be a reasonable sale price for the company.

Assuming an average annual dividend of US$15.49 million, a 5.0 per cent perpetual growth rate and a 10 per cent required return, the AI determined a price of US$309.85 million.

Did the Government receive a total of US$539.33 million from Proman and, if not, why not? What was the value placed on the shares, and what was the total consideration?

 

 

 

Sale of CL Financial shares to Proman

20 January

In a matter “that posed a serious threat to the country’s economic well-being,” the Office of the Attorney General announced a decision to end a Privy Council appeal involving Proman Holdings Barbados Ltd and CL Financial Ltd (CLF). On January 19, it said after assuming office, the government was confronted with several complex legal disputes inherited from the previous administration, including the high-profile Privy Council appeal arising out of a controversial share transfer involving Clico Energy Company Ltd, now known as Process Energy (Trinidad) Ltd (PETL).

The dispute centred on a purchase and sale agreement dated February 3, 2009, under which CLF, purportedly acting through its then-chairman and director Lawrence Duprey, sought to transfer a 51 per cent shareholding in Clico Energy to Proman for US$46.5 million ($314.83 million). The transaction was challenged in the High Court, with Justice Devindra Rampersad ruling in September 2021 that the transfer was invalid.

Rampersad ordered Proman to return the 51 per cent shareholding to CLF and to account for dividends and distributions received. Those sums were ultimately valued at more than US$185.9 million ($1,258.63 million), exclusive of interest.

Proman appealed the ruling, but the decision was upheld by the Court of Appeal, which characterised the case as “high stakes, full-blown, adversarial litigation involving well-renowned titans of trade and industry.”

Proman subsequently pursued a final appeal before the Privy Council.

Immediately upon taking office, the government – as the majority shareholder and largest creditor of CLF– sought advice from King’s Counsel in London on the prospects of success before the Privy Council and the likelihood of the appellate court’s decision being upheld.

After that advice, the government opted to continue settlement negotiations that had been initiated, but not concluded, under the former administration. Careful consideration was given to the litigation risks involved, including the “very real possibility” that certain findings of the Court of Appeal could be overturned by the Privy Council.

Ultimately, CLF, with the express agreement of its liquidator and the sanction of the court, agreed to sell the disputed shares to Proman Holdings Barbados Ltd as part of a compromise to bring the Privy Council proceedings to an end.

Completion of the transaction allowed the government to recover significant funds for the state while avoiding substantial financial and legal risks associated with continuing the litigation before the apex appellate court.

This decision balanced the national interest, the prospects of success and the need to protect public finances. The settlement brought finality to one of the most significant and long-standing disputes arising out of the collapse of the CLF group.

The Privy Council was set to hear the appeal on the controversial sale of Clico Energy’s assets (Barbados), completed days after the government’s 2009 bailout of the CLF group. The appeal challenged Rampersad’s ruling, which voided the sale after finding the company was grossly undervalued, and a 2023 Court of Appeal decision that upheld the ruling and went further by finding the transaction was fraudulent. The disputed judgment was valued at more than $2 billion, representing the purchase price and dividends collected since 2009. CLF and Clico had maintained that the sale could not be ratified and argued that a fraud finding was critical to recovery efforts.

After laying the long-awaited Clico commission of enquiry report in Parliament on January 17, Attorney General John Jeremie, SC, said the state spent an estimated $28 billion rescuing CLF and its subsidiaries.

An additional $3 billion to $4 billion was incurred in legal, accounting and administrative expenses linked to the collapse, imposing a significant and long-term burden on public finances. He said the state could no longer justify the continuation of costly civil proceedings that failed to deliver meaningful outcomes. He announced his intention to bring those actions to an end in a cost-effective manner.

On January 19, the Central Bank asked the High Court to adjourn the continuation of its long-running lawsuit against former directors of CLF and its former chairman, Lawrence Duprey, while it reviews the Colman report to determine whether it has a bearing on the case. Duprey, died on August 24, 2024.

The matter, filed by the Central Bank in 2011, concerns allegations arising from the collapse of Colonial Life Insurance Company (Trinidad) Ltd and other entities within the CLF group. Justice Robin Mohammed granted the adjournment to January 26.

On January 17, the Central Bank acknowledged comments made by the Attorney General in parliament and confirmed it is reviewing the document.The bank said the report was “voluminous,” spanning 676 pages and it is carefully considering its full contents.

“The Central Bank is admittedly concerned that the process is such a protracted one,”

The bank is giving its independent consideration to the wider implications for the ongoing litigation matter against former officers of the CL Financial group.”

The Central Bank would provide further information “as and when appropriate.”

Also on January 19, an attorney for social and civil rights activist Kendal Dolly sought detailed information on legal fees incurred by the state in the matters relating to CLF litigation.

In two letters to Central Bank governor Larry Howai and the permanent secretary for the Ministry of Finance, Dolly, through his attorney, Ricky Pandohee, expressed deep concern over what he described as “substantial expenditure on legal fees” linked to several CLF and HCU-related matters. Central to Dolly’s request is the Central Bank’s lawsuit against Duprey and the former CLF board. The claim, filed approximately 15 years ago, remains unresolved, despite being governed by the Civil Proceedings Rules 1998, which ensure timely disposal of cases.

“The fact that a civil matter could be pending for 15 years is of very serious concern to my client since the sums expended by the CBTT and Clico in legal costs would have skyrocketed.”

Dolly’s attorneys described prolonged duration of the litigation as “of very serious concern,” arguing that legal costs for both CBTT and Clico would have “skyrocketed” over the years, ultimately burdening taxpayers. Successive governments approved these legal expenditures for over a decade.

The correspondence criticised decisions under the former PNM administration, alleging that significant sums were approved for litigation that was either unsuccessful or should not have been pursued. Dolly signalled his intention to seek separate disclosures on matters taken to the Privy Council under the PNM government and the costs associated with those appeals.

