New Govt centre to create jobs

In a statement Tuesday, the Energy Ministry said Government has launched CEED with an initial investment of US$250,000 and these monies will be disbursed over a three-year period (US$100,000 in year one and US$150,000 over the next two years subject to the satisfactory performance of CEED).

The ministry added that Government’s funding will initially be administered by the University of TT.

Among the corporate entities contributing to the additional US$150,000 for CEED for the 2007 to 2008 period are the Geological Society of TT (US$10,000) RBTT (US$25,000), Republic Bank (US$25,000), TT Chamber of Industry and Commerce (US$25,000) and First Citizens Bank (US$25,000).

Energy companies have also pledged financial support for CEED with British Gas (TT) providing a grant of US$250,000. BHP Billition has contributed US$250,000 for CEED. The ministry said with CEED’s establishment, Government is "moving speedily to capitalise on the anticipated increase in supply chain activity arising out of the recent signing (last month) of production sharing contracts between the Government of TT and multinational oil corporations for the exploration and development of six offshore blocks."

The ministry noted that 450 companies in TT now fall within CEED’s target and these companies currently employ 5,000 persons — mainly in South Trinidad. "The Government expects that sustainable in-country revenues, an increase in productive employment opportunities and the building of the capabilities of local enterprises will redound from CEED’s activities to improve and strengthen the chances of these SMEs to win business from major upstream (energy) operators," the minister said.

The ministry added that while CEED’s initial focus will be on upstream energy business with a view to future diversification within and beyond the energy industry, other areas of business development will be explored.