Williams: TSP divestment will stimulate energy sector

Addressing the TSP’s divestment ceremony at the Hilton Trinidad on Wednesday, Williams said the collaboration between Spanish energy company Repsol YPF, Petrotrin and the National Gas Company (NGC) "will stimulate the transfer of energy know-how, best practices, institutional and business support from the global to the domestic energy industry and by extension, to the local non-energy sector." The minister said this would go a long way towards helping Government’s efforts "to create an environment in which local energy companies and individuals can grow and participate more meaningfully and deeply, while allowing investors to get a competitive rate of return."

Williams outlined plans to stage two new bid rounds in fiscal 2006 for offshore acreage (shallow and deep water) and establish a new industrial park in Pointe-a-Pierre that would include a new oil refinery. The minister reiterated that this was all part of Government’s ongoing efforts to leverage TT’s energy revenues for national development and the people "remain our first priority."

Repsol director-general Valentine Cortina said through its US$229 million purchase of the TSP from bpTT, it has employed 81 TT nationals and 120 national contract employees in the TSP.

Petrotrin president Wayne Bertrand said his company has considerable experience in rejuvenating mature oilfields and the divestment fit perfectly into Petrotrin’s 2005 to 2009 developmental plans.

NGC president Frank Look Kin and bpTT chairman Robert Riley also expressed optimism that the TSP divestment would redound to the nation’s benefit.