“Of note is the fact that the PNM approved significant expenditure on other litigation, which was either lost or should not have been brought.

We have been instructed also to seek information concerning matters needlessly taken to the Privy Council under the PNM government and the costs of those matters. We shall be doing so under separate cover.”

Under the Freedom of Information Act, Dolly is requesting particulars on the total quantum of legal fees spent and approved by the state in relation to the Duprey litigation, the officials or bodies who approved the expenditure, and the process by which attorneys were selected.

He argues that the information should be readily available, given the Attorney General’s public statements on the overall cost of the CLF matters.

The FOIA applications stressed that the requested material constitutes public information and is urgently required due to a strong public interest component. Pandohee reminded that the FOIA requires a response within 30 calendar days.

If the request is denied, in whole or in part, the bank and the ministry are being asked to justify any refusal by reference to specific statutory exemptions and to release all non-exempt information.

The letters warn that failure to respond within the statutory timeframe will result in judicial review proceedings being filed in the High Court but Dolly’s attorney said they hope the matter can be resolved “without further recourse to litigation.”

 

 

 

Government settlement of Clico Energy

2026, 01/19

The Government reached agreement with Swiss company, Proman, to settle the Clico Energy case, on terms favourable to the country. It is estimateed that Proman would have paid upward of US$150 million to the Government’s account at the Central Bank, following the statement by Attorney General, John Jeremie, that the Government did not intend to pursue civil cases related to the collapse of the CL Financial empire in 2009.

In Parliament, as he laid the report of the Commission of Enquiry into the collapse, Jeremie said that as the guardian of the public interest , he could not direct the Director of Public Prosecutions to stop criminal cases against CL Financial.

“I can, however, end civil proceedings and I propose to do so now in a cost-effective manner, having regard to the fact that the state has commenced some of these proceedings and might be required to meet some reasonable costs to exit the proceedings.”

The Clico Energy matter involves the sale of the company by former CL Financial executive chairman, the late Lawrence Duprey, to Proman on February 3, 2009, days after he signed the January 30, 2009, memorandum of understanding by which the Government agreed to bail out Clico, British American Trinidad (BAT), Clico Investment Bank (CIB) and Caribbean Money Market Brokers. Duprey sold CL Financial’s 51 per cent stake in Clico Energy to Proman for US$46.5 million, a transaction that was challenged in the High Court.

In a judgment delivered on September 30, 2021, Justice Devindra Rampersad ordered that:

1. Proman return the 51 per cent of Clico Energy to CL Financial;
2. provide an account of all dividends and/or distributions made by the company from the February 3, 2009 date of acquisition to the date of the restoration of the shares at an interest rate of 2.5 per cent per annum; and
3. that CL Financial repay the US$46.5 million consideration paid by Proman for the shares.

Some time after the acquisition, Proman renamed the company Process Energy Trinidad Ltd, which at the time of the sale held shares in two ammonia plants on the Point Lisas Industrial Estate—Caribbean Nitrogen Company and Nitrogen 2000—as well as a 48.75 per cent stake in Southern Corporation Company, a Texas company that marketed methanol originating in T&T and 67.50 per cent stake in Industrial Plant Services Ltd, a plant services company which provided services to ammonia and methanol plants in T&T.

After the judgment, it was determined that the amount of dividends/distribution owed to CL Financial was US$185,916,295.05 plus interest, as at September 2021. That number, plus the accruing interest, would have grown up to the date of the agreement.

Justice Rampersad recommended that the US$46.5 million that Proman paid for the shares should be set off against the US$185.91 million in dividends/distributions.

Proman appealed the High Court judgement but the Court of Appeal did not uphold the judgement.

The Government said the settlement would mean Proman having to withdraw the appeal from the Privy Council.

Proman is the largest operator on the Point Lisas Industrial Estate, with 14 petrochemical plants.

 

 

 

Woodside reduces local workforce to one

January 14, 2026

‘Grant McKenzie, left, vice-president, Developments, Woodside Energy; Bryan Ramsumair, country manager, Woodside Energy, Trinidad and Tobago; and David Bryant, project director, Calypso Project, Woodside Energy, at JSC on Energy  enquiry into State strategies to promote investments for exploration activities.

Woodside Energy told a Joint Select Committee (JSC) its local operations dwindled from 100 employees to one person on the ground as it shifted assets and workers to another company.

The JSC, chaired by Housing Minister Dr David Lee, held an “enquiry into the State’s strategies to promote investments for both offshore and onshore exploration activities”.

Concerned over the decline, former energy minister Stuart Young said there was a need to understand what was transpiring with Woodside, as its only local investment was the Calypso deepwater project.

The last government did everything to hold Woodside’s interest, including efforts to extend the life of smaller wells. Woodside country manager Bryan Ramsumair confirmed Woodside had downsized significantly from around 100 persons to one person, excluding global staff engaged in Calypso.

JSC member and Parliamentary Secretary Nicholas Morris said efforts to downsize began in March 2025 and continued to June 2025. This included the decision to divest the Angostura portfolio, which vice-president, Developments, Grant McKenzie stated was a “win-win” decision.

He said the project had been a late life asset. Former vice-president and country manager, now operating out of Houston, Kellyanne Lochan, said divestment of the Angostura project was also intended to generate cash to support other projects.

She said there were benefits to T&T in divesting to Perenco, with operations that supported the project being transferred to that company in July 2025.

Morris said the changes did not occur overnight. On his question as to when the transition began, including workers and assets, Lochan said changes were decided in March last year. All personnel were transferred to Perenco, as well as the lease for the company’s previous offices.

Works Minister and JSC member Jearlean John asked whether Woodside left T&T because of a change in government.

McKenzie said the decision was not a political one and divestment of Angostura was based on the fact that the project was at the end of its life. Perenco was better positioned to squeeze more life out of a mature field.

Woodside was always looking for viable projects globally but these had to be competitive. According to Grant, in nearly three decades in T&T, Woodside invested over $1 billion and engaged in extensive sharing of knowledge and technology, while also utilising local expertise.

The company is currently focused on the Calypso project, which represents a significant opportunity for the country. McKenzie said the project was moving towards its final market development phase.

Woodside would not continue investing in the project if it did not seem viable. Improvement was needed in the processes and requirements applied to some multi-national activities, which were lengthy and tedious. This also had an impact on project cost and scheduling, McKenzie said.

Ramsumair said it was hoped that the Government’s recently launched Energy Accelerator Hub would ease and speed up some process, including in the application framework. The hub brings various Government agencies under one umbrella and it was hoped this would expedite the approval process.

 

 

 

PSCs structured to favour State with windfalls

2026, 01/15

Woodside Energy outlined how T&T’s production sharing contract framework is structured to deliver increasing returns to the State as prices and output rise, with windfall gains largely accruing to the country during periods of extraordinary market conditions.

Country manager for T&T, Bryan Ramsumair, addressed the issue while appearing before the Joint Select Committee on Energy Affairs yesterday, as members examined the fiscal and regulatory architecture surrounding the Calypso deepwater gas project.

Without disclosing specific thresholds, Ramsumair explained that the production sharing contract (PSC) operates on a tiered basis, where the government’s take rises as production volumes and commodity prices increase. As a result, higher output and stronger prices translate into a larger share of profits flowing to the State.

He pointed to the volatility of global oil and gas markets, noting that extraordinary price spikes occasionally occur. Under those extreme conditions, the PSC is structured so that windfall elements are captured primarily by the State rather than the operator. Ramsumair confirmed that as profits rise sharply, the benefit shifts increasingly in favour of the country.

The Woodside manager addressed how T&T’s fiscal regime compares with other deepwater jurisdictions where the company operates. He explained that while the capital intensity of deepwater projects is broadly similar across regions, economics become more challenging as operators move into smaller reservoirs.

“You still have to spend an equivalent amount in terms of drilling development costs, as well as all the safety and environmental protections that you have to put in place.So the cost per barrel, whether it be gas or oil, is increasing.”

Against that backdrop, operators globally look for incentives to pursue smaller pools and marginal reservoirs. These incentives may take the form of improved PSC terms or adjustments under the Petroleum Taxes Act, aimed at offsetting higher unit costs and maintaining commercial viability.

Committee member MP, Stuart Young, emphasised that Calypso represents the country’s first deepwater project, describing it as uncharted territory for the country. He noted that the project is being pursued under a PSC rather than the traditional exploration and production regime and that negotiations on fiscal terms had spanned roughly two years.

Young highlighted the inherent tension in those negotiations, with companies weighing risk and expenditure while the State seeks to maximise returns from national resources on behalf of citizens.

Discussions had been conducted respectfully and constructively, with both sides attempting to find a “sweet spot”.

Woodside Energy’s vice president for development, Grant McKenzie, described transparency as central to the process. He explained that progress is achieved when both sides are willing to clearly explain their challenges, outline possible solutions and identify areas of overlap that allow projects to move forward.

Young also referenced the restructuring of Atlantic LNG by the former administration, which introduced third-party access to LNG facilities. He described that change as a critical factor that enhanced T&T’s attractiveness to Woodside, as it created the possibility for producers to bring gas for liquefaction, subject to commercial negotiations.

McKenzie later returned to the issue of collaboration across the life cycle of a project, including at the mature stage of reservoirs. He pointed to past examples where discussions on drilling options and cost recovery had resulted in amendments to PSCs, extending the productive life of assets.

He stressed that ongoing, two-way engagement remains essential, whether at the front end of development or during the final phase of production.

Minister Kennedy Swaratsingh, observed that global energy companies continually reassess where to enter or exit markets as part of evolving business models, particularly when pushing into frontier areas such as deepwater. McKenzie responded that while Woodside’s deepwater projects share technical similarities, each jurisdiction presents unique challenges.
He outlined how rising costs across global supply chains placed pressure on project economics.
McKenzie explained that Woodside’s refresh of the Calypso concept at the end of 2024 into 2025 focused on delivering a leaner development approach without compromising safety, health or environmental standards. Key milestones for 2026 include completing pre-front-end engineering design studies to refine capital expenditure estimates and confirm technical and economic viability.

Parliamentary Secretary in the Foreign Ministry , Nicholas Morris, referred to the Cabinet’s recent announcement of an energy accelerator hub to streamline licensing and regulatory approvals. Ramsumair welcomed the initiative, describing it as beneficial as Calypso moves into development, particularly in keeping approvals aligned with project schedules.

 

 

 

Forex of US$17.3 billion from energy companies in 14 years

2026, 01/14

Data presented by the Trinidad and Tobago Extractive Industries Transparency Initiative (TTEITI) show that energy companies generated US$17.3 billion in foreign exchange between 2011 and 2024, confirming the sector’s continued centrality to economic stability despite growing volatility.

TTEITI said the energy sector remains the single largest source of foreign exchange, with BP and the National Gas Company (NGC) alone contributing a combined US$14.8 billion over the period. The figures are based on reporting from the largest contributors, BP, Shell, EOG, Woodside and NGC.

“Foreign exchange availability affects import costs, financial planning and country risk”

This type of data is critical for businesses assessing exposure in a constrained forex environment.

Transparency in the energy sector is not an academic exercise but a practical business tool that can help firms assess risk, anticipate policy shifts and make informed decisions in an increasingly volatile environment.

The Extractive Industries Transparency Initiative (EITI) is the global benchmark for transparency in oil, gas and mining and is often described as an “ISO for transparency”.

Long said the EITI framework is designed to answer three core questions.

1. How much do we earn from our resources?
2. Who do we partner with to develop them?
3. And do our systems work optimally to ensure we get value for our resources?

To answer these questions, the TTEITI conducts a reconciliation exercise comparing what extractive companies report paying to the State with what the government reports receiving.

Any discrepancies are identified and explained by an independent auditor. The initiative also focuses on beneficial ownership disclosure, identifying the controlling interests behind companies operating in the sector, and assessing whether tax, audit and data management systems are delivering value. Participation in the EITI sends a strong signal to investors.

“When a company or a country signs up to EITI, it signal that it wants the right type of businesses, those willing to disclose their tax information to the public.”

Three strategic priorities guide the TTEITI: strengthening domestic revenue mobilisation, informing the energy transition using ESG-related data and tackling corruption. TTEITI reporting, which dates back to 2011, allows users to track long-term shifts in fiscal performance and policy outcomes.

“Data sends signals about the tax space and the policy space and it supports ESG analysis.”

Contractions in the energy sector almost always coincide with weaker overall GDP performance. The swing from a 10 per cent contraction in energy GDP in the third quarter of 2023 to growth of 6.4 per cent in the fourth quarter of 2024 matters for businesses.

They affect consumer spending, hiring decisions and investment planning. Despite diversification efforts, energy revenue remains a major, though volatile contributor, to Government income, driven largely by external factors such as global energy prices, supply-demand imbalances and geopolitical tensions.

Data also highlight the fiscal burden of fuel subsidies. Between 2011 and 2025, subsidy liabilities totalled TT$22.3 billion, even after accounting for the petroleum production levy paid by crude oil producers.

That sum was equivalent to nine years of GATE funding. Over the same period, levy contributions declined by 62 per cent due to falling oil production.

Shell, BP and NGC have been the largest contributors to Government revenue, with Shell overtaking others in recent years due largely to extraordinary “enhanced revenue payments” linked to 2020 negotiations.

Regarding production-sharing contracts, while Government profit shares generally covered tax obligations at the aggregate level, deeper analysis showed that some individual contracts failed to generate sufficient value.

“In a country that doesn’t practice contract transparency, this sends a signal about the value retained from these contracts.”

TT Chamber CEO Vashti Guyadeen said TTEITI’s verification work provides confidence in the integrity of energy sector data. She said more than $2 billion in payments have been reconciled over 15 years, with unexplained differences of just $4,500.

“Transparency data is not just about compliance.It is a strategic business input.”

The Chamber partnered with TTEITI to move “from data to dialogue, and from dialogue to better decisions.”

 

 

 

Proman shuts melamine plant

2026, 01/13

Proman Trinidad announced that it will temporarily suspend operations at its melamine plant in Point Lisas for an initial two-year period, citing continued unfavourable global market conditions.

The decision follows a detailed review of international market dynamics and is intended to safeguard the long-term sustainability and efficiency of its operations in T&T.

One year after the United States International Trade Commission imposed steep anti-dumping and countervailing duties of 154.28 per cent on melamine imports from Trinidad and Tobago and other countries, those duties, introduced in January 2025, combined with persistent global price pressures, have made the continued production of melamine economically unviable.

Proman emphasised that the pause is a strategic response to these challenges rather than a permanent closure, and that it will continue to monitor market conditions to assess the feasibility of resuming production in the future.

While production at the melamine plant would be halted, Proman underscored its commitment to employees and local communities.   Of 89 workers potentially affected, the vast majority would be redeployed to other plants, projects and roles across the company’s operations. Staff will also have access to training and resources to support their transition.

For the small number who cannot be redeployed, Proman pledged to provide full outplacement support, access to its Employee Assistance Programme (EPA) and statutory benefits, ensuring that all are treated with dignity and respect during the process.

Proman Trinidad’s executive director, Anand Ragbir, stressed the company’s long-standing role in the national energy sector and its ongoing commitment to the country.

“We do not take these decisions lightly. Proman has been a key contributor to the Trinidad and Tobago energy sector for over 35 years, and we will continue to invest in our operations, our people, and our local communities. This decision does not affect the production or operations of our other plants in Trinidad.”

Looking ahead, Proman confirmed that it would continue to evaluate global market conditions and explore opportunities to restart melamine production if circumstances improve. In the meantime, the company remains focused on strengthening its core operations and ensuring long-term competitiveness, reinforcing its pledge to remain a central player in T&T’s energy landscape.

Proman disclosed shutdown of its melamine plant less than three months after Canadian fertiliser producer, Nutrien, announced the controlled shutdown of its ammonia and urea plants on the Point Lisas Industrial Estate.   Minister of Energy Dr Roodal Moonilal said the decision reflects difficult market conditions affecting the global melamine trade.

“It is clear that this is an issue arising from challenging market circumstances. I am aware that Proman has been seeking alternative markets for melamine, but the global environment is extremely difficult. In the short term, the company has taken a decision to pause production.”

Companies must continually assess what is required to ensure long-term sustainability.  The majority of employees will be retained and redeployed, which he described as a positive outcome. The matter first arose in January 2025 and the former energy minister was made aware of the situation.

Melamine is a nitrogen-rich organic compound commonly used in the production of various products, including tableware, laminate flooring, and cabinetry. It is a colourless crystalline substance that serves as a starting material for synthetic resins, making it versatile in industrial applications.

With many other materials available for tableware, melamine can be diverted to insulation, soundproofing, fire retardants and concrete, as it is expensive to produce.

 

 

 

 

Cross- border energy deals

10 January

One day after Energy Minister Dr Roodal Moonilal indicated that all was well with respect to government’s pursuit of a six-month Office of Foreign Assets Control (OFAC) licence for Venezuela’s Dragon gas project, former energy minister Stuart Young warned  against leaving the pursuit of cross border natural gas from Venezuela solely in the hands of energy multinational energy companies.

“This will result in lower returns to TT.”

On January 3, US President Trump said American oil companies will be going into Venezuela to fix its “broken infrastructure” and “start making money for the country.”

He had previously claimed Venezuela stole oil and other energy assets from the US.

Trump said he would meet oil executives at the White House on January 9 and that the oil companies would spend ‍at least US$100 billion in Venezuela. Following a meeting in Washington, DC, between Persad-Bissessar and US Secretary of State Marco Rubio, on September 30, 2025, TT was granted a six-month licence from the US Treasury Department’s OFAC) for Venezuela’s Dragon gas project.

This was outlined in statements later that day by the Office of the Prime Minister and the US State Department about agreement being reached to continuing TT-Venezuela cross-border energy initiatives, which began under the former PNM administration.

The State Department specifically identified the Dragon gas project in its statement.

The former PNM administration had secured a 30-year licence to explore and develop Dragon in December 2023. Young and former prime minister Dr Keith Rowley were involved in the negotiations with the Venezuelan government, alongside energy multinational company Shell, to secure the licence.

This licence was scrapped in April after Trump won the November 2024 US presidential election. Also scrapped was an OFAC licence for the Cocuina-Manakin project.

Last year, the Venezuelan government cut energy ties with TT because of support for the ongoing US military deployment . Then Venezuelan Vice President (now interim president) Delcy Rodriguez vowed TT would not receive a single molecule of her nation’s natural gas because of its support for the US.

At a news conference at Piarco International Airport on October 1, 2025, Persad-Bissessar said, “From day one when we came into office, we began work on that OFAC licence (for Dragon).

We had further discussions with Secretary Rubio on other fields – Loran/Manatee and Cocuina-Manakin.”

Committee to fast track energy projects

2026, 01/10

After acknowledging millions of US dollars could be added to the local economy through fast tracking of approvals in the Energy Sector, Energy Minister Dr Roodal Moonilal confirmed Cabinet’s decision to establish an oversight committee, Energy Accelerator Hub.

This will include him, Minister Ernesto Kesar and the Ministry’s Permanent Secretary and head of legal, the chair of the Environmental Management Authority, Doolar Ramlal, OSHA chairman Curt Cadet, chair of the Work Permit Committee, the Comptroller of Customs, the Chief Immigration Officer and a representative from the office of the Attorney General.

“The committee will include the chairman of the Occupational Safety and Health Authority. There are approvals that regularly go before the OSHA concerning work processes, both onshore and offshore and sometimes delays in resolving certain matters of work processes and production issues can lead to slow down and even shut down of certain production installations.

The committee also includes the Comptroller of Customs. Customs is a critical institution as well, since many of the energy multinationals do import equipment, specialised tools and so on, that requires the attention of Customs.

The Chief Immigration Officer is also included, since this deals directly with this use of workers and expats in the country.”

The hub will begin work this month and is authorised to co-opt services of representatives of other Government agencies as required.

“This committee will be housed at the Ministry of Energy and will work in real time to deal with outstanding energy matters as it pertains to fast tracking the projects that are before us, it has been well received by all stakeholders in the energy sector, and we expect that work will begin as of this month on the establishment of this committee.

It will also involve as its terms of reference, the duty to evaluate approval processes and activities falling under our jurisdiction, the monitoring of the processing of requests for approvals in the sector with necessary interventions to identify bottlenecks in the approval processes of energy sector activities under our purview, and to provide periodic reports to the Cabinet on the work of the accelerator hub.

I can say that not a day goes by without a request from our international partners and local companies for some help as far as it relates to fast tracking.”

Moonilal noted the importance of improving approval times in the energy sector on December 29, when the Certificate of Environmental Clearance (CEC) was ceremonially delivered to ExxonMobil Trinidad and Tobago Deepwater (ExxonMobil) for the conduct of a 3D seismic survey.

He acknowledged a report by the Energy Chamber of T&T, which stated that increasing efficiency in terms of approvals within the sector could lead to increased earnings of US$120 million.

The Energy Chamber welcomed the move to accelerate the approval of energy projects and expressed full support of the Minister’s focus on removing red-tape in the energy sector as it had stated accelerating the pace of approvals is the first item in the Energy Chamber’s six-point plan to increase gas supply and maximise energy exports.

 

 

 

Robinson resigns from NEL board

2026, 01/10

David Robinson resigned as a director of majority state-owned National Enterprises Ltd (NEL) with effect on January 7, 2026.

National Enterprises Ltd (NEL) had reported a profit after tax of $15.3 million.

NEL’s assets include the following:

1. * 51 per cent of Tringen (Trinidad Nitrogen Company);
2. * 51 per cent of TSTT (Telecommunications Services of Trinidad and Tobago);
3. * 51 per cent of National Flour Mills;
4. * 10 per cent of PowerGen, through the ownership of 100 per cent of NEL Power Holdings Ltd;
5. * 20 per cent of NGC NGL Company, which owns 51 per cent of Phoenix Park Gas Processors;
6. * 33.3 per cent of Pan West Engineers and Consructors, which owns 10 per cent of Phoenix Park Gas Processors
7. * 37.84 per cent of NGC T&T LNG, which owns a stake in Atlantic LNG

 

 

 

Uncertain times for energy

8 January

Events in Venezuela on January 3 left TT’s energy sector bewildered as it marks a period of great uncertainty around dealing with its closest neighbour on the mainland. Former energy minister and attorney Kevin Ramnarine said that nobody really knows what the historic change could mean for the Dragon and Coucina-Manakin gas projects which are vital cogs in TT’s energy machinery.

“I think the uncertainty around these projects is greater than it ever has been. Venezuela has around 200 trillion cubic feet of natural gas, a lot of which is located close to our (TT) waters.

“On the other hand, we have a protracted natural gas shortage, which has caused de-industrialisation and job losses…we have been engaged with Venezuela on issues of cross-border natural gas since the 1990s. We share three cross-border natural gas fields with Venezuela,” said Ramnarine who was the chairman of a committee formed by Government to assess the viability of resuming operations of the Petrotrin refinery shuttered by the then PNM government.

US President Trump announced the “turning over” of up to 50 million barrels of sanctioned oil by the interim Venezuelan authorities headed by interim President Delcy Rodriguez – Maduro’s former right-hand.

“The oil will be sold at its market price and that money will be controlled by me, as President, to ensure it is used to benefit the people of Venezuela and the United States,” Trump said on January 6.

He said, per instructions to Energy Secretary Chris Wright, the barrels will be taken by storage ships and brought directly to US unloading docks. Reuters reported that the barrels are worth around US$2 billion.

Shortly after, reports circulated that the US forces intercepted an oil tanker carrying Venezuelan oil bearing the Russian flag. Hours later, reports followed of two more oil tanker seizures amid the export blockade.

Cross-border assets

At least 66 per cent of discovered gas in the Coucina-Manakin cross-border field belongs to TT and only 34 per cent to Venezuela, which owns over 70 per cent of energy assets in the Loran-Manatee fields and all of Dragon gas. Along with the Venezuelan government’s termination of all energy arrangements with TT in December, this adds more pressure on the local market.

Ramnarine said,  “It would be great if we could arrive at a win-win solution with Venezuela, but it is hard to see how that could happen given that no one knows how things will unfold in Venezuela.

What is obvious is that while Maduro has been removed, the government he led remains in office. There is also the issue of the OFAC licence and sanctions applied by the US. Again, we don’t know at this moment what is going to happen there.

The US government stressed the role of American oil companies in Venezuela’s future.”

Ramnarine said it should be noted that companies operating these intersecting fields, like Shell and BP, are UK-based.

“…The foreign policy of a nation flows out of its national interests. Our national interests have always been pegged heavily to our energy sector.”

On December 4, Prime Minister Kamla Persad-Bissessar said, “Dragon gas is the property of Venezuela. Whenever they choose a leader through free and fair democratic elections, that leader will make a decision on Dragon gas. TT does not covet Venezuelan property; we never have and we never will. We will work with what we possess and endeavour to build on it.”

Touchstone Gas

On January 5, Touchstone published findings from drilling results from the central block onshore Carapal Ridge-3 development well, the first well drilled in the Carapal Ridge pool in 17 years. Drilling accumulated over 1,000 feet of net sand, mostly comprising oil and natural gas-bearing Herrera sand.

Touchstone said completion operations are underway with plans to tie in the central block natural gas processing facility in the first quarter of 2026. The well results also supported the potential for up to three additional Herrera development wells on the block.

Responding to this development, Energy Minister Dr Roodal Moonilal and Minister Ernesto Kesar welcomed Touchstone’s announcement. A press release from the ministry said the successful drilling supports Government’s thrust to bring much needed Natural Gas to market.

“The ministry looks forward to continued collaboration with Touchstone and other operators to develop and grow our energy sector for the benefit of the citizens of the Republic of Trinidad and Tobago.”

Energy Chamber Response

TT Energy Chamber CEO Dr Thackwray “Dax” Driver said importation of natural gas via pipelines from neighbouring countries, including Venezuela, is only one of six key issues to be addressed for the security and sustainability of the local gas industry. Other concerns on the chamber’s agenda and radar include:

1. 1. 1. speeding up approvals processes,
      2. fiscal reform,
      3. investing in carbon footprint reduction,
      4. decreasing gas use in electricity generation and
      5. focusing on small and marginal gas field development.

“Increased access to natural gas from either domestic or imported supplies is vital to the long-term future of the downstream gas industry that has delivered so much value for TT over the decades.

Venezuela represents the most obvious source of natural gas for imports to TT but advancing these plans has been challenging because of the geopolitical environment.”

The Chamber continues to monitor ongoing developments in Venezuela and is hopeful that new opportunities to advance the potential projects to import gas and to develop cross-border fields will come to fruition in the near future.

Venezuela represents a potential market for energy service exports for TT, especially in the offshore sector.

“If there is a resurgence of oil and gas field activity in Venezuela, Trinidad could play the role as an energy services hub for offshore developments in the east of Venezuela.”

 

 

Experts cautious on Venezuela gas prospects

2026, 01/08

T&T’s hopes of securing long-term energy security through Venezuela’s Dragon gas project are on hold.

A game-changing arrangement awaits US action on Venezuela’s political turmoil – the overthrow of Nicolás Maduro in Caracas, its collapsing oil infrastructure and the unpredictable weight of US sanctions.

Leaders in the energy and economic sectors weigh in on the future of Dragon gas, with former energy minister Kevin Ramnarine warning that the project’s legal standing remains clouded by the short-lived US Office of Foreign Assets Control (OFAC) licence and Venezuela’s abrupt decision to rescind agreements.

UWI professor emeritus Patrick Watson is even more blunt, insisting the project is “way, way off from happening” and may never materialise at all, given Venezuela’s political upheaval and its revolutionary resistance to foreign control of resources.

Economics don Dr Marlene Attzs adds that Dragon should be treated only as a strategic option, not a certainty, stressing that it is exposed to geopolitical, financial and execution risks beyond T&T’s control.

International relations expert, Professor Anthony Bryan offers a more measured view, suggesting the deal itself is not in jeopardy.  “It will be up to the new government in Caracas to carry on with it. The agreement still stands unless somebody cancels it… it will go through, and eventually it will happen.”

Together, these perspectives highlight the deep uncertainty surrounding Dragon — a project that could one day bolster this country’s natural gas security, but which for now remains hostage to Venezuela’s instability, shifting diplomacy and the unpredictable realities of global energy politics.

OFAC licence and fragile agreements
Building on the concern regarding legal stability, Ramnarine argued the Dragon project’s foundations are shaky.

He recalled that the OFAC licence — critical for T&T’s ability to trade energy with Venezuela — was reinstated after Prime Minister Kamla Persad-Bissessar met US Senator Marco Rubio last October after the UN assembly.

“The OFAC licence was one of the outcomes of her meeting with Rubio. It was given for a six-month period, which ends in April. Many people asked, why give it for six months? Perhaps he had known the timeline in his head and couldn’t say it.”

The licence was quickly overshadowed by Venezuela’s now interim President Delcy Rodríguez’s declaration late last year that all energy agreements with T&T had been rescinded.

“So we don’t know the legal status of the Dragon deal,” Ramnarine said.

While Dragon captured headlines, other projects deserve equal attention. “People keep forgetting the Cocuina-Manakin deal. That’s an equally important arrangement because Cocuina-Manakin is realisable from an engineering and production point of view. It’s very close to BP’s assets on the southeastern coast.”

The Cocuina-Manakin field extends across the maritime boundary between T&T and Venezuela, approximately 68 miles off Trinidad’s southeast coast.

Ramnarine also pointed to the Manatee project, a reservoir complex shared with Venezuela. “We happen to be producing the gas which is on our side. Ultimately, if we could get gas from Venezuela into Trinidad, that’s good. But the timeline for that is anybody’s guess.”

Ramnarine highlighted Venezuela’s decaying energy infrastructure, noting that oil production collapsed to below one million barrels per day — equal to what Guyana now produces.

“They used to produce over three million barrels of oil per day as recently as 12 or 15 years ago. Their production has largely collapsed and their infrastructure is decaying. It’s going to require a tremendous amount of money to bring back their oil industry.”

Despite this collapse, Venezuela still holds the largest proven oil reserves in the world — around 300 billion barrels — and an estimated 200 trillion cubic feet of natural gas.

“Significant parts of that are within striking distance of Trinidad and Tobago, where we have a shortage. If it could all work out in our favour, then that’s great. But nobody at this point in time could really predict how this scenario will unfold.”

Watson: Dragon is way off
Echoing Ramnarine’s caution regarding the timeline, Watson warned that the Dragon field may never become operational at all.

“Dragon is not available for a long time to come. If it’s going to be available at all, it will be many years from now.”

He pointed to Venezuela’s political chaos — mass protests, rumours of officials fleeing abroad and conflicting accounts of who is in charge.

While some celebrate removal of Maduro, Watson noted that much of his government remains intact, arguing that Venezuelans, steeped in revolutionary traditions dating back to Simón Bolívar and reinforced by Hugo Chávez, would resist any attempt by foreign powers to seize control of their oil and gas.

“They are not going to sit back and let the Americans take over,” he said. Watson also criticised T&T’s reliance on short-term OFAC licences. “You give me six months for an energy agreement that takes decades to operationalize? Clearly, that thing was not going to happen.”

Attzs approached the issue from a risk-management perspective as she reinforced the idea that T&T cannot afford to put all its eggs in the Venezuelan basket. The Dragon arrangement must be viewed through a clear economic risk-management lens.

“The Dragon gas arrangement represents a strategic option, not a certainty. If discussions on this arrangement resume in the near term, the Dragon gas project could, over the medium term, support domestic gas security and downstream activity. “However, as it currently stands the Dragon gas arrangement remains exposed to geopolitical, financial and execution risks which are beyond T&T’s control.”

The Central Bank’s recent monetary report signalled other energy sector developments that could provide fiscal and foreign exchange relief if realised. She warned against basing revenue or foreign exchange expectations on uncertain outcomes.

“Repeated external shocks — whether geopolitical, energy-related, or financial — highlight our economic vulnerability. Reducing our structural vulnerabilities and advancing economic diversification should therefore remain high on the national agenda,” she stressed.

Bryan: “Eventually It Will Happen”
However, this cautious consensus is met with a different interpretation by Bryan. He maintains that the underlying commercial logic of the deal remains intact despite the political noise. Bryan offered a more optimistic view that the Dragon deal itself is not in jeopardy.

“It will be up to the new government in Caracas to carry on with it,” he said. ‘The agreement still stands unless somebody cancels it. They had their saying to each other, their problem, but that doesn’t affect the deal. It’s just up to the governments to carry on the deal.”

Bryan acknowledged that the oil and gas business is subject to complex contractual agreements and lengthy negotiations, but he sees no reason why Dragon should not eventually move forward.

It will go through, and eventually it will happen,” he said.

Timeline of the Dragon gas deal:

1. * December 2016: Fromer PM Dr Keith Rowley and Venezuelan President Nicolás Maduro sign a government-to-government agreement to explore the Dragon field, located in Venezuelan waters but close to T&T’s Hibiscus platform.;
2. * August 2018: A formal commercial term sheet is signed in Caracas. The plan is to build a 17km pipeline to transport gas to T&T for processing and export as Liquefied Natural Gas (LNG);
3. * 2019: The US imposes heavy sanctions on Venezuela’s state oil company, PDVSA, effectively freezing the project. International banks and companies (including Shell) are unable to facilitate the deal without risking U.S. penalties;
4. * 2020–2022: The project remains in “limbo” as T&T struggles with declining gas production, leading to idling of Atlantic LNG Train 1;
5. * January 2023: The US Treasury’s OFAC (Office of Foreign Assets Control) grants T&T a two-year waiver to develop Dragon, with a strict condition: No cash payments to Venezuela. Payments must be “in kind” (e.g., food or medicine);
6. * October 2023: Following an electoral deal between Maduro and the opposition, the US eases sanctions. The OFAC waiver is amended to allow for cash payments in USD;
7. * December 2023: Venezuela officially grants a 30-year licence to Shell (as operator) and T&T’s National Gas Company (NGC) to develop the field;
8. * April 2024: Amidst a shift in US foreign policy and the reimposition of sanctions by the Trump administration, the OFAC licence is revoked, and the project is once again halted;
9. * October 2024: Despite the suspension, preliminary geotechnical surveys begin using the vessel Dona Jose 2 to map the pipeline route;
10. * May 2025: T&T submits a new application to the U.S. for a renewed licence;
11. * October 2025: A breakthrough occurs. Following meetings between T&T leadership and US Secretary of State Marco Rubio, a new three-stage OFAC licence is granted.
    Stage 1: Permits negotiations through April 2026.
    New Condition: Mandatory participation of US companies in the development.
12. * Present Day (January 2026)
    January 3, 2026: In a massive geopolitical shift, President Nicolás Maduro is removed from Venezuela by US military forces.
13. Current Status: The deal is currently in a state of uncertainty. While the US expressed intent to have American oil companies help rebuild Venezuela’s energy sector, the transition to a new government in Caracas (currently led by Delcy Rodríguez) has temporarily frozen all pending energy deals, including Dragon.

 

 

State snubs Energy conference

2026, 01/21

Prime Minister Kamla Persad-Bissessar’s decision to decline an invitation to attend next week’s Energy Conference has drawn mixed reactions from former ministers and senators.

Former prime minister and energy minister, Stuart Young, said the stance taken by the Prime Minister was “hypocrisy at its best” as the Government would still have to negotiate with Energy Chamber members concerning matters which would impact the energy sector.

“Kamla Persad-Bissessar is relying completely on the multinational oil and gas companies to negotiate and attempt to obtain cross-border gas, for example, Dragon.

So whilst she tries to fool the population on one hand, the truth is she is totally reliant on them on the other. Furthermore, by leaving negotiations up to the same multinational oil and gas companies, this Government is selling Trinidad and Tobago short and guaranteeing that we get lower returns should they succeed.”

On Monday, the Prime Minister launched a scathing attack on the Energy Chamber, accusing it of serving the interests of foreign multinationals and narrow special interests while undermining local contractors and State-owned energy companies.

However, former energy minister Carolyn Seepersad-Bachan agreed with the Prime Minister’s stance regarding state sponsorship of the event.

“I did stop the Ministry of Energy from funding the Energy Conference. In my humble view, the chamber is made up of many members. And they have membership fees…they derive income,” said Seepersad-Bachan, who was energy minister under Persad-Bissessar from May 2010 to June 2011.

“The Energy Chamber is deriving significant income from participation in these conferences. And they are also deriving significant income from all the display booths participating in the exhibition, from all the companies that would take exhibition booths.

So, why is it that they need this kind of sponsorship (from the state)?”

She said while she objected to the ministry’s sponsorship of the event, she did not give any state entity instruction concerning support of the event. Seepersad-Bachan was among several who raised concern about the Energy Chamber’s administration of Safe To Work (STOW) fees, which she and others said proved a barrier to entry for small local companies within the energy sector.

Independent Senator Marlene Attzs urged caution given the country’s economic reliance on the energy sector.  “We should temper the language so that we don’t inadvertently run investors, so to speak, because we still are, separate and apart from the conversations around Dragon, and we know that those conversations are in a flux, we’re having other conversations around other fields in the energy sector, and we do need support from both local and international investors to help us realise some of those returns.”

Opposition Senator Faris Al-Rawi also queried the stance taken by the Prime Minister, an interesting stance with Finance Minister Dave Tancoo, currently abroad negotiating a $1 billion bond .

“Our economy, our standard of living, depends upon the oil and gas sector. The Energy Chamber includes the partners in the energy upstream and downstream, horizontal and vertical relationships. Who’s there?  bp. Shell.

The energy players in Trinidad and Tobago. How does Mrs Persad-Bissessar purport to celebrate Dragon and its OFAC licence when your partner is Shell? Cocuina – partner is Shell. Manakin – partner is Shell.

Exxon in the ultra-deep. Is the ultra-deep in partnership with the Energy Chamber? So saying to the Energy Chamber, including your international partners, that they are greedy and otherwise, again asks me the same question as to whether this version of Mrs Persad-Bissessar is the version that Trinidad and Tobago really deserves or even wants.

They are dangerous statements at a time when investor participation and confidence with who you have here, forget foreign investment coming from elsewhere, Shell is the largest player alongside bp, and they are members that participate in the Energy Chamber.”

 

 

 

Acting Paria Fuel general manager resigns

2026, 01/23

Paria Fuel Trading’s acting general manager Joanne Sinanansingh has resigned.

Sinanansingh was head of the legal department and corporate secretary of Trinidad Petroleum Holdings Limited (TPHL), as well as Paria acting general manager, for the last seven months. She stepped into the role following the resignation of Mushtaq Mohammed shortly after the General Election last year.

Sinanansingh, who has been with the company for 25 years, from Petrotrin through its transition to TPHL, resigned in December to pursue an opportunity abroad.

Last December, Paria chair Nyree Alfonso said she was on a recruitment drive for six managers. The State-owned energy company was also headhunting for a general manager and a small cadre of workers to stabilise the organisation in 2026.

Alfonso had said the company had gaps in its staffing requirements, “which we are moving apace” to urgently address. Paria has 130 employees, many of whom work on annual contracts. The company had begun advertising for the various positions, including a general manager.

“We will be out in full force, interviewing for key positions in the company because we want to start 2026 on a strong footing.”

Paria was established in 2018, following the closure of the Petrotrin refinery. Its scope of services includes trading and marketing of refined petroleum products for import, storage and redistribution.