Get your groove on

CL Financial boss, Lawrence Duprey, wants to see greater local participation and ownership of the energy sector and chided government for its sluggishness in getting app-rovals for the construction of large energy projects. “I urge the Government to address the slow pace of bureaucracy,” he said, adding that it takes probably “three to four times as long as it reasonably should to get approvals from the various statutory bodies and authorities.” Duprey voiced his disapproval at the commissioning of the Nitrogen 2000 Unlimited, a massive ammonia plant,  at the Point Lisas Industrial Estate, last week. Nitro 2000 is owned by Clico, Ferrostaal, EOG Resources, Koch Industries and KBR. One of only seven ammonia plants worldwide to use the Kellogg Advanced Ammonia Process, the US$322 million plant has already achieved international interest having set a world record for completion of just 23 months — an impressive five months ahead of schedule.

Duprey, who is also Chairman of the Colonial Life Insurance Company (Trinidad) Limited (CLICO), said he hoped the day was not too far off when TT would be a force in the downstream sector. “I think that with the political will, with local companies joining forces, and enough luck and wisdom to find the right partners, managers and workforce, we can look forward to a day when Trinbagonians are the dominant force in the local and regional downstream energy industry.” In his feature address at the commissioning ceremony of the plant, Energy Minister Eric Williams said that his Government plans on continuing to put measures in place to maximise the level of participation of the country’s people, enterprises, technology and capital in the energy sector. “The unprecedented level of activity in the sector at this time presents many opportunities for local institutions, suppliers and contractors to capitalise on the business offerings,” he said.

He added that he expects that when the revised Venture Capital Act comes into effect, it will open up opportunities for any local investor to participate in the energy sector along its entire value chain. “In the current scenario, only energy service companies are allowed access to venture capital under the Act.” The door, he said, is gradually being opened for small financial institutions such as credit unions, either independently or in partnerships, to take advantage of the opportunities as they occur. “In this way, many more institutions, not only Government will be involved in the redistribution of the wealth generated by energy sector activites, he believed. Williams reminded that Trinidad and Tobago is the largest exporter of ammonia and methanol to the United States from a single site. “Already for this year, up to August, 50 percent of US ammonia imports have come from this country, so I am sure that this new plant will serve to augment our current profile as the leading exporter of this petrochemical,” he said.

He concluded by saying that it came to his attention that Nitro expects an annual revenue stream of US$144 million and said that he hopes that the company not only meet its target, but exceeds it. Nitrogen 2000 CEO Stephen Pollard noted that next year, the construction of an ammonia /urea/melamine complex will commence, which will comprise of three world scale plants — the ammonia plant being the same size as Nitro. “That project will carry us downstream of ammonia and will also follow our proven model of financial returns for our shareholders in harmony with the developmental goals and aspirations of this country,” he said. With Nitrogen 2000   now on stream, it will ensure Trinidad and Tobago maintains its international position as the largest exporter and the fifth largest producer of ammonia in the world.