UNC charges: Repsol robbing TT blind

OPPOSITION SENATOR Carolyn Seepersad-Bachan yesterday caused an uproar in the Senate when she charged that Atlantic LNG (ALNG) shareholder company, Repsol, has been diverting LNG cargoes from Spain to the United States and reporting false LNG revenues back to the Trinidad and Tobago Government. Speaking during the Budget debate in the Senate, Seepersad-Bachan claimed that monitoring systems at the Ministry of Energy had not been functioning since the UNC left office in 2001.

She said this was particularly alarming in the area of LNG pricing and noted that “LNG pricing in the US market is at an all time high, averaging US$5.66 per million cubic foot but has declined in the Spanish market due to the increased sources of supply of LNG and competition from alternative sources.” Seepersad-Bachan claimed that technology allows for LNG cargoes to be diverted from Spain to the US but the “revenue that is being reported back to TT is the revenue that has gone to Spain.” With her Opposition colleagues crying “fraud,” Seepersad-Bachan declared, “What is clear is there is no monitoring, policing and enforcing of contracts. Someone has been deliberately turning a blind eye.  How come no one knew cargoes were being diverted to the US market? Why this sudden revelation?”

Identifying the five shareholder companies which comprise ALNG, the UNC senator said British Gas was the only one which has marketing arrangements with the US via the Elba Island re-gasification terminal. She was interrupted by Attorney General John Jeremie who reminded the Senate that, “the matter has been investigated by the Integrity Commission set up by the UNC of which they boast. A conclusion has been arrived at (clearing Manning of any wrong doing).